Asked on 05 Aug 2020
I am currently investing in an overseas roboadvisor. However, every transaction costs me about 60USD due to intermediary bank fees.
For example, I make a transfer of 1000USD. However, only 940USD will be invested after the fees. This means that my investment will have to rise 6% to break even. This is definitely not ideal.
Would it better if I try and accumulate 6000USD to reduce the fees percentage rate to 1% or is there a better solution? Any advice is welcomed, thank you.
If it has to be this roboadvisor, then you’ll just have to accept their pricing. With such high transactional costs, I doubt this roboadvisor “supports” dollar cost averaging for sums below $6000. Are there really aren’t any other roboadvisors offering a similar portfolio? Perhaps you could share the roboadvisor/portfolio and the community can advise you on cheaper alternatives.
Generally the existing roboadvisors in Singapore are more cost efficient than the one you're investing in. May I know why you're investing in an overseas roboadvisor?
3 more comments
10 Aug 2020
Show More Products