Asked on 05 Mar 2020
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
[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):
27 more comments
26 Nov 2020
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.
17 more comments
17 Jun 2020
6 more comments
04 Jul 2020