When you submit a ‘full withdrawal’ request there are several factors which might change the final amount of your portfolio. Please note that this applies to full internal transfers as well.
Daily Market Fluctuations: Under ordinary circumstances, we expect to sell your investments within 1 - 2 business days to fulfil your withdrawal request. During this period, the price of your assets may go up or down and change your portfolio value. The final selling prices of your assets will depend on the prevailing market prices at the point of selling off, not at the point of withdrawal request submission. Thus, the final amount of your portfolio may be different from what you saw in the dashboard at the time of placing the withdrawal request.
Dividends: Some companies give out dividends to their shareholders from time to time. If you have invested in equities and REITs, then, besides earning from rising market valuations, you’re also eligible for these dividends from such companies. If dividends are disbursed but we haven’t received them from our broker yet, we still add these to your portfolio value and payout at the time of withdrawal. If for some reason this falls short of what actually gets distributed, we will credit the difference back to you.
Referral Bonus: You are eligible to receive a referral bonus if the referred investor maintains an investment portfolio with us for at least 3 months. Click here to read the full terms and conditions. However, instead of holding on to your bonus for these 3 months, we pay it out right away and invest it in your portfolio. If any of your referred investors didn’t meet or are yet to meet our 3-month investment criterion, then we deduct the bonus we had paid out earlier.
Managed Portfolios Management Fees: For managing your portfolio, Syfe charges a flat fee ranging between 0.35% to 0.65% per year based on the total amount you invest. The fee is calculated on a per-day basis and deducted at the end of every month. At the time of full withdrawal, we will calculate and deduct any outstanding fees from your final withdrawal amount.
Cash+ Flexi Management Fees: As of 1 July 2023, Syfe charges a management fee of 0.1% per annum on Cash+ Flexi (subject to prevailing GST, where applicable from 1 June 2023) based on the higher of assets under management or invested amount .
Foreign Exchange Charges: For overseas transfers or making cross currency transfers to a Singapore bank account, both the remitting and/or beneficiary bank may charge a foreign exchange fee. This forex fee will depend on the prevailing exchange rate between USD/SGD and your local currency.
Trailer Fee Rebates: Currently for Cash+ Flexi and Income+ Portfolios, where applicable, Syfe passes on to clients any trailer fee rebates received from the broker. For trailer fees rebates that have yet to be transferred by our broker, Syfe will add to your portfolio Net Asset Value upon a Full Withdrawal and will be paid out together as one lump sum to your selected bank. When our broker eventually makes the transfer, we account for the transaction in your portfolio.
Possible bank charges: For withdrawals above S$200k to a local bank account, it will be done via MEPS transfer where a cable fee and a handling fee is charged by your bank.