Your Syfe account can be funded in both SGD and USD.
As our Syfe Core and Syfe Select portfolios are USD denominated, our broker Saxo Capital Markets charges Syfe customers a very low currency conversion fee of 0.09% to place trades from their SGD denominated accounts. Retail investors generally pay much more (between 0.5% to 0.7%) in currency conversion fees.
If customers transfer funds in USD, there will be no currency conversion fee (as long as wire transfer / Telegraphic Transfer is selected) since our investing currency is in USD for the Syfe Core portfolios. However, kindly note that there is a minimum of US$10,000 required if you wish to transfer your funds in USD.
For our REIT+ portfolio, funds transferred in SGD will not be charged any currency conversion fee since the underlying REITs are SGD denominated.
At present, you may also make a Telegraphic Transfer (TT) in the following currencies: SGD, USD, AUD, CAD, CNH, HKD, NZD, GBP, NOK, SEK, CHF, EUR and JPY. Depending on your TT instruction, these currencies will be converted to either USD or SGD at our bank DBS' exchange rate. Please see here for more information.
