CIMB Securities Singapore iTrade

 

Malaysian banking group CIMB bought the stockbroking division of Singapore’s GK Goh in 2005 and more recently has been expanding its international trading service. The iTrade CIMB @SG service now offers online trading in six markets at relatively competitive rates.

However, international investors should note the firm apparently demands that non residents of Singapore use a CDP Sub-Account with an quarterly maintenance fee of S$20 to hold their Singapore shares. Most other Singapore stock brokers will get non residents to open a personal CDP account, which carries no charges, so it’s hard to understand why CIMB chooses to impose an unnecessary extra cost.

Markets available
Online tradingHong Kong, Indonesia, Malaysia, Singapore, Thailand, USA
Telephone tradingAs above
Dealing commissions and charges
Typical onlinemin ~S$8-25
Online detailsHong Kong 0.25% (min HK$50), Indonesia 0.4% (min IDR150,000), Malaysia 0.6% (min MYR60) Singapore 0.18-0.275% (min S$25), Thailand 0.4% (min THB500), USA 0.3-0.4% (min US$18-20)
Typical telephonemin ~S$12-40
Telephone detailsHong Kong 5% (min HK$75), Indonesia 0.75% (min IDR300,000), Malaysia 0.5-0.75% (min MYR80) Singapore 0.25-0.5% (min S$40), Thailand 0.75% (min THB1,000), USA 0.4-0.55% (min US$25-28)
Other fees and charges
Account fees and inactivity feesNone for Singapore residents, S$20 per quarter maintenance fee for CDP Sub-Account for non-residents
Custody charges for stocksNon-Singapore shares custody charges: S$2 per holding per month, if fewer than two trades in month or six trades in quarter (max $150 per quarter)
Dividend chargesNon-Singapore shares dividend handling fee of S$3 (credit to CIMB brokerage account), S$5 (direct credit to other bank), S$10 (cheque)
Corporate action chargesCash offer S$10, rights issue/warrant exercise S$30
Currencies
Currency conversion chargesNot stated
Hold cash in foreign currenciesYes
Currencies allowedAUD, GBP, HKD, JPY, MYR, SGD, USD
Other details
Tax-advantaged accountsCPF, SRS
Other products and servicesNone
Minimum account sizeNpone
Company locationSingapore
Further informationVisit the CIMB Securities Singapore iTrade website

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 Posted by at 1:05 am