I login to my DBS Vickers online account in November and noticed a mysterious fee charged to my account. It is the custodian fee for foreign stocks, which dbsv started charging in August silently. The amount is $2.14 per month per counter including GST.
To transfer the stocks outside to other broker, there is a fee of S$50 per counter. This is more expensive than doing a sell and a buy to transfer the stocks.
So I sold all my holdings from dbsv in November – vanguard total stock market ETF (VTI) and ABF PAIF Asia bond index ETF (2821.HK). I plan to use standard chartered bank to buy the ETFs back but have not gotten the time to do so.
As to dbsv, you were the broker I used to buy my first ETF (VTI) in 2005 when you were the only local broker who didn’t charge custodian fees for foreign stocks. So long and thanks for all the fish.