facebookWhat is USD settlement account? Is it true that USD settlement account is required to invest in shares in USD with SCB? - Seedly

Anonymous

01 Jun 2020

General Investing

What is USD settlement account? Is it true that USD settlement account is required to invest in shares in USD with SCB?

How do I create one?

Thank you

Discussion (7)

What are your thoughts?

Learn how to style your text

Yes, you need to have a settlement account for every currency that you want to trade in. The account is used to hold the currency and to pay for the stock.

As the Standard Chartered Online Trading account is a pre-funded account, you need to have the foreign currency in the settlement account before you can buy shares.

In this case, to trade in shares that are priced in USD, you need a USD settlement account and have the USD ready.
You can convert the USD from SGD in the Standard Chartered mobile banking app using LiveFX or transfer and then use the Online Trading app to buy the shares.

When you sign up with Standard Chartered Online Trading, on the application form, it will ask you to indicate which foreign currency settlement accounts you will like to open. You can select all those that you want.

Based on my own experience:
If it is after account opening, then you need to go to the branch to fill up the form to open the necessary settlement accounts. The queue number will be served by the branch RMs rather than the bank counter tellers.

And for US markets, you will need to submit the W8BEN document and FATCA status(if you have not done so previously).

View 6 replies

Write your thoughts