facebookCan I fund my brokerage account using DBS Remit or Standard Chartered Remit services? - Seedly

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Anonymous

30 Aug 2020

Saving Hacks

Can I fund my brokerage account using DBS Remit or Standard Chartered Remit services?

So that I get better SGD to USD rates

Discussion (2)

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Nicholas Beh

30 Aug 2020

Student Ambassador 2020/21 at Seedly

You will have to check with the banks - these days, brokerages only accept fund transfers from accounts held in your own name only, which is why services such as Transferwise and Revolut are unable to successfully transfer funds to brokerage accounts.

Because you are using the bank's services, the funds may in fact appear to originate from an account in your own name. However, their forex spreads can be rather large and you may incur fees too.

On the other hand, some brokers are able to convert at the spot rate (Interactive Brokers, 0.002% min 2 USD fee), at a bank's preferential rate (TD Ameritrade, check rate with CSO), or offer their own currency conversion service with a varying spread (SCB, Tiger, 0.2-0.7% spread). Avoid Saxo as they charge 0.75% to convert currency. Often, the bank's rate is worse than these so do consider these options.​​​

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