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Anonymous

13 Apr 2020

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General Investing

Funded Saxo with sgd for buying US stocks. Now is USD account. Can I still transfer SGD to buy SG shares? Will Saxo show 2 different balances ie. SGD and USD?

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Frankie Rappaport

13 Apr 2020

I'd recommend to use TransferWise for converting SGD into USD & sending these into any (even within Your country) of Your accounts.

The brokerages (mostly) have hidden fees for these currency conversions which they don't give You on any statement, they don't use the fair 'interbank exchange' rate.

There are some TransferWise competitors, so study & compare their rates, but from my experience (no advertising here) TransferWise is safe, reliable and fast. They are constantly improving/developing and instead of the former 2-3 day transfer intervall have started to use more and more 'instant' transfers.

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I'm planning to sell some of my US stocks and the funds will be transferred back into my ocbc 360 account as USD. May i know is it possible for my ocbc 360 account to receive in terms of USD or i have to change the currency to SGD first?

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