What's the cheapest way to fund a Saxo account in USD? - Seedly
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Lee Jun Wei

Asked on 05 Mar 2020

What's the cheapest way to fund a Saxo account in USD?

Hi! May I know what's the cheapest way to fund a Saxo USD account from SGD?

I have an MCA account with DBS, should I convert my SGD to USD via DBS and fund it that way? Also, if I fund via credit/debit card, even in USD, the processing fee is quite high, is there any way to circumvent this?

Or, should I just stick to FSM? I see that I can fund SGD quickly and is able to convert to USD much cheaper. Only downside is that its min USD10 commission for US stocks, vs Saxo's USD4

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    Sebastian

    Sebastian

    Level 3. Wonderkid

    Updated on 17 Aug 2020

    [Update as of 17 Aug: I gave SAXO a call about funding and withdrawing with my Revolut acct. It was clarified that they still accept transfers from Revolut, but you will have to make sure that your Revolut acct is under the same name as your SAXO acct. Otherwise, it will be categorized as third-party and funds will be refunded to the acct.]

    Hi! I was faced with this issue too and read through all the other related threads. So I managed to try both Revolut and TransferWise and I thought others may find this info helpful.

    As of my last transaction (in May 2020), TW offered a better exchange rate, but the outright fee that they display pretty much equalled the 2 methods. One thing that I encountered on top of the TW fee was this additional ~3.20 USD SWIFT payment network charge that hasn't been mentioned anywhere yet. You can read more in the link below.

    Hope this was helpful! If anyone is keen, here's a referral link for TW (for fee free transfer of $900):

    https://transferwise.com/invite/u/sebastiank815

    https://transferwise.com/help/14/currencies/2946451/sending-us-dollars-to-countries-outside-the-us​​​

    29

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    Edmund Lim
    Edmund Lim

    11 Nov 2020

    Hi Piyush, when using TransferWise do you transfer directly to the Saxo bank account? Where do you get the bank account information from? Sorry I couldn't seem to find it from the Saxo article. Thank you
    Preetam

    26 Nov 2020

    Hello All, I was able to transfer USD from Revolut to SAXO USD account . This was not working for short while in between but now it is working again
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    Dee Lee

    Dee Lee

    Level 4. Prodigy

    Updated on 03 Jul 2020

    Update: Saxo doesn't seem to be accepting Revolut transfers anymore.

    Tl;dr – Use Revolut.

    I've tried both TransferWise and Revolut. Got charged both transfer fees and interbank fees for the former. And nothing for the latter. Only limit is that there is S$9K exchange/transfer limit per month for free acccount. Subsequent amount involve fees.

    Open a Revolut account, fund your account with SGD (through credit card). Convert to USD and send to Saxo's bank account. Make sure your Saxo default currency is set in USD.​​​

    19

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    Ying

    17 Jun 2020

    Hi there is this 2.91% fee from debit is it still of value to use this method?
    Dee Lee
    Dee Lee

    03 Jul 2020

    Hi guys, sorry I haven't needed to fund my account for a while. Just tried to do it last week and it kept refunding back. So I think this option is now out. I have a feeling they realised they were losing out on transfer bank fees.
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    Frankie Rappaport

    Frankie Rappaport

    Level 10. Unicorn

    Answered on 05 Mar 2020

    Use safe & cheap Transferwise.

    can use that even with other banks/brokers within your country

    8

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    Rakesh Pillai

    04 Jul 2020

    Hi frankie, i too realise of this outgoing transfer when using TW, do you think that this is still at a competitive rate?
    Frankie Rappaport
    Frankie Rappaport

    05 Jul 2020

    It's a very good, my opinion. you can compare competitors here: https://www.monito.com/
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post