Ref : UOB Silver account - Some doubt

WilliamS · Post by **WilliamS** » Fri Jul 08, 2011 1:37 am

Opps. My apologies.

randwick · Post by **randwick** » Fri Jul 08, 2011 2:23 pm

Hi TieGe,

You can use other banks' cheque to pay for your silver purchase via UOB Silver account but maximum purchase amount is limited to 200g per transaction.

Not sure if UOB has changed to this restriction lately; my last purchase was in Nov/Dec 2010.

You can call them to double check.

andy chan · Post by **andy chan** » Fri Jul 08, 2011 5:05 pm

Hi TieGe,

Opening the silver savings account is like opening a normal savings account.
You can open it with cheque or cash. Be careful with carrying large amounts of cash though! Hahaha.
Later on you can top up the same way too. You don't need to have a UOB account.
And they stop the buying of silver on sat as well, which is a disadvantage to me.

Cheers.

andysgp · Post by **andysgp** » Fri Jul 08, 2011 7:29 pm

Do note that cheque is not accepted on Saturday

TieGe · Post by **TieGe** » Fri Jul 08, 2011 8:40 pm

andysgp wrote:Do note that cheque is not accepted on Saturday

Thanks for all the comments....

Interesting, if the check bounced, what will happen? If there is no need to put money in the UOB saving account, I rather not put in.

I like to write a check from my POSB to the UOB silver account - can?

Tie Ge

zipink · Post by **zipink** » Fri Jul 08, 2011 9:56 pm

TieGe wrote:
andysgp wrote:Do note that cheque is not accepted on Saturday
Thanks for all the comments....

Interesting, if the check bounced, what will happen? If there is no need to put money in the UOB saving account, I rather not put in.

I like to write a check from my POSB to the UOB silver account - can?

Tie Ge

Hi TieGe

I believe you don't have to have an UOB savings account to open the silver account. Personally, I have an UOB savings account. So last time, I just debit the money from my savings account to open a silver account.

Why don't you call UOB customer service hotline and enquire about the cheque issue? I think it's faster and you can get the answer straight away.

Their number is: 1800 222 2121

Let us know if you get the answer too.

lewnk · Post by **lewnk** » Sat Jul 09, 2011 12:02 am

zipink wrote:
TieGe wrote:
andysgp wrote:Do note that cheque is not accepted on Saturday
Thanks for all the comments....

Interesting, if the check bounced, what will happen? If there is no need to put money in the UOB saving account, I rather not put in.

I like to write a check from my POSB to the UOB silver account - can?

Tie Ge
Hi TieGe

I believe you don't have to have an UOB savings account to open the silver account. Personally, I have an UOB savings account. So last time, I just debit the money from my savings account to open a silver account.

Why don't you call UOB customer service hotline and enquire about the cheque issue? I think it's faster and you can get the answer straight away.

Their number is: 1800 222 2121

Let us know if you get the answer too.

Hi TieGe,
I was told by the counter before that if use other bank cheque, UOB will wait until the cheque is cleared. Also, the silver price will then base on day when the money is available to buy. After I heard this, I transferred my money to UOB a/c before I buy. This will ensure me I know what price I buy in. Especially, last few months, the price was fluctuated very fast.

Regards,
Lewnk

Post by **Dennis Ng** » Sat Jul 09, 2011 8:06 am

lewnk wrote:
Hi TieGe,
I was told by the counter before that if use other bank cheque, UOB will wait until the cheque is cleared. Also, the silver price will then base on day when the money is available to buy. After I heard this, I transferred my money to UOB a/c before I buy. This will ensure me I know what price I buy in. Especially, last few months, the price was fluctuated very fast.

Regards,
Lewnk

yes, this is what I was told too.

lootster · Post by **lootster** » Sat Jul 09, 2011 7:53 pm

Thinks the best thing to do is to keep some investible funds in a UOB savings account so that you can just buy at that current price when you walk in to the counter

lop · Post by **lop** » Sat Jul 09, 2011 8:32 pm

To me it is rather inconvenient to invest using UOB gold/silver account. One has to go to the branch to buy/sell. In addition, one has to wait until the cheque is cleared or has cash deposit with UOB in order to effect the purchase.
Hence, I invest gold/silver via online trading ETF instead of via UOB gold/silver account.

It is a matter of personal choice.

ngtfook · Post by **ngtfook** » Sat Jul 09, 2011 9:06 pm

lop wrote:To me it is rather inconvenient to invest using UOB gold/silver account. One has to go to the branch to buy/sell. In addition, one has to wait until the cheque is cleared or has cash deposit with UOB in order to effect the purchase.
Hence, I invest gold/silver via online trading ETF instead of via UOB gold/silver account.

It is a matter of personal choice.

Agree with you. I bought Silver via iShare.

dragon · Post by **dragon** » Sat Jul 09, 2011 9:37 pm

ngtfook wrote:
lop wrote:To me it is rather inconvenient to invest using UOB gold/silver account. One has to go to the branch to buy/sell. In addition, one has to wait until the cheque is cleared or has cash deposit with UOB in order to effect the purchase.
Hence, I invest gold/silver via online trading ETF instead of via UOB gold/silver account.

It is a matter of personal choice.
Agree with you. I bought Silver via iShare.

Me too!

TieGe · Post by **TieGe** » Sat Jul 09, 2011 10:29 pm

Dennis,
Which is better? Investing Ishare silver ETF or UOB silver account?

Tei Ge

Post by **Dennis Ng** » Sat Jul 09, 2011 10:56 pm

TieGe wrote:Dennis,
Which is better? Investing Ishare silver ETF or UOB silver account?

Tei Ge

Hi TieGe,
UOB's disadvantage is you need to go down to UOB branch to transact, both are OK choices. My silver is with UOB silver savings account.

andy chan · Post by **andy chan** » Sat Jul 09, 2011 11:57 pm

I just find a posb/dbs that is closest to a uob.
Then I take my cash and run from one to the other!