Saturday, January 30, 2010

Stock Trading Through DBS iBanking

During today's half day DBS Vickers stock seminar, I got to know more details about the new stock trading facility available to DBS Vickers account holders.

It is called 'cash upfront transaction'.  What it means is that when you buy shares through DBS ibanking (which is linked to your DBS Vickers online trading account), you will pay for the shares plus the relevant fees upfront by cash, instead of clearing your payments in T+x days.  Your trading limit will be the amount of cash in your DBS Vickers online account.  Ok, it does sound a bit complicated.  What is the benefit then?  You can have a lower commission.  Instead of the normal 0.25% or S$25 minimum, you pay 0.18% or S$18.00 minimum.  For a small retail investor like me, this means a 28% reduction in fees, which is quite significant.

The procedure to use this facility is:

1. Login to your DBS ibanking.  There is a 'Trading Service' on the side bar.
2. Click on 'Trading Service'.  First, you need to link your DBS account to your DBS Vickers online account.
3. Under 'Trading Service', you top-up your DBS Vickers online account so that you will have funds for your share purchases.

The site is undergoing scheduled maintenance today, so I can't really try it out.  I will do it tomorrow.  Another point that I have not figured out is the selling part.  Can I sell my shares there too and enjoy a lower fee?  Mmmh.... I need to find out.

You can read the follow-up post here.

1 comment:

  1. Nice post to know some information. As the advancement of the internet there are so many benefits laid to people to trade conveniently. There are so many best online stock trading companies or agencies who are helping people to do business through internet only. These agencies work is to find and recommend the stock winning companies on a daily basis as people can invest their money into that winning company to earn money.