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Shawn Teo

23 Aug 2020

∙

General Investing

Currencies conversion?

So when you want to trade in the us market we have to convert SGD to USD. POSB charges 2.8% on conversion fees and I am wondering is there any ways to bypass that? Does any banks in Singapore have accounts in USD and also when you transfer back money from USD to SGD does that same 2.8% applies. Because if that's the case then how will us retail traders and investors make money? Thanks

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Casper Ho

23 Aug 2020

Regional Operation Manager at SciEcomm.com

Use Interactive brokers LLC for US counter, it has one of the best FX Spread (Same or if not better than google rate).

Unless you are trading under 1.7kish and below per month per trade. If not it is one of the best FX conversion rate broker around in Singapore.

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Frankie Rappaport

23 Aug 2020

Always use reliable, safe and fast TransferWise for currency conversions. Do not let do that costly by your brank or broker. Set up USD account, should be free.

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What are the charges for currency conversion in TD Ameritrade. Is the currency conversion fee lower or greater than interactive brokers.?

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I have a DBS multiplier account. Should I deposit Stashaway/Kristal.AI in USD currency directly and avoid their conversion fee? OR deposit in SGD and allow the robo advisors to do the FX conversion?

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If you invest/trade in the US market and earn profits, how is the currency conversion done? E.g. USD to SGD. Is it done through the respective broker's exchange rate?

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