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. 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?
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.
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.
just wondering if it will be more economical to purchase via SC ($10+) and transfer to CDP (another $10+). It will still be cheaper than $25+ per transaction. Or perhaps can purchase multiple times using SC and transfer one shot (per counter without change in beneficiary is $10).
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!
Hello! I’m racking my brain over this too. In response to Richard’s comment, is it true that the transfer cost is $10.70 per 1k unit indeed?
Also, since SCB requires a minimum of 1k be locked up in the e$aver account, can I – after transferring my shares from SCB to CDP – withdraw fast 1k completely (what then happens to the fall-below fee)?
Hi Soon Chuan,
I have not transferred any shares to my CDP yet. Based on the information in hardwarezone forum (last updated on 5 Feb 2016) – http://forums.hardwarezone.com.sg/stocks-shares-indices-92/%2Aofficial%2A-standard-chartered-bank-online-equities-trading-5287938.html
Q: Can I transfer my shares from SCB to CDP?
Yes, but it will cost you $10.70 per counter with no limit on amount of shares, which CDP will charge SCB, and SCB will deduct from your account. For certain users, this might be waived off depending on your relationship standing with SCB.