Withdrawing from Managed Portfolios

• How to cancel an internal transfer / withdrawal request?

  To cancel your internal transfer / withdrawal request, simply click on your portfolio "transaction" tab (expand arrow)

  

  Click on the withdrawal transaction

  

  Click on the "Cancel Request" button on the bottom of your screen

  Click on "Proceed" to submit the request to cancel your withdrawal request.

  

  You are only able to cancel your internal transfer / withdrawal request if the status of the request is still in the "requested" state. Kindly note that once the internal transfer / withdrawal request started "processing", you will not be able to cancel it.

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• What is the enhancement in Cash+ Flexi funds processing speeds?

  Here at Syfe, we are committed to constantly improving our client experience and have worked to accelerate funds processing speeds to enable greater agility for users.

  With this latest enhancement, we've improved fund processing times (for deposits and withdrawals) from 2-4 business days down to 2 business days! If you put in a request before 11AM, your funds will be processed within the next business day.

  For deposits:

  All requests made before 11AM SGT, you will see your funds invested by the next business day afternoon.

  For withdrawals:

  All requests made before 11AM SGT, you will now receive your funds the next business day by 7PM SGT.

  With this enhancement, we will be removing our same-day Quick Withdrawal* feature which previously allowed clients to receive their funds on the same day if they made a request before 11am. 

  *Note: Clients may submit their last Quick WIthdrawal requests on 15 March, before 11:59PM. After which, the Quick Withdrawal feature will be removed in-app. 

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• If I submit a ‘full withdrawal’ request, then will I get the full amount currently displayed in my portfolio?

  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. 

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• How long does a Syfe Portfolios withdrawal request take to be completed?

  When you withdraw funds from your Syfe portfolio, the securities you hold must be sold before the cash can be transferred to your bank account.

  Withdrawals to Singapore local banks

  Under ordinary circumstances, Syfe makes the sell transactions within 1 - 2 business days. Depending on bank processing timelines, you should receive your funds within the next business day. As such, this typically means that most customers can expect to receive their withdrawn funds in 2 - 3 business days. (This timeline applies to all Core, REITs and Custom Select portfolios only.)

  Disclaimer: In the event of corporate actions or extraordinary circumstances (e.g., rights issues or portfolio rebalancing), clients may experience delays in withdrawals. Syfe will make every effort to ensure withdrawals are processed promptly and minimise any delays.

  Core, REITs and Custom Select Portfolios: 2- 3 Business Days 

  Cash+ Flexi SGD: By the Next Business Day– You can expect to receive your funds by 7PM SGT the next business day (T+1) for all requests made before 11AM SGT.

  Cash+ Guaranteed: By the Next Business Day– You can expect to receive your funds by 7PM SGT the next business day (T+1).

  You should only transfer new funds to your Cash+ Flexi portfolio after withdrawal is completed. Do also take note that the final amount you receive may not be the same as your portfolio. It is subject to exchange rates, fees, and charges that may apply during the sale.

  For Income+ and Cash+ Flexi USD portfolios, the redemption and withdrawal process could take about 4 to 5 business days for the funds to be reflected in your bank account. It’s subject to the constituent funds’ designated dealing days and other provisions in relation to redemptions as stated in the constituent funds’ prospectus.

  For example, if you initiate an internal transfer from Cash+ Flexi SGD to Income+, your Cash+ Flexi SGD portfolio will need to be redeemed first, and could take up to 2 business days to settle. The redemption proceeds are then used to subscribe for the Income+ portfolio. As such, the entire process could take up to 7 business days to complete, and is handled automatically by our systems.

  Withdrawals to overseas or international banks

  Depending on the processes of the intermediary and recipient banks, we estimate it takes about 5 -7 business days for the funds to be reflected in your overseas bank account.

  Sometimes, it may take longer if the receiving or intermediary bank holds the funds for compliance or regulatory checks. In such cases, you can contact your bank to identify and resolve any issues.

  Additionally, while Syfe does not charge any fees for overseas withdrawals, both the remitting and/or beneficiary bank may charge you currency conversion fees and / or other fees for receiving overseas fund transfers. This fee varies between banks and will be deducted automatically from the received amount.   

  You should only transfer new funds to this portfolio after withdrawal is completed. Do also take note that the final amount you receive may not be the same as your portfolio. It is subject to exchange rates, fees, and charges that may apply during the sale. Learn more here.

  Kindly note that weekends and public holidays are not considered business days.
  
  
  

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• Is it possible for withdrawals to be processed on the same day?

