You have the option of transferring USD or SGD funds to your Syfe Trade account.
Here are the options available and the considerations to take note of.
You transfer SGD funds to SYFE CLIENT USD ACC, a USD receiving account. While your transfer will be successful and HSBC will automatically convert your SGD to USD for you, please be aware of the higher FX rate charged by HSBC. The conversion rate via this funding method is higher as compared to you taking the funding method in Option 2.
You transfer SGD funds to SYFE CLIENT SGD ACC, an SGD receiving account. Thereafter, you perform a conversion from SGD to USD in your app. The SGD to USD conversion rate is cheaper via this funding method.
You transfer USD funds directly to SYFE CLIENT USD ACC, a USD receiving account. In this case, there's no need for you to convert any funds to USD.
- Syfe does not charge any fees for receiving your USD funds.
- However, the Remitting Bank (Your Bank) and the Beneficiary Bank (Our Bank) may have charges.
- These bank charges will be borne by the client and not by Syfe.