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I have transferred money according to the instructions. So now do I just wait a few days for the amount to be reflected on my firstrade account?
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Lin Yun Heng
29 Dec 2020
Senior Analyst at Delphi
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From my own experience, I remit my SGD to USD using Standard Chartered Bank/DBS/POSB ($0 remittance fees!) and it usually takes around just 1 business day for the wire transfer to show on Firstrade.
*For foreign investors like us, we need to select International Transfers and then select Wire Transfer. Copy and paste all the information on Firstrade platform and remit it using Standard Chartered Bank Singapore/DBS/POSB. I don’t know about other banks, but Stan Chart/DBS/POSB has zero remittance fees when I do wire transfers to Firstrade and the forex spread are pretty competitive.
Just click on International Account(For Singaporeans), upload your passport for identification,NRIC (Foreign Tax Number), fill up the information, Sign and done!Your application + W8-BEN form will automatically be submitted. (Approval is super fast too!)