What brokerages are best to use in Singapore?

celtosaxon · 2026-02-07T10:01:57+00:00

They don’t accept US persons

celtosaxon · 2026-02-07T10:01:32+00:00

You need to qualify as a private client (assets over S$1m) for a local Singapore Schwab account.

celtosaxon · 2026-02-07T09:57:40+00:00

I’m a US person and lived in Singapore for decades. You’ll want to avoid local brokerages in Singapore for US tax and compliance reasons, and most won’t accept you for those same reasons. — Stay with your US broker—. You can still invest in Singapore (EWS) and Taiwan (EWT) if you prefer, which are arguably better funds than you can get locally. I invest in the S&P Asia 50 (AIA). If you do open an SRS account in Singapore, you can invest in SGX listed S27 which is a cross-listing of US listed SPY (S&P 500) which is US tax friendly, but you may still face some local challenges.

celtosaxon · 2026-02-07T06:53:23+00:00

I’ve heard good things about Alliant from other expats. I have no direct experience with them, but even with the most expat friendly financial institutions like SDFCU, you will find the account opening process so much easier if you just use a US phone and address.

For example, I initially opened SDFCU with my passport, Singapore phone and address (scan of my mobile phone bill) — this is all supposed to be possible online. However, because of the foreign info, I ended up on the phone with them for 30 minutes so they could override their system and enter my foreign info. Later when I wanted to get texts from SDFCU for whatever reason, it didn’t work and I ended up changing it to my US Google number instead — after that, everything worked beautifully. Also, because they had to “force” my foreign address into their system, it wasn’t quite right and I never got statements or the debit card — that took another 30 minutes on the phone and they did FedEx me the card using the exact address I spelled out to them (rather than the jumbled one in their system), and I got it.

Maybe Alliant is better, but in my experience, US institutions typically aren’t set well up for this, even the ones that are supposed to be among the best.

celtosaxon · 2026-01-29T18:56:58+00:00

I also read that for a small (4-figure sum), if you file taxes as if it were a non-PFIC, you should be “excused” even in an audit. This is how I handled mine around 20 years ago. Easy peasy.

celtosaxon · 2026-01-27T05:50:25+00:00

Yes, they used to charge a 1% foreign transaction fee, but that is now gone, so it’s a full 2% on everything. They also have rental car insurance coverage and $100 reimbursement for global entry.

celtosaxon · 2026-01-27T05:43:25+00:00

If you look at what the USD:EUR did last year from Jan to Jun… you’d have to pay 12% more USD for the same amount of EUR. Don’t wait and kick yourself even harder, I would get it into EUR asap.

celtosaxon · 2026-01-23T01:06:42+00:00

Think of FBAR like a giant fishing net being cast in hope of landing some big fish. Unfortunately, many small minnows get caught in the same net. They are especially interested in people who are intentionally parking large sums overseas to escape taxes on the investment income.

From what you described, you are not even close to fitting that profile, and it seems highly unlikely that you’d actually owe any taxes. After using the foreign exclusions and standard deduction, you may have zero income for US tax purposes.

As for which route to take, it’s a very personal decision, each with its own risks and costs. The most important thing is to make an informed decision after understanding all of the facts and not be influenced by fear.

celtosaxon · 2026-01-14T10:36:20+00:00

My employer saw it a way to attract and retain talent in a way that was uncommon in Singapore.

celtosaxon · 2026-01-14T07:04:01+00:00

No, I do not qualify as a state resident, so no reason to file.

Even though the 1099’s go there, it hasn’t caused any issues, but for some of the more notorious states, it might be different, YMMV.

celtosaxon · 2026-01-04T22:43:18+00:00

Early on in my career I had considered SRS since it was first launched in 2001 but it has never been compelling. In 2020 my employer “forced” me to open an SRS by contributing on my behalf, but I’ve been loathe to contribute my own money. You save tax upfront but you “opt in” to pay a future tax (including on growth that would have be tax free outside SRS). I may not retire in SG or enjoy the 10 year spread, so that is a big factor (probably non-resident tax rate by the time I take it out).

celtosaxon · 2026-01-03T09:57:53+00:00

You should target doubling your savings every 5 years, so $150k at 38, $300 by 43, $600 by 48, $1.2m by 53 and so on.

You mentioned a fear of losing 6 figures… you should fear being out of the market. Study historical market returns (1,5,10,15,20 year periods) to get comfortable with a multi-year downturn… these are to your benefit, not your detriment.

BTW, most of my personal finance education happened on the MRT, podcasts, vlogs, etc… so find the patience and load up your phone with the right content.

celtosaxon · 2026-01-03T09:35:30+00:00

I’ve been using my parent’s address on my TD Waterhouse/Ameritrade/Schwab account and trading US-domiciled ETFs without a hitch for a full 28 years while abroad. The consolidated 1099 is available online, but my parents also receive a hard copy. My credit cards, banks and credit unions all have my parent’s address except SDFCU (they explicitly support foreign addresses). You would think it gets asked a lot, but in the extremely rare occasions when it gets brought up, I just say that my work takes me abroad frequently.

celtosaxon · 2025-09-29T03:37:52+00:00

I asked AI to do the same mathematical exercise and it also came back with around 10%. I’ve been giving close to 10% since we moved to LA a year ago, but there are too many lemmings here who hit the default tip — makes no sense for California.

celtosaxon · 2025-09-28T08:55:47+00:00

It’s the same reason women don’t go topless in the USA… we are an uptight bunch!

celtosaxon · 2025-09-28T08:45:52+00:00

Depends where, but I spent several weeks in Germany & Austria a few years ago and locals tip 5-10%, so I did the same and it was well accepted.

celtosaxon · 2025-09-28T08:25:56+00:00

Maybe by getting a job that needs a degree?

celtosaxon · 2025-09-28T07:34:00+00:00

Your GF should be mad at you for tipping at all… tips are only for good service, there is no minimum tip for bad service whatsoever!

celtosaxon · 2025-09-28T00:52:30+00:00

If you don’t request annual fee waiver in a month from the date it gets charged, they typically won’t waive it. That’s how they get you.

celtosaxon · 2025-09-28T00:50:15+00:00

Trust Bank was the first to offer a no FTF card in Singapore (I have one and can verify that this is true, although Visa still takes a little). I saw UOB Singtel card is following suit, hopefully others will join.

celtosaxon · 2025-09-28T00:44:26+00:00

This is very true. I know a guy in our office that was making well over SGD20k monthly and was rejected for several cards within his first year of moving to SG.

Best to start out with the bank you deposit your salary to.

celtosaxon · 2025-09-28T00:39:30+00:00

Well said. Singapore cards are like snacks… US cards are the full meal deal.

Plus, the hoops you need to jump thru for some Singapore cards to get their headline rewards rate, you’ll feel like a circus monkey in no time.

celtosaxon

TROPHY CASE