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
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Sebastian
Updated on 17 Aug 2020
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
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26 Nov 2020
Dee Lee
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.
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17 Jun 2020
Frankie Rappaport
Answered on 05 Mar 2020
Use safe & cheap Transferwise.
can use that even with other banks/brokers within your country
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6 more comments
04 Jul 2020
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