facebookHow can I transfer USD from one brokerage to another brokerage without incurring any exchange fee? - Seedly

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Anonymous

03 Mar 2021

βˆ™

Stocks

How can I transfer USD from one brokerage to another brokerage without incurring any exchange fee?

Currently I had brought some USD share with 1 brokerage. Should I decide to sell them, I will be receiving USD in that brokerage.
Now if I want to transfer those USD to another brokerage, what should I do?

I do not want to convert it back to SGD and back to USD again as that will just be additional exchange fee

Discussion (4)

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Nicholas Beh

03 Mar 2021

Student Ambassador 2020/21 at Seedly

It depends on your brokerage. For example, if you use Tiger Brokers or Moomoo, they offer free USD deposits and withdrawals with DBS multicurrency accounts. You can then use DBS Remit to transfer the USD to another brokerage's USD account in the US for free.

If you are a DBS Treasures customer, you can receive a USD deposit by wire transfer to a multicurrency account at no extra cost, but would otherwise cost $10.

You can also consider transfering your holdings instead of selling. Some brokers also allow partial account transfers using ACATS, but you need to check with your broker for the details and costs. Interactive Brokers and TD Ameritrade do not charge for partial ACATS transfers.​​​

I did that before during my transfer of usd from fsmone to tiger broker without incurring additional fee. But it depends on which broker to and from are you transfering.

Not that I know of, our banks charge a hefty fee for foreign currency transactions. They charge a fe...

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