Transferring Shares from SCB to CDP

August is approaching and Standard Chartered Online Trading new rates will come into effect. This also means goodbye to SCB as I am not going to pay $10 and have my stocks in a custodian. I have also decided to do a stock take of my stocks in SCB to see if it is worthwhile to transfer the stocks to CDP – having a central place to check my stocks is easier.

Transferring Shares from SCB to CDP

$10.70 (inclusive of GST) per 1000 share per counter transferred, up to a cap of $107 (inclusive of GST) per counter; transfer charges may be levied depending on incoming banks.

Source: https://www.sc.com/sg/promotion/securities-trading/promotnc.html

Based on what I read from Hardwarezone, the levy is actually imposed by CDP. Hence, asking SCB to waive off the levy is pointless.

Based on the stocks I owned, I decided that it only makes sense to transfer Accordia Golf Trust because I already have 1 lot in CDP and STI ETF because the transfer charges (%) is low. In addition, I will be keeping both stocks for quite a while. Given a choice, I will also like to transfer AIMS, Croesus and OUE Commercial to CDP but the levy is too expensive. HKLand is a short term trade and I am fine to leave it, and Sembcorp Marine will probably¬†be left ‘to its own’.

I wonder if there are any SCB account holders who intend to transfer to CDP as well and what is their reason(s) for doing so?

Comments

  1. richard says

    hi derek, i intend to transfer too but i didnt know that the charge is 10.7 per 1000 units, thought it is only per counter.. just fyi i transferred before two years back and there wasnt any charge (not that I was aware) levied on my acccount. though the scb RM said there is 10.7 charge.

    • says

      Hi Richard,

      Thanks for sharing. I have not actually done the transfer yet so the information is from what I have read so far. I will provide an update once I have done so.

  2. richard says

    hi derek, do let me know when you transferred and check the charges.. want to confirm if it is 10,7 per counter / 10.7 per counter per stock or foc!

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