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Asking as if I were someone who was to buy my first stock / etf and didn't want to setup an IB or similar account. Thanks
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Chris
09 Jan 2021
Owner and Writer at Tortoisemoney.com
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Hi! You will need to open a brokerage account with one of the banks (e.g. DBS Vickers). You don't need a bank account with that bank to open a brokerage account. Do note that each brokerage firm/bank has different trading fees, minimum charges and also note the custody charges (overseas shares are always held by the brokerage on your behalf and they will charge you a small monthly fee for that). Hence do your research properly before opening your account :)
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You will need to open a brokerage account with the bank, but generally, brokers run by local banks charge pretty high custody fees for holding foreign stocks, with the exception being Standard Chartered.
If you really want to go with a bank linked broker, Standard Chartered is the way to go. Commissions at 0.2% with minimum $10 commissions and no custodian fees.
However, if you're ok with non-bank brokers, you can consider FSMOne, Tiger Brokers, TD Ameritrade or Interactive Brokers. These tend to have better FX conversion rates and lower commisions (TD is free, IBKR at USD 1 per transaction).
Do check out my comparison of brokers here for a more detailed look at the various fees and charges for each broker!