DBS Vickers Online Issues

[d.o.g.]

The cheapest brokerage fees for selling stocks purchased with cash only (No CPF's Stock) is Citi Bank.
I tried to open an account with them, it took almost 15 days (with to & fro, to & fro queries) and still not open yet. In desperation, a little worm (me) dared to tell them you either opened my account today (the 15 day already) or voided the application. Of course the application was voided.

It seems Citi Bank not so interested to earn brokerage fee. Look like this is not their bread & butter in Singapore. Even then isn't $business is $business?

In Singapore, Citi has always targeted the affluent. So it's possible that they are using the brokerage as a "loss leader" to lure in new clients who can be sold loans, credit cards, unit trusts etc. So they may be asking lots of questions in order to ascertain whether the new client can be "upgraded" to other products that are more profitable.

Citi may not be keen to take on clients who are only interested in low-fee services since it may not be able to push higher-margin products on these clients.

As usual, YMMV.

[lonewolf]

Hi Lonewolf, this is a skilful operation of extracting the best value from the brokers. I guess you are using DBS cash-upfront for buying and UOB-KH/L&T for selling to minimize your commission. Brilliant!

Yes. Correct. Everything else being equal, I would be happy to settle with UOB-KH, L&T or DMG because they really does have the best UI trading platform.

Any one any experience to share - opening a brokerage account at Citi Bank. The cheapest brokerage fee in town advertised but not so keen to accept client.

Citibank is only interested in HNWI. If you are not perceived to be one, its not surprise that they are not interested. They dun want free loaders like us who apply for accounts but does less than 1 trades a month. Yes I'm biased against Citibank and also SCB. Despite their universal accolade for service, my own previous experience with them was not exactly as touted. I will never do business with them. So far the 3 local banks have products and services that suits my needs so I will stick to them.

Majulah Singapura!

[hyom]

The cheapest brokerage fees for selling stocks purchased with cash only (No CPF's Stock) is Citi Bank.

I think the cheapest broker is Standard Chartered now. Speaking from my experience, they did not ask questions at all. I already had an existing E-saver account. From there, I could apply for the brokerage account electronically on their banking website. Do take note that you cannot use a back-up broker if their website breaks down because your shares are held in a nominee account. If you buy using SCB broker, you have to sell using SCB broker.

If you want information on SCB online trading account, visit the link below.

http://help-your-money.blogspot.com/2011...hares.html

[D123]

If you're talking purely about rates, and disregarding minimum commission, Saxo Capital, at 0.15%, charges a lower rate than SCB.

http://sg.saxomarkets.com/trading-produc...conditions

[RBM]

Yet another system problem for DBS Vickers online platform this morning. Although their system appears to register orders, they are not getting through to the SGX .......

QUOTE

Technical issue affecting Singapore market

Please be informed that there is a technical issue with our system currently. As a result, you may encounter difficulty with trading in the Singapore market. We are resolving the issue urgently.

We do apologise if we are unable to attend to your calls promptly because of the high calls volume to our hotline arising from the system issue.

DBS Vickers Online
26 Jul 2011

UNQUOTE

DBS-Vickers online platform is geting to be beyond a joke.

[lonewolf]

Looks like I should not have jink the system with my 'so far never encounter any problem' in the previous post. I guess I was just lucky in the past but not today.

I could not execute my buy order through cash upfront even though I was buying up. My only consolation is that the buy and sell queue has huge volumes so I do not expect drastic price fluctuations for the share. So no worries for now.

[AlphaQuant]

Looks like Vickers cash upfront will be decommissioned from Jan2014 onwards, to be replaced with DBS's online trading system. Unfortunately (for me), the new system seems to come with it's own custodian service i.e. securities are not credited into CDP.

Quite irritatingly I can't find more details about the new system e.g. brokerage etc

[FFNow]

Looks like Vickers cash upfront will be decommissioned from Jan2014 onwards, to be replaced with DBS's online trading system. Unfortunately (for me), the new system seems to come with it's own custodian service i.e. securities are not credited into CDP.

Quite irritatingly I can't find more details about the new system e.g. brokerage etc

May I know where you got this info?

[AlphaQuant]

May I know where you got this info?

well i just logged on this mng to make a transaction and there was a prompt as below... Or is it just me???

"Note:

Vickers Online will no longer be offered in iBanking from 1 January 2014, after which you will need to go to www.dbsvonline.com directly to
trade."

[Jacmar]

May I know where you got this info?

well i just logged on this mng to make a transaction and there was a prompt... Or is it just me???

I have just logged into my dbs account and don't have what you said.