facebookGuide to / Example of - TD Ameritrade SG Withdrawal to DBS Bank Account - Seedly

Guide to / Example of - TD Ameritrade SG Withdrawal to DBS Bank Account

Hi all, I googled extensively and could not find anything on a "How to" guide to withdrawing from TD to DBS. Now that I've done it, I thought that I'd write one to help the future googlers. Without further ado:

Go to TD Ameritrade Account Centre (not thinkorswim, the main website)

Go to deposits/withdrawals

Click on "Withdrawal Form"

Follow the form + (remember to tick "Bank ACC is outside the US)(The authentication code is what YOU set at the start/registration of your TD account)

There might be an authentication email within 1-2 business days to prove you own the bank account you are transferring to.

When successful (and this is the stressful part), the money will be deducted (and this deduction will show on TD Thinkorswim) but you won't get a confirmation (just like when you deposit money to TD). So just wait a 2-3 days for it to come in.

Notes:
There is a 25 USD FEE that is not included in your withdrawal fee, so remember to type in a number that is 25USD lower (I made this mistake)

It is ideal that you withdraw to a multi-currency DBS account (as it arrives in USD) because (I might be wrong here) DBS will charge a substantially higher fee/exchange at terrible rates if they receive a USD wire into a SGD only bank account. I received about 2.4k SGD and had a ~7SGD fee from DBS. Therefore, total fees on a ~1,800 USD withdrawal were 25USD + ~7SGD.

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Benedict Lau

24 Aug 2021

Student Ambassador 20/21 at Seedly

Hello, do u happen to know how I can retrieve this authentication code? I've no recollection of setting something like that when I first created the account. Thanks!

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