Advertisement

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!

4

Discussion (4)

What are your thoughts?

Learn how to style your text

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

Reply

Save

View 3 replies

Write your thoughts

Related Posts

Hi is there any way to change the base currency of my SAXO account from SGD to USD, without the need to open a sub-account? Cause I don't want to absorb extra fees for my buy/sell orders for US stocks?

Funded Saxo with sgd for buying US stocks. Now is USD account. Can I still transfer SGD to buy SG shares? Will Saxo show 2 different balances ie. SGD and USD?

I recently signed up for Saxo account but based on my details, they limited me to buying stocks on the platform, while I am more interested in ETF. What should I do to be able to buy ETF?

Hihi, I wld like to use FSM to RSP US-listed ETFs mthly but I'm not sure how the FX works or how my SGD will be converted to USD to buy the ETFs. Grateful if can help break it down for me pls. Tyvm. Any advice?

What is the best brokerage platform to start investing in US stocks/UTs? I have a DBS Multiplier(multi-currency contains SGD & USD) account and recently opened a Saxo account(yet to start investing)?

Related Products

Saxo Markets

4.5

957 Reviews

US$1

MINIMUM FEE

0.03% to 0.08%

TRADING FEES

Custodian

STOCK HOLDING TYPE

Moomoo Singapore

4.7

482 Reviews

Syfe Trade

4.9

127 Reviews

Related Posts

Hi is there any way to change the base currency of my SAXO account from SGD to USD, without the need to open a sub-account? Cause I don't want to absorb extra fees for my buy/sell orders for US stocks?

Funded Saxo with sgd for buying US stocks. Now is USD account. Can I still transfer SGD to buy SG shares? Will Saxo show 2 different balances ie. SGD and USD?

I recently signed up for Saxo account but based on my details, they limited me to buying stocks on the platform, while I am more interested in ETF. What should I do to be able to buy ETF?

Hihi, I wld like to use FSM to RSP US-listed ETFs mthly but I'm not sure how the FX works or how my SGD will be converted to USD to buy the ETFs. Grateful if can help break it down for me pls. Tyvm. Any advice?

What is the best brokerage platform to start investing in US stocks/UTs? I have a DBS Multiplier(multi-currency contains SGD & USD) account and recently opened a Saxo account(yet to start investing)?

Advertisement