With regards to FSMone's RSP foreign currencies ETF, would FSMone auto convert SGD to the respective currencies for the RSP or do I have to manually convert money to the respective currencies? - Seedly
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Anonymous

Asked 6d ago

With regards to FSMone's RSP foreign currencies ETF, would FSMone auto convert SGD to the respective currencies for the RSP or do I have to manually convert money to the respective currencies?

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Tan Wei Ming
Tan Wei Ming
Level 6. Master
Updated 6d ago

You can do a CAT top up with the relevant currency for the RSP but for myself I will manually do the conversion on FSMOne.

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Question Poster

6d ago

I see. Why would you manually do the conversion on FSMone though? Thought it would be more convenient if FSMone settles it directly for you haha
Jason Cheong
Jason Cheong, Alumnus at NTU
Level 4. Prodigy
Answered 6d ago

I encountered this recently in my purchase of US based ETF via FSMone.

The SGD was in my Auto-sweep whereby the conversion was auto.

However, when I sold off the ETF, the USD will be put back into Cash Holdings as USD. There is no auto-conversion on sale.

Hope this helps!

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Jason Cheong
Jason Cheong

6d ago

I think Auto sweep Account deduction is only for Purchase of Shares. RSP can only deduct from Cash Account.
Question Poster

6d ago

Thank You! This is so helpful šŸ‘