Singapore is a commercial hub, currently there are 140 commercial and 80 merchant banks.It is always advisable before opening a bank account you must browse all information , what facilities different banks offers.There are several banks in singapore such as HSBC, citibank, abn amro, dbs , Standard Chartered etc.All these banks are famous for their customer services, you can choose any of the them.
Some of the well known Singapore Banks
United Overseas (UOB) : It is one of the best bank in singapore, has branches in Malaysia, Thailand, Indonesia and China.UOB provide a lots of services such as life assurance, general insurance, corporate finance, investment banking, commercial and corporate , private , personal financial services and asset management.
Oversea Chinese Banking Corporation (OCBC) : OCBC in Singapore was formed in the year 1932 by the merged of OCBC , Chinese Commercial Bank Limited, the Ho Hong Bank Limited and the Oversea-Chinese Bank Limited. The main aim of bank is solving the financial needs of the customers for both personal and business purposes.
Development Bank of Singapore (DBS): It is one of the top bank of singapore .DBS enjoys the top most positions in consumer banking, management of assets, securities brokerage, treasury and markets, equity and debt fund raising.It is one of the leading bank in singapore and working with a aim to solve the customer problem.
Citibank: The main branch of Citibank in Singapore is located at MacDonald House in Orchard Road. It offers full bank services and shares its ATM network with HSBC, ABN AMRO, Standard Chartered and Maybank. Citibank in Singapore is a branch of Citibank N.A of the United States.
Types of bank account in Singapore
Current accounts It is used for everyday banking. It is require a minimum balance be maintained. Interest rates paid on current accounts are mainly low
Savings accounts Basically saving accounts pay a higher rate of interest than current accounts. Savings accounts require a minimum balance to be maintained
Fixed-deposit accounts This account is used for long-term saving, with interest rates offered typically higher than either current or savings accounts.
Opening a account in singapore
In order to open a bank account you require:
1. A photocopy of your passport , it act like a Identity proof.
2.Employer's letter : Bank only open account , if you are a resident or have an employment visa.
3.A recent phone bill
4.A copy of residence proof.
5.Initial Deposit : a intial deposit is required to deposit in the account.
Timing
Most of the banks of singapore works from 9.30 a.m to 3 p.m (Monday to friday)
9.30a.m to 11.30 on saturday.
Sunday closed.
What you get with your bank account
Services of accounts various from banks, and depending upon type of account you choose , you will recieve a cheque book, ATMcard and Network for Electronic Transfers.
Showing posts with label Account. Show all posts
Showing posts with label Account. Show all posts
Saturday, September 22, 2012
Tuesday, May 22, 2012
ECN Forex Broker - Advantages and Disadvantages Of An ECN Account
There are two basic types of brokers in forex market; one is the market makers and the other is ECN Broker. ECN stands for Electronic Communication Network. In simple words ECN is a financial expert who provide a direct route to its customers so that they can interact with other market participants. ECN is a type of computer software that facilitates the trading outside the market so ECN broker only acts as a middle man between your trades, not as market maker.
Following are the some positive and negative points of using an ECN broker. These point will surely leads you toward a good decision in choosing a forex broker.
Positive points of using an ECN broker:
A number of benefits that you can get by using an ECN broker are:
Privacy of your trades:
ECN broker act as a middle man for your trades. So when you make a trade on ECN network, you are completely secured and you account cannot be distinguished and not traced. You can protect your trade strategy by using an ECN broker because you are using the name of broker for your trades.
Become your own market maker:
Using an ECN broker you have a liberty to set your spread so you can set your limits himself. The ECN will match your bid with the other participants and through this you can gain some extra pips. There are no restrictions and limitations about placing and canceling an order. In this way you can perform as your own market maker.
Continuous trading:
ECN provide you the liberty to trade during news and events. Trading always remains continuous on ECN and through this you can also gain the advantage of price volatility.
Enhance the execution of orders:
Always keep it in mind that you are trading with ECN actually you are placing your order by using ECN. The ECN is only matching your order with the other market participant on the ECN as quickly as possible. With the help of ECN, you can easily compare your orders and also check the best price level of a currency pair offered in the market. Through this you can increase the execution of orders.
Increase Price volatility:
In ECN prices are not constant and change can occur too quickly. This can increase the price volatility. In this situation the scalpers and the short term traders can quickly claims large profits. ECN brokers are fit for scalpers.
High liquidity:
ECN make it easier to allow different parties to trade with one another, without any restriction of geographical boundaries. This leads to greater liquidity (i.e. there are more buyers and sellers) which increases the efficiency of the markets.
Disadvantages:
Some potential disadvantages of using ECN brokers are:
High commission:
The commission is charged on every trade in ECN. Sometimes due to low spread the traders have to bear loss because their earning is less than the commission they paid.
High capital:
You are acting as your own market maker in ECN. High capital is needed to influence the market parameters. ECN is not ideal for small investors.
Dishonest market makers:
ECN provides liberty to become market maker to every person. So there are chances that some dishonest persons can easily influence the market by introducing a great volume of trade. Also there are many brokers who are not ECN brokers but they are advertising themselves.
Conclusion:
ECN forex broker is a financial expert who acts as a bridge between buyer and seller and facilitates them in their trade. Low spread,high volatility and privacy are the major benefits of using an ECN broker. But the disadvantages attach with it are high capital and commission. Have a look at your trading strategy and financial status, then decide properly.
Following are the some positive and negative points of using an ECN broker. These point will surely leads you toward a good decision in choosing a forex broker.
Positive points of using an ECN broker:
A number of benefits that you can get by using an ECN broker are:
Privacy of your trades:
ECN broker act as a middle man for your trades. So when you make a trade on ECN network, you are completely secured and you account cannot be distinguished and not traced. You can protect your trade strategy by using an ECN broker because you are using the name of broker for your trades.
Become your own market maker:
Using an ECN broker you have a liberty to set your spread so you can set your limits himself. The ECN will match your bid with the other participants and through this you can gain some extra pips. There are no restrictions and limitations about placing and canceling an order. In this way you can perform as your own market maker.
Continuous trading:
ECN provide you the liberty to trade during news and events. Trading always remains continuous on ECN and through this you can also gain the advantage of price volatility.
Enhance the execution of orders:
Always keep it in mind that you are trading with ECN actually you are placing your order by using ECN. The ECN is only matching your order with the other market participant on the ECN as quickly as possible. With the help of ECN, you can easily compare your orders and also check the best price level of a currency pair offered in the market. Through this you can increase the execution of orders.
Increase Price volatility:
In ECN prices are not constant and change can occur too quickly. This can increase the price volatility. In this situation the scalpers and the short term traders can quickly claims large profits. ECN brokers are fit for scalpers.
High liquidity:
ECN make it easier to allow different parties to trade with one another, without any restriction of geographical boundaries. This leads to greater liquidity (i.e. there are more buyers and sellers) which increases the efficiency of the markets.
Disadvantages:
Some potential disadvantages of using ECN brokers are:
High commission:
The commission is charged on every trade in ECN. Sometimes due to low spread the traders have to bear loss because their earning is less than the commission they paid.
High capital:
You are acting as your own market maker in ECN. High capital is needed to influence the market parameters. ECN is not ideal for small investors.
Dishonest market makers:
ECN provides liberty to become market maker to every person. So there are chances that some dishonest persons can easily influence the market by introducing a great volume of trade. Also there are many brokers who are not ECN brokers but they are advertising themselves.
Conclusion:
ECN forex broker is a financial expert who acts as a bridge between buyer and seller and facilitates them in their trade. Low spread,high volatility and privacy are the major benefits of using an ECN broker. But the disadvantages attach with it are high capital and commission. Have a look at your trading strategy and financial status, then decide properly.
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