Shaun WQ Lim - Seedly
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Ex-EEE with a Minor in Business

Shaun WQ Lim

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Ex-EEE with a Minor in Business

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Shaun WQ Lim

  • Answers (267)
  • Questions (1)
  • Reviews (3)

Investments

Remittance

TransferWise

Standard Chartered Online Trading

If I’m investing using USD via Standard Chartered, is there a way to transfer USD via transferwise or other similar platforms for the use of investment?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 20h ago
I asked the staff member on the hotline and he mentioned it is not possible to transfer from an external account to USD settlement account. You could try using the LiveFX feature that SC has and see the rates. It is converting the currency between your settlement accounts. SGD to USD.
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Property

Resale HDB

Family

Lifestyle

I'm a Singapore citizen, while my Fiance is a foreigner. We plan to buy a resale HDB and take the Single grant. However, we have some doubts, could you advise?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 20h ago
The best thing to do would be to check with HDB directly. There are different eligibility conditions for the grants and schemes. https://www.hdb.gov.sg/cs/infoweb/contact-us
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Education

Undergraduate

Should I get MBA or MSc in engineering?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 1d ago
Since you are still a fresh graduate, I would suggest that you focus on building your foundation for your career and also your skillsets first. In this aspect, probably a MSc would be better as it helps to improve your technical knowledge. Key point to note is whether the MSc is required or valued by your employers. If it is, you might want to find out the company is able to provide any grants/funding for such programs internally. Probably you will have to serve a bond. MBA is probably down the road after a while if you want to get into management or as you mentioned starting a business. Again the value and benefits have to be clear.
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Savings

COVID-19

Savings Accounts

After the COVID situation, should we relook at our emergency funds to see if 6 months of funds are really enough? Or should we extend our emergency funds to say, one year?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 1d ago
Just read this today. 2 in 3 working Singaporeans do not have savings to last them beyond 6 months: OCBC survey https://www.straitstimes.com/business/banking/2-in-3-working-singaporeans-do-not-have-savings-to-last-them-beyond-6-months-ocbc Might not be reflective of the entire population as the response size is not large. But it disturbs me quite a lot that a large percentage has no concept about savings in general. This then also becomes a discussion of how much of emergency funds is required and to how to keep your emergency funds topped up. I think many of us will have our own idea of how much is enough. But as how governments/companies have drawn down their reserves to deal with the current crisis, the next question that comes to mind is about sustainability. Instead of seeing emergency funds as a pail now, I think we need to switch to thinking about it like a pond with automated incremental trickle of inflow. Maybe the Seedly team can do an article about how to build this out?
👍 2

Investments

Stocks Discussion

Online Brokerages

ETF

Is it true that without any of following qualifications, I am not allowed to invest in ETFs listed in foreign stock market?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 1d ago
You will need to complete the required online courses if you do not have the qualifications or experience. You can check with your stock brokerage on the requirements. Example from POEMS: https://www.poems.com.sg/faq/trading/car-cka/when-is-the-sgx-online-education-available/
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Seedly

Is there any way I can prevent bank transfers as expenditure on the Seedly app?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 1d ago
You can edit the transaction to be a transfer category (other than expenses and income). And the app will ignore the transaction. It is a bit troublesome to do it manually but if it’s not too many, should be ok. I kind of gotten used to it.
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S&P 500 Index

ETF

SGX

Investments

Online Brokerages

What is the difference between using Ireland-Domiciled S&P 500 ETFs compared to using SGX SPDR S&P 500 ETF?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 2d ago
Even though it is listed in Singapore, the country of domicile is still USA for S27. The withholding tax of 30% on the dividends is deducted at the source(US). After that, there is no additional tax on SG end. https://www.ssga.com/sg/en/individual/etfs/funds/spdr-sp-500-etf-trust-s27 For Ireland domiciled ETFs, the withholding tax on dividends is 15% due to the tax treaty between US and Ireland. If you don’t care about the dividend and only concerned about the capital gains, you can choose to go with S27.
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Property

HDB BTO

Lifestyle

Is the eligibility of purchasing new EC & HDB unit the same other than having income capped for EC? If my household income is too high for a new EC, is it true that I can only buy new HDB?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 2d ago
Yes, depending on which scheme that you are applying under and type of HDB you are applying for. The income ceiling for EC is $16,000. The income ceiling for HDB 4rm and above is $14,000 or $21,000 for extended families. You can do an eligibility check on the HDB website. And they can advise you on which type of unit you can apply for. Either new or resale. https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/eligibility https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/eligibility/check-your-eligibility
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Expenses Tracking

Personal Finance 101

Payments

Lifestyle

Is there a setting for recurrent transactions?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 3d ago
I don’t think there is that option in Seedly now. Perhaps you can contact support to add this as a future feature feedback. The Seedly team is quite responsive although a little bit less personal in my view after they switched the platform for their customer service.
👍 0

Stocks Discussion

SGX Academy

SGX

Online Brokerages

Investments

Why does MSCI discontinuation affect SGX stock price so much?
SW
Shaun WQ Lim
Level 7. Grand Master
Answered 3d ago
My view: SGX gets revenue from market activities and volume. Without the futures and options contract, the activity and volume on SGX will reduce. Hence the revenue is lesser. With lesser revenue, the profits will probably decline as well. Potentially could impact the dividend. Perhaps that’s why the market sentiment is not very positive on the news.
👍 1
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