Complicated Steps To Pay $10 DBS Stock Brokerage Commission

I signed up for DBS Vickers trading account recently after I saw the minimum $10* trading fee.

The standard fee is $25++ so naturally, it made sense to switch over to DBS Vickers from my current broker.

In addition, investing via DBS Vickers qualifies as 1 of the eligible transactions to earn higher interest for our savings in the DBS Multiplier account.

It is one of the things that we wrote about in the previous article: 3 Tips To Earn More Interest With DBS Multiplier.

But, it is not as straight forward as it seems.

I tried to trade with the $10 fee, and I ended up paying the $25 standard trading fee.

And so this article is to help you not have to go through what I went through 👍. 

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Applying for Cash Upfront Trading

There's a ton of guides online on how to set it up.

Go read them.

Or, read this one from DBS 😉.

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Logging Into Vickers 

If you want to pay the $10* rate, DON'T LOGIN TO VICKERS!

Yes, DON'T!

You won't see the 'Cash Upfront' payment option, you will only see the 'Cash' option in 'Settlement Mode', which is not the same as 'Cash Upfront'.

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Recommended Read: Cannot Withdraw CPF Money If Never Hit CPF Retirement Sum?

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Paying the $10* Rate

After you have got the cash upfront account set up, now it is time to select that option when making your investment purchase.

NO! 

It is not as simple as logging in to your DBS Vickers account and simply click 'Buy'.

You can't do that even though it should be that intuitive.

There are steps involved 🤷‍♂️.

If you just logged in straight to DBS Vickers to make your purchase, you are going to be charged for $25++ standard trading fees, just like how I got charged that much for my trade.

To get the $10 rate, these are the following steps:

1. Log in to your DBS/POSB Internet Banking

2. Go to 'Invest' > 'DBS Vickers Online Trading Services'

3. Go to 'Trade' > 'Place Order'

4. Under 'Settlement Mode', choose 'Cash Upfront'

And that's how you get the $10 trading fee.

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Side Note

Make sure you have previously linked your DBS eMulti-Currency Account or Multiplier Account.

Make sure you also have sufficient funds of the currency inside to pay for your trade.

Ie; if you are buying stocks paid in USD, make sure you have USD in your account.

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Actual Cost of Trade

The minimum cost of a trade is $10, or 0.12% of the whole trade, whichever is higher.

Source: DBS

To view the actual cost of trade via Cash Upfront, click HERE.

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Conclusion

So hard to save money on trade commission.

We hope you don't have to make this mistake that we did.

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Recommended Read: Why You Should Max Your CPF Retirement Sum Early

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