  Under ordinary circumstances, we expect to sell your investments within 1 - 2 business days to fulfil your withdrawal request. This depends partly on what time of day the withdrawal request is made. For requests made before 11am on a trading day, we may expect to place the sell trade within 1 business day. However, please note that we do not guarantee this.

   

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• What is the difference between a partial and full withdrawal?'

  You can request partial or full withdrawal for both Managed and Cash Management portfolios. 

  For partial withdrawals, you can withdraw up to 90% of the current portfolio value. If you wish to withdraw more than 90% of the current portfolio value, you need to request a full withdrawal instead. 

   

  When you request for a full withdrawal, we take that as your intent to close and liquidate the portfolio. We will also stop performance reporting on the portfolio (as all existing holdings are liquidated). 

   

  How does a full withdrawal work?

  We will sell all your holdings in the requested portfolio, debit administrative fees owed to Syfe, credit to you rebates and dividends you’re eligible for, and credit the funds to your intended destination - your bank account, brokerage, or another portfolio. Please note that doing a full transfer between Syfe portfolios, for example, from Cash+ Flexi SGD to Core Equity100 has the same effect i.e. all holdings in Cash+ Flexi SGD will be sold to then invest into Core Equity100. 

   

  For both partial and full withdrawal requests to your bank accounts, the process will generally take between 2 to 5 business days to be completed. Weekends and public holidays are not considered business days. The actual timeline depends on the type of portfolio, and if your indicated bank account is local or overseas. Check your email for the latest updates on your withdrawal, once you’ve raised an instruction. More information on specific withdrawal timelines can be found here. 

   

   

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• In what currencies can I withdraw the funds from my Syfe portfolio?

  For USD-denominated portfolios like Core, Select, Cash+ Flexi USD portfolios, you can withdraw your funds in either SGD or USD. 

  For SGD-denominated portfolios like Cash+ Flexi SGD, Cash+ Guaranteed or REIT+, you can only withdraw in SGD.

  Bank charges 

  If you are withdrawing to a Singaporean bank account, we would recommend choosing SGD to avoid any foreign exchange charges from your bank. 

  Syfe uses a combination of banks such as DBS and HSBC for our operations. For USD withdrawals, USD transfers between Singapore banks may incur bank charges to be borne by you. These charges are at the full discretion of the banks and Syfe will not be able to advise the exact final amount prior to the actual transfer. Based on past instances, our estimate is each transfer is subject to at least US$50. 

  Withdrawing funds into an overseas bank may also incur forex charges for currency conversion if your bank account’s currency and the currency you selected are different.

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• Are there charges for making a withdrawal?

  Syfe only charges a single flat management fee based on the total amount you invested, which is calculated on a per-day basis and deducted at the end of every calendar month. So, you only pay for the days Syfe manages your funds.

  There are no fees for withdrawing, adding, or transferring funds between your portfolios. You may visit the following link to learn more about our pricing tiers: How does Syfe pricing tiers work?

  With that said, you are free to place a withdrawal request from any of your portfolios whenever you want.

  Please note that Telegraphic / MEPS transfers will be used for withdrawals above SGD 200,000 or to an overseas bank. Both the remitting and/or beneficiary banks may charge fees at their discretion which will be borne by you. To avoid additional bank charges, customers may choose to withdraw in amounts of SGD 200,000 or less at a time.

  If you are withdrawing to a Singaporean bank account, we would recommend choosing SGD to avoid any foreign exchange charges from your bank.

  For USD withdrawals, USD transfers between Singapore banks may incur bank charges to be borne by you. These charges are at the full discretion of the banks and Syfe will not be able to advise the exact final amount prior to the actual transfer. Based on past instances, our estimate is each transfer is subject to at least US$50.

  Withdrawing funds into an overseas bank may also incur forex charges for currency conversion if your bank account’s currency and the currency you selected are different.

  You may also refer to the following FAQ regarding charges and deductions: If I submit a ‘full withdrawal’ request, then will I get the full amount currently displayed in my portfolio?

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• How can I find my bank’s SWIFT code?

  You need the SWIFT code only for overseas/international transfers to bank accounts outside Singapore. Some banks print it on the transaction statements. Most banks also mention it on their website. If your bank doesn’t, then you can contact a bank representative to find out the SWIFT code specific to your bank and branch.

   

  Do kindly note that we can only process withdrawal requests to bank account that is under your name.

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• How do I withdraw funds from my Syfe account through the Syfe app?

  Here’s how you can withdraw funds from your Syfe portfolio on your Syfe app:

  1. Log