Anonymous
Which way would it be better?
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Syfe
05 Nov 2020
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You can fund your Syfe account in both SGD and USD. Which is better depends on your situations.
For amounts in SGD, you can use Paynow, Fast, or Giro
For amounts in USD, you can use wire transfer or online payment services like transferwise
Given that Syfe ETFs are USD denominated, there will be a currency conversion fee of 0.09% to place trades if you transfer in SGD. On the other hand, if your account is USD denominated, there will be no currency conversion fee. As such, in my opinion, if you have excess USD, you can consider transferring that to reduce the conversion fee. Else, you should go with SGD if you are not able to find a currency conversion fee lower than 0.09%.
If you want to learn more about syfe or other Robo advisor, you can check out my blog
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There are instructions on app, just follow it. Transfer fund from sgd bank account to syfe account, ...
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Hi there! You may do a direct transfer of SGD funds from your bank account to your Syfe account. Our broker Saxo Capital Markets charges Syfe customers a very low currency conversion fee of 0.09% to place trades from their SGD denominated accounts. Retail investors generally pay much more (between 0.5% to 0.7%) in currency conversion fees.