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Hi! May I know what's the cheapest way to fund a Saxo USD account from SGD?
I have an MCA account with DBS, should I convert my SGD to USD via DBS and fund it that way? Also, if I fund via credit/debit card, even in USD, the processing fee is quite high, is there any way to circumvent this?
Or, should I just stick to FSM? I see that I can fund SGD quickly and is able to convert to USD much cheaper. Only downside is that its min USD10 commission for US stocks, vs Saxo's USD4
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Konny
08 Dec 2020
Psychology at National University of Southampton
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Hi! I was faced with this issue too and read through all the other related threads. So I managed to try both Revolut and TransferWise and I thought others may find this info helpful.
As of my last transaction (in May 2020), TW offered a better exchange rate, but the outright fee that they display pretty much equalled the 2 methods. One thing that I encountered on top of the TW fee was this additional ~3.20 USD SWIFT payment network charge that hasn't been mentioned anywhere yet. You can read more in the link below.
Hope this was helpful! If anyone is keen, here's a referral link for TW (for fee free transfer of $900):
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Any updates as at 9 December 2020 on the cheapest way to fund the usd account, since Revolut and Transferwise are outdated?