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.
$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.
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?