Boy : “You mean you didn’t know?”
Girl : …
Yes, it was one of those days when a normal conversation erupted into a WTF moment. Luckily, not at my expense though. StanChart’s implementation of the $10 minimum commission has come and gone by. Excluding the StanChart option, retail investors generally (but not always) pay $25 in brokerage fee per trade.
But, you don’t have to. I thought it was an open secret and common knowledge. I was wrong to assume.
DBS Vickers Cash Upfront Account (Online)
If you have a DBS Vickers account like me, you will see this when you log in directly.
To pay only $18 per trade, you need to have a Cash Upfront Account (Online) that you can apply for. Read more about the account and what it is all about at the link. This allows you to transact Singapore securities via DBS internet banking (iBanking) at preferential commission rate of 0.18% or minimum SGD18 for all Singapore trades.
Once you have an Cash Upfront Account (Online), next is to access it via internet banking. First, you first log in to internet banking and click on Invest > DBS Vickers Online Trading.
Proceed as per normal and verify your OTP.
The website will redirect you to DBS Vickers but now, under the dropdown box you see a second option that says cash upfront.
Done! Don’t forget to top up cash into your DBS Vickers Cash Upfront account before a trade. Of course, remember to select the right account!
Note that this has been around for a fairly long time and is NOT a promotion, such as the “S$9.88 flat commission rate” that runs from time to time and has restrictions like trades less than 1,000 shares and contract value less than or equal to S$3,888.