DBS bank charges high service fees(around USD 18-23 flat) and agency fees to transfer USD - USD into Saxo. Will it be wise to continue paying the service fees and agency fees for Saxo? Or DBS Vickers / Interactive brokers / TDAmeri / Tiger would be a better option to trade?
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I will definitely recommend Tiger Broker given that their low commission fee as low as 2 usd per trade.
Tiger Fees and Charges:
You can also deposit USD currency from your DBS account direct into Tiger account withour additional charges.
If not, you can just deposit sgd into tiger and convert in within the tiger broker app itself to usd (competative rates)!!
You can take a look at my blog post on how to sign up Tiger as you can complete the account opening within a few days and start trading:
For saxo wise, I did consider before but due to their expensive comission charges, I did not use it.
IKBR wise, if i not wrong, from my understanding they charge a managing fee monthly (correct me if i am wrong)
TDAmeri wise can forget about it. I completed the account registration at start of November last year. Only till last week they ema me that they required additional documents. As of now, its already more than 2 months and my account have yet to be open.
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DBS/POSB Multiplier Account
Up to 4.10% p.a.
MIN. INITIAL DEPOSIT
MIN. AVG DAILY BALANCE
DBS Vickers Securities