OCBC’s online brokerage division is only a few years old, but the firm has developed a strong regional stock broking service very quickly. It offers more markets online than any other Singapore broker and only Phillip Securities rivals it for overall range.
Costs are low and customer service is very good. Given the advantages of having a bank and brokerage account with the same group, OCBC is my top recommendation for international investors looking to open a bank account and brokerage account in Singapore (although Phillip Securities is also worth considering).
Some investors from outside Asia occasionally assume that OCBC’s full name – Oversea-Chinese Banking Corporation – implies the firm is from mainland China or confuse it with ICBC (Industrial and Commercial Bank of China). However, there’s no connection – OCBC is Singapore-based and operates mostly in Southeast Asia.
|Online trading||Australia, China B, Hong Kong, Indonesia, Japan - Tokyo, Malaysia, Philippines, Singapore, Thailand, UK, USA|
|Broker-assisted trading||Canada, Korea, New Zealand, Taiwan, some European markets (Finland, France, Germany, Greece, Netherlands, Norway, Sweden, Switzerland)|
|Online minimum||min ~S$15-120|
|Online details||Australia 0.75% (min A$70), China B Shanghai 0.8% (min US$45), China B Shenzhen 1% (min HK$300), Hong Kong up to 0.25% (min HK$150), Indonesia 0.37% (min IDR100,000), Japan 0.75% (min ¥3,000), Malaysia up to 0.5% (min MYR70), Philippines 0.5% (min PHP550), Singapore up to 0.275% (min S$25), Thailand 0.5% (min THB500), UK 0.7% (min £55), USA 0.35% (min US$25)|
|Broker-assisted minimum||min ~S$20-150|
|Broker-assisted details||Australia 1% (min A$80), Canada 0.5% (min C$110), China B Shanghai 1% (min US$55), China B Shenzhen 1.5% (min HK$600), Europe (Finland, France, Germany, Greece, Netherlands, Norway, Sweden, Switzerland) 1% (min €60), Hong Kong up to 3% (min HK$200), Indonesia 0.37% (min IDR150,000), Japan 1% (min ¥3,000), Korea 0.8% (min US$50), Malaysia up to 0.6% (min MYR80), New Zealand 1.3% (min US$100), Philippines 0.5% (min PHP800), Singapore up to 0.5% (min S$40), Taiwan 0.8% (min US50), Thailand 0.5% (min THB750), UK 1% (min £75), USA 0.415% (min US$50)|
|Standard account fees and inactivity fees||None|
|Custody charges for stocks||Non-Singapore shares custody charges: S$2 per holding per month, if fewer than two trades in month or six trades in quarter (max $200 per quarter)|
|Corporate action charges||S$10|
|Currency conversion charges||No policy stated, but indicative rates show margins from 0.1% (SGD/USD) to 1.5% (SGD/IDR) over interbank midmarket rate.|
|Hold cash in foreign currencies||Yes|
|Currencies allowed||AUD, CNY, EUR, GBP, HKD, IDR, JPY, MYR, PHP, SGD, THB, USD|
|Tax-advantaged accounts||CPF, SRS|
|Other products and services||Futures, FX|
|Minimum account size||None (S$2,000 non-tradable deposit for non-residents)|
|Further information||Visit the OCBC Securities website|
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