24 Aug 2020
Using syfe now. When to determine withdrawal? And do you transfer SGD and allow them to convert? Or is better to convert USD first before transfer?
How to decide how much to dca monthly? Any deciding factor?
24 Aug 2020
Content & Community Lead at Syfe
Hi there, these are good questions. Let me get to them in the order they were asked.
1) Generally, we recommend investing for the long-term (at least 5 years or longer). Thereafter, if you need to generate funds for your financial goals, you can sell off portions of your investment portfolio systematically.
Regarding fees, Syfe offers a tiered pricing model. For AUMs $20K and above, the yearly fee drops from 0.65% to 0.5%. For AUMs $100K and above, the fee drops further to 0.4%. So if you DCA monthly, it is likely that you could soon be paying lower fees as your AUM grows.
2) Most clients choose to transfer SGD and allow us to convert them to USD. Currency conversion is charged by our broker, SAXO at 0.09% on the amount converted. This is significantly lower than converting SGD to USD yourself. The exception is if you already hold USD. In that case, you may transfer USD directly to us to avoid the currency conversion charge.
3) Deciding on a monthly DCA amount depends on your financial situation. In general, many experts recommend the 50/30/20 budgeting rule where you save and invest 20% of your income. You may wish to adopt a similar strategy.
If you wish to know a specific amount based on your personal circumstances, please speak to our wealth advisors for a detailed consult. Don't worry, the session is free and completely on a no-obligations basis! Do reach out to them for more details.
If you want to a cheap option, then DIY from the beginning. Else, you can choose to stay with robos.
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