How does SaxoMarkets convert SGD TO USD? Is it automatic?

It may be helpful to use different sub-accounts in Saxo. Each sub-account corresponds to 1 currency (e.g. USD, HKD). You can then trade using different sub-accounts (e.g. use the USD sub-account to trade USD instruments).

Funds can be deposited into the main / default account (SGD), and then transferred to other sub-accounts (e.g. SGD to USD) at your own discretion (but based on Saxo's FX rate at the time of transfer, and a 0.3% fee which is better than the market average).

This might further reduce FX costs / risks. Suppose you want to sell a USD stock but the USD/SGD exchange rate is not good. It makes sense to sell the USD stock and receive USD in your USD sub-account, and then transfer the proceeds from the USD sub-account to the SGD account at a later date. Alternatively, if you intend to buy another USD stock using those same proceeds, you can just do so from the USD sub-account and avoid multiple FX conversions (i.e. USD to SGD and back to USD).

Drawback is that it's more complicated and time-consuming to manage. But it should help save some FX-related costs :)

See more details here: https://www.help.saxo/hc/en-sg/articles/3600012...

Financial Horse also had a good write-up here: https://financialhorse.com/saxo-slashes-commiss...​​​

I sold one of my usd stock and it automatically convert back to sgd.. but i am gg to buy more usd stock.. can i maintain the usd? how to stop the automated conversion

The most fee friendly way is to use Revolut - or so I found. Be careful though not to fund your Revolut account with a large amount as it might trigger their fraud system and you will have to supply them with documents.

The different ways are to do a remit from a SG bank, FAST (SGD) transfer to SAXO USD account for on the fly transfer, Buy the U.S stock and do the coversion in the interface.​​​

Have the same question to find out cheaper way to convert SGD to USD. @Lee, which route did you use eventually?

I had a look at "https://transferwise.com/sg" and it shows DBS as cheaper than transferwise.​​​