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Anonymous

04 Apr 2021

∙

General Investing

Is a USD sub-account the best approach for SAXO if I'm buying US-based ETFs?

My Saxo base currency is SGD, and I have a foreign currency account with OCBC that is holding USD. When I transfer from OCBC to Saxo, it converts from USD to SGD, and when I buy USD ETFs, it converts from SGD to USD.

If I open a sub-account in USD, will I be able to transfer from OCBC to Saxo and buy USD ETFs without incurring the conversion fee?

Are there any other fees I should look out for when opening a sub-account? Thanks all!

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thefrugalstudent

04 Apr 2021

Founder at thefrugalstudent.com

Hi Anon,

Indeed, opening a USD sub account will help you bypass the double conversion. However, if you're looking at US listed ETFs, you may want to consider other brokers. There are several other brokers that have much lower fees than Saxo for US markets, like TDA/IBKR/Tiger/Moo moo. This will ultimately help you save more than just trying to get around the double conversion issue you're currently facing.

Hope this helps & all the best!

Regards,
thefrugalstudent

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