Anonymous

02 Jun 2020

∙

General Investing

If you invest/trade in the US market and earn profits, how is the currency conversion done? E.g. USD to SGD. Is it done through the respective broker's exchange rate?

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Frankie Rappaport

02 Feb 2020

Yes, and this (obviously not so visible fees for conversion) is exactly the reason why, when your primary currency is SGD, and You want to buy USD (or other foreign currency) based equity, you should (even with a Singapore based broker!) switch the currency via a much cheaper company. Cheapest one as far as I know currently Transferwise (only ca. 0.30 % !).

Mode:

Order USD on Transferwise for Your SGD sum and tell them to which account (i.e. Your USD nominated brokerage account) to send the USD, pay Transferwise by one of Your SGD nominated accounts, wait 2-3 days, USD arrive at Your brokerage account, ready for action ...

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Junus Eu

21 Apr 2019

I usually keep my USD profits in that trading account, so yes, only when I am looking to transfer back to my SGD account.

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Jonathan Chia Guangrong

21 Apr 2019

SOC at Local FI

For me I transact in USD on the brokerage platform only, and use DBS mca to do the fx conversion. So...

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Related Posts

I want to buy US ETFs (eg. S&P 500 ETF) while working and earning SGD in Singapore. Considering (i) commissions and (2) conversion rates from SGD to USD, which online broker is the cheapest?

Can anyone advise which is the best broker to use for US market, taking into account that I have a multi-currency account and prefer to keep USD rather than constantly converting between SGD-USD?

Is it common to use platforms like TransferWise to convert your SGD to USD to invest in US stock market or people generally let their banks/brokers convert at their rates + any conversion fees?

Are you 100% sure that using Transferwise or Revolut will secure better rate than funding sgd directly into Saxo USD acc that charges currency conversion fee of mid spot rate +/- 0.75%?

Is now a bad time to enter the US market, particularly due to the high SGD to US exchange rate?