What is the most cost efficient way to invest in US market? (Convert SGD to USD)? - Seedly
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Anonymous

Asked on 18 Oct 2019

What is the most cost efficient way to invest in US market? (Convert SGD to USD)?

I've recently opened up DBS Vickers and Saxo market account, looking to invest in US market and trying to minimize currency losses.

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Out of curiosity, I look at the FX spreads on IB. Have to concede defeat. On the other hand, local bank FX spreads are quite horrendous.

I'm constrained though. Have to use POEMS.

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šŸ‘ 9
Question Poster

10 Dec 2019

Thanks for verifying!
Bjorn Ng
Bjorn Ng
Level 9. God of Wisdom
Answered on 08 Dec 2019

Interactive Brokers hands down! Real time exchange rate, follows Google super closely. You can top up your account in SGD as well. And did I share that it has one of the lowest commissions in the market!?

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šŸ‘ 8
Daryl Liao, Fti
Daryl Liao, Fti
Level 7. Grand Master
Answered on 09 Dec 2019

Interactive Brokers for sure!

Its spot rate.

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šŸ‘ 7
Wallace Chai
Wallace Chai
Level 9. God of Wisdom
Answered on 08 Dec 2019

Interactive broker can solved all your concerns. SGD is one of the strong currency. Not to worry much about the currency fluctuations. What you have to worry most is the commission charged by local brokerages instead. So interactive broker is one of the cheapest platform out there and you can have access to most of the countries stock exchange.

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šŸ‘ 4
Arun Pai
Arun Pai, Chief Kristals Officer at Kristal.AI
Level 4. Prodigy
Answered on 24 Oct 2019

There are a number of platforms, multi-currency cards etc out there that enables investors to convert currency from one to the other but there is no investing offering after that which will lead to a number of transactions.

Through Kristal.AI we enable our investors to convert currency (SGD into USD) at a nominal charge of 5 bps i.e. .05% after which you will be able to invest into the various Kristals (trading strategies) on the platform. In addition up to an amount of 50k USD, no fees are charged (no advisory fees, no transaction fees!

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šŸ‘ 4
Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered on 05 Mar 2020

Even solely within Singapore Transferwise could be the best choice for currency conversion.

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šŸ‘ 0
Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 09 Dec 2019

Interactive brokers due to their low cost brokerage and in house exchange rates. Other overseas online brokers has similar low fees such as AMD trade and CMC, dbs vickers is far behind them in fees and exchange rate fees

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šŸ‘ 0
JC
Jon Chua
Level 4. Prodigy
Answered on 08 Dec 2019

I use Interactive Brokers... $1 comms only...! And Google exchange rate...

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šŸ‘ 0
B
Bevin
Level 2. Rookie
Answered on 08 Dec 2019

I used revolut to change SGD/USD at mid-market rates with no fees then use revolut to send USD back to my DBS multicurrency account. My DBS account got the exact amount of USD at the end with no fee deduction. The S$10 handling commission is definitely waived because of my DBS treasures status. But I have read from seedly posts that this fee is waived too and for other EUR business accounts. Time taken is around 2 days. But if you intend to change more than sgd9k per month, then subscribe to their Premium account and can have turbo transfer for free which will then cut down to 1 day.

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šŸ‘ 0
Grace Lim Yan Zhen
Grace Lim Yan Zhen
Level 3. Wonderkid
Answered on 11 Nov 2019

In my opinion, Interactive Broker has one of the lowest cost.

Interactive Brokers is one of the largest discount online brokers. They process more than 1,000,000 trades Monday to Friday.

You can check out Interactive Broker website to know more about it :)

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šŸ‘ 0
Iosias
Iosias
Level 2. Rookie
Answered on 24 Oct 2019

Open a US discount broker account like Thinkorswim or Interactive Broker. Either transfer SGD equivalent or open a multi-currency account.

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šŸ‘ 0