Has anyone used YouTrip Credit Card to convert SG dollars to US dollars and used it to fund your US stocks account? - Seedly
 

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Asked by Anonymous

Asked on 08 Sep 2019

Has anyone used YouTrip Credit Card to convert SG dollars to US dollars and used it to fund your US stocks account?

Would this be a good idea?

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Answers (7)

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Updated 2w ago

Not a good idea, since Youtrip is primarily used for overseas transactions (and not to buy foreign currencies to fund US stocks accounts.

Use my code JUNUS for $5 in your Youtrip account!

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Gangeshwar Krishnamurthy
Gangeshwar Krishnamurthy
Level 3. Wonderkid
Answered 4w ago

I trade on eToro. And when I tried to fund my USD account with YouTrip, YouTrip declined the transaction. When reached out to them, they said that you can not use YouTrip to fund trading accounts.

Here is their reply:

"Hi Gangeshwar, 

Thank you for contacting YouTrip. 

I have checked your transaction with Paypal. I believe the transaction in concerned is for ETORO.COM.

YouTrip is not designed to facilitate online trading of all forms due to the transaction limit on each account. These includes stock trading (such as the purchase of cryptocurrency), lottery and sports betting.

This also comes with strict compliance to regulatory guidelines for Anti-Money Laundering / Countering the Financing of Terrorism in Singapore.

Hope it clarifies. "

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How do you pay your US brokers using credit card?

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Question Poster

09 Sep 2019

There is an option to do so when using Saxo platform

Why not try using Revolut. Their also have their own investment platform similar to Robinhood (FOC) in USA. You can ask them if is possible to do so before applying.

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Yee Woon
Yee Woon
Level 6. Master
Answered 2w ago

The brokers i used only accept bank wire. They will deposit straight to my designated bank account.

You can instead create a USD currency account with any bank in Singapore if you are worried about the FX rates.

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Bjorn Ng
Bjorn Ng
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Top Contributor (Dec)

Level 9. God of Wisdom
Answered 2w ago

Hi there, I think that would not be allowed. I haven't tried it before, but just the thought of using your credit card to fund your investing account, doesn't sound right (because CC $ are technically not your $ in the first place). I previously had a friend who chanced upon this forex trading website (or so they claim), "top up" using his CC, and he had huge problems taking it out. Then you think again, if you decide to withdraw, the money will probably go back into your card.

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Choon Yuan Chan
Choon Yuan Chan
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Top Contributor (Dec)

Level 9. God of Wisdom
Answered 2w ago

It dosent work. I recall US stocks account so far dont allow youtrip to fund them

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