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INSTRUCTIONS
See the Shiny Things threads on HWZ for more discussion, or try r/singaporefi.
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Please click File -> Make a copy to get your own editable copy. Don't select 'request for access', those emails go straight to trash.
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The green boxes are the inputs. Probably don't change other stuff, unless you want to tweak the calculations!
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Interval: This option lets you choose to 'batch up' investing once every 1, 2, 3, 4, or 6 months, to try and reduce fees. It may make things worse for options with no min fees per transaction!
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Set it to 1 - monthly, 2 - bimonthly, 3 - quarterly, 4 - thrice a year, 6 - semi-annual. Currently other values will produce inaccurate results.
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Opportunity cost: This is just a simple, naive estimate of what you're missing out on by holding cash instead of investing every month. You can ignore it if you like, it's just to address batching concerns.
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[Feedback: Send a PM on reddit (u/cfleee) or an email (myself at cflee net). I don't frequent HWZ Forums nowadays so I may not see your PMs for months.]
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NOTE: I am not sure about GST treatment for IBKR SG, so to be conservative, I've added GST everywhere. Please let me know if they do not collect GST on certain charges.
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Parameters
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Monthly (SGD) $ 1,000.00 1 USD = SGD1.3310
Used to compute IBKR fees
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Equity Intl40.00% $ 400.00 1 GBP = SGD1.7096135
Used to compute IBKR fees
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Equity SG40.00% $ 400.00 Equity long-term rate4%
Used to estimate opportunity costs, the difference between cash and long-term equity yields.
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Bond SG20.00% $ 200.00
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Summary
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Equity Intl Interval Effective cost
Effective cost + opportunity cost
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SC Personal Banking51.21%1.88%
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SC Priority Banking10.71%0.71%
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IBKR SG (Tiered)30.46%0.80%
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IBKR SG (Fixed)40.53%1.03%
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Equity SG Interval Effective cost
Effective cost + opportunity cost
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SC Personal Banking30.89%1.23%
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SC Priority Banking10.19%0.19%
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POSB Invest-Saver10.82%0.82%
* POSB-IS is inclusive of selling costs as well.
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OCBC Blue Chip IP11.25%1.25%
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OCBC FRANK BCIP10.88%0.88%
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FSMOne ETF RSP10.31%0.31%
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IBKR SG (Tiered)20.38%0.54%
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IBKR SG (Fixed)20.33%0.50%
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Bond SG Interval Effective cost
Effective cost + opportunity cost
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SC Personal Banking31.78%2.12%
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SC Priority Banking10.19%0.19%
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POSB Invest-Saver10.50%0.50%
* POSB-IS is inclusive of selling costs as well.
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OCBC Blue Chip IP12.50%2.50%
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OCBC FRANK BCIP10.88%0.88%
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FSMOne ETF RSP10.58%0.58%
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IBKR SG (Tiered)30.49%0.82%
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IBKR SG (Fixed)30.45%0.78%
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Combos
In this section, some don't have an interval setting, they use the settings above.
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IBKR SG (both equity only, tiered)30.36%0.70%
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IBKR SG (all, tiered)30.39%0.72%
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SC/FSM/FSM0.72%0.99%
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IBKR SG Tiered/FSM/FSM0.43%0.56%
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All SC Priority0.40%0.40%
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SC Priority/FSM/FSM0.53%0.53%
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Equity Intl
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Monthly amount $ 400.00
Assume this goes into IWDA or similar ETF, that is USD-denominated and transacting on LSE.
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SC Personal Banking
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Frequency5
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Transaction amt $ 2,000.00
Transaction amount based on frequency.
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Forex spread0.50%
Estimates vary from 0.4% to 0.8%.
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Forex spread $ 10.00
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Brokerage fee $ 14.24
0.25% min USD 10.70 incl GST (Personal Banking), so flat fee until SGD 5,500 per transaction
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Subtotal (per txn) $ 24.24
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Total (annual) $ 58.18 1.21%Effective cost
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Opportunity cost (per txn) $ 13.33
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Total + opp cost (annual) $ 90.18 1.88%
Effective cost with estimated opportunity cost
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SC Priority Banking
This requires SGD 200k in deposits and/or investments, or SGD 1.5mil in housing loans.
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Frequency1
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Transaction amt $ 400.00
Transaction amount based on frequency.
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Forex spread0.50%
Estimates vary from 0.4% to 0.8%.
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Forex spread $ 2.00
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Brokerage fee $ 0.86
0.20% plus GST (Priority Banking), no minimums
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Subtotal (per txn) $ 2.86
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Total (annual) $ 34.27 0.71%Effective cost
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Opportunity cost (per txn) $ -
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Total + opp cost (annual) $ 34.27 0.71%
Effective cost with estimated opportunity cost
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IBKR SG (Tiered)
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Frequency3
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Transaction amt $ 1,200.00
Transaction amount based on frequency.
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Forex comm $ 2.85
0.20 bps min USD 2.00 plus GST, so flat fee up to USD 100k
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Broker comm $ 2.42
0.05% min USD 1.70 no max (Tiered) plus GST, so flat fee until USD 3,400
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Exchange fee $ 0.18
0.45 bps min GBP 0.10 plus GST, so flat fee until GBP 2,222 or USD 2,728
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Clearing fee $ 0.11 GBP 0.06 plus GST
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Subtotal (per txn) $ 5.56 Raw transaction cost
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Total (annual) $ 22.25 0.46%Effective cost
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Opportunity cost (per txn) $ 4.00
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Total + opp cost (annual) $ 38.25 0.80%
Effective cost, plus estimated opportunity cost
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IBKR SG (Fixed)
It only starts making sense >USD 9,000 per purchase.
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Frequency4
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Transaction amt $ 1,600.00
Transaction amount based on frequency.
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Forex comm $ 2.85
0.20 bps min USD 2.00 plus GST, so flat fee up to USD 100k
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Broker comm $ 5.70
0.05% min USD 4.00 no max plus GST (Fixed), so flat fee until USD 8k
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Exchange fee $ -
(Included in Fixed commission)
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Clearing fee $ -
(Included in Fixed commission)
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Subtotal (per txn) $ 8.54 Raw transaction cost
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Total (annual, no mins) $ 25.63 0.53%
Effective cost if no minimum commission (past USD 100k)
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Opportunity cost (per txn) $ 8.00
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Total + opp cost (annual, no mins) $ 49.63 1.03%
Effective cost if no minimum commission, plus estimated opportunity cost
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