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Kahheng Tee

14 Jul 2021

∙

General Investing

Hi when I withdraw money(USD) from moo moo to my ocbc account there a fee for it ?

I withdraw out 224usd but receive 202usd

Moomoo Singapore

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thefrugalstudent

14 Jul 2021

Founder at thefrugalstudent.com

Hi Kahheng,

This is probably due to the telegraphic transfer fees that are being charged by the bank, I believe on OCBC's side. This fee is applicable for local FX transfers and is not charged by Moomoo.

If you're withdrawing small sums (like 200 USD), it's probably better to convert it to SGD and then withdraw it as SGD - the FX spread won't cost you such a huge loss.

Hope this helps!

Regards,
thefrugalstudent

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