How to fund SC Online account in FCY$aver foreign currency savings account?

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Hello there! If you want to enable trading in GBP, you need to open a GBP settlement account. You'll have to go down to SCB to do it. Tell them you want to enable GBP trading. Right now, if you only have a SGD Settlement account, means you can only buy SG stocks. Essentially, you'll have a specific Settlement Account for each currency.

Having said that, to trade in the US market, you need to open a USD Settlement account. But you need to fill out the W8ben form to trade in the US market.

Same thing for say in the HK market, you need to open a HKD Settlement account.

The opening of Settlement account is done on 1 form. So at the same time, just open USD, EUR, GBP, HK and whatever currency you want. This is to prevent you from making another trip down. I didnt know about this so I had to make another trip down.

Once your GBP Settlement acc is open, you need to fund the account with GBP, which can b deducted from your JS acc. Your Settlement account must have the appropriate currency before you can start buying stocks. This is called purchasing power.

Having said that, do consider other brokers since you're already looking at a custodian broker. I personally am not a fan of SCB Trading due to its high fees. You may want to consider Tiger Brokers or MooMoo or TD (Free usd trades for TD).

If you're looking at tiger, you can use my promo code. Get 5 free trades and $20USD. Essentially 10 free trades altogether. (7N8LGH)