Advertisement
Anonymous
So that I get better SGD to USD rates
2
Discussion (2)
Learn how to style your text
Nicholas Beh
30 Aug 2020
Student Ambassador 2020/21 at Seedly
Reply
Save
Nope
Reply
Save
Write your thoughts
Related Articles
Related Posts
Related Products
4.7
1413 Reviews
0.25% to 1% of Mid-market rate
TRANSACTION FEES
$200
MIN. TRANSFER AMOUNT
1 to 2 days
TRANSFER SPEED
40+
SUPPORTED COUNTRIES
4.8
100 Reviews
4.8
22 Reviews
Related Posts
Advertisement
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.