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Anonymous

30 Aug 2020

General Investing

Anyone used SCB to trade Ireland domiciled ETFs? Or which broker is good for this?

Starting with around 20k for 3 etfs, then dca every 4 months

  • do you transfer SGD and convert into USD in SCB before buying? or is there other better way to transfer USD? ie, direct transfer from bank or possible to use Transferwise?
  • does it work the same when selling?
  • simply open SCB trading acc and i can start trading? or any other procedure?
  • what is settlement account?

Discussion (6)

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SCB does not allow third party transfer to the securities settlement accounts (AFAIK after asking their helpline). Unless maybe if you have a multi-currency account in SCB to transfer directly from an external account. I don’t have so I don’t know and haven’t tried.

I usually transfer to a SCB SGD savings account and then to SGD securities settlement account. Once in the SGD settlement account, you can use their LiveFX platform to convert between the different currencies to your other foreign currency securities settlement accounts.

Apply for SCB trading account and do the usual KYC stuff then prefund your settlement accounts. Good to go then. Not sure if there is a backlog for the account opening.

Securities settlement accounts are opened in the currencies that you specified in the account opening form. You have to prefund them before you can buy securities in that currency. So any transaction amount is deducted from the settlement account.

When you sell or have dividends, the proceeds go into that particular settlement account i.e. USD to USD. Can use the LiveFX to convert between the currencies (USD to SGD) and internal transfer out to the savings account for use.

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Yes, they seem very o.k. not the cheapest but cheap and reliable, I feel.

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