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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Konny

08 Dec 2020

Psychology at National University of Southampton

Any updates as at 9 December 2020 on the cheapest way to fund the usd account, since Revolut and Transferwise are outdated?

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Sebastian

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/294...

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