At present, you may make a Telegraphic Transfer (TT) in the following currencies: SGD, USD, AUD, CAD, CNH, HKD, NZD, GBP, NOK, SEK, CHF, EUR and JPY.
However, as Syfe's multi-currency account takes only USD and SGD, your funds will get converted to either USD or SGD at our bank DBS' prevailing rates, depending on your TT instruction.
If you do not specify a currency in your TT instruction, the default option is for your funds to be converted to SGD.
All forex conversions will be done at DBS rates and the forex rate is calculated at the time of the transfer. If you are doing a TT, you may also consider using a platform like TransferWise for more competitive forex rates.
Funds converted to either USD or SGD will be invested in your selected portfolio. Please note that there is a minimum deposit of US$10,000 for USD investments. There is no minimum deposit amount for SGD funds.
For funds transferred via your own multi-currency account, the process is similar to a TT. The currency transferred will be converted to USD or SGD at DBS rates. Kindly note that there is no special forex arrangement and all conversions will be done at DBS rates.