Malaysian to open CDP account

[yccheok]

I'm Malaysian, and currently reside Malaysia.

I was wondering, can Malaysian open CDP account ? http://www.maybank-ke.com.sg/account_ope...cs/CDP.pdf (I want to avoid from opening nominee account as they charge your for receiving dividend)

Currently, I only have Maybank Singapore. When I look at the form, only Citibank, DBS, HSBC, OCBC, Standard Chartered, UOB bank supported

So, I need to get myself to have one of the above bank accounts, in order to own CDP account?

Thanks,
Cheok

[morten]

QN: I'm Malaysian, and currently reside Malaysia.
I was wondering, can Malaysian open CDP account ? http://www.maybank-ke.com.sg/account_ope...cs/CDP.pdf (I want to avoid from opening nominee account as they charge your for receiving dividend)

ANS: Yes you can, just come down to broking house with your passport and NRIC. No nominee fees payable as long as your shares are kept with CDP.

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QN: Currently, I only have Maybank Singapore. When I look at the form, only Citibank, DBS, HSBC, OCBC, Standard Chartered, UOB bank supported Confused

ANS: Correct, for EPS, Electronic Payment for Shares (which allows you to pay and receive $ from broking house), there are only few participating banks.
So, in this case, I would suggest you open another bank a/c that is supported by EPS and DCS (Dividend Credit Services).

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QN: So, I need to get myself to have one of the above bank accounts, in order to own CDP account?

No need. CDP does not need to know your bank details.
But as mentioned above, better to open a bank a/c here that is supported by EPS and DCS. Without which it will be very inconvenient.

[opmi]

No need bank account if don't want to pay using EPS. Just pay and receive by cheque lor.

Better to use a Singapore mailing address to be entitle to rights issue and takeover offers.

Just open an account with UOB saving account with an ATM card. Better for admin.


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[yccheok]

As far as cooperation rights (Like accepting take over offer, opt-in for dividend re-investment), is it better to have Custodian Account (Same as Nominee account? Mean, the share is not parked under my name, but the investment firm name) ?

But, I'm more concern on all the hidden cost. (Like charge for certain % for all received dividend)

[banker]

A similar question...

Can I open local brokerage account in Malaysia?


Is it possible in Indonesia and Thailand? Now paying 10% with holding taxes for TH dividends

[opmi]

As far as cooperation rights (Like accepting take over offer, opt-in for dividend re-investment), is it better to have Custodian Account (Same as Nominee account? Mean, the share is not parked under my name, but the investment firm name) ?

But, I'm more concern on all the hidden cost. (Like charge for certain % for all received dividend)

Corporate actions charges for brokers custodian quite cheap. Usually $10.70 per corp action. Unlike the $$$ CPFIA Agent Banks, which been charging on per 1000 shares basis since 90s.

If you are overseas, better do with brokers custodians banks. Then can settle corp actions matters over fax or email.

[opmi]

A similar question...

Can I open local brokerage account in Malaysia?


Is it possible in Indonesia and Thailand? Now paying 10% with holding taxes for TH dividends

Can for Msia. Dont know for Indonesian and Thailand.

If you are foreigner, wont they still whack you with withholding taxes.

[yawnyawn]

For custodian a/c, a handling fee of $10 applies for each corporate action and 1% of net dividend subject to min $5 max $100.
That's for OCBC and I'm unsure for other brokerages.

Unless you have a local mailing address, I think a custodian acc will be the next best option.

*not forgetting GST of 7% applies*