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Anonymous
Does anyone know if I can transfer the USD in my Tiger app into DBS multi currency account and then transfer it into Moomoo?
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thefrugalstudent
24 May 2021
Founder at thefrugalstudent.com
Hi Anon,
It is possible to, but I would advise against it. The reason is that the only way to do local transfers in foreign currency is via TT, which almost always incurs an upfront fee from banks as high as $25 per transfer. Unless you're making a transfer of a huge sum of USD, it's unlikely that that this fee is going to be more worth it than suffering FX losses twice (USD to SGD in Tiger, then SGD to USD in Moomoo). So it's usually better to just do the latter.
Regards,
thefrugalstudent
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Yes, no problem.
However, do take note you need to select currency as USD before sending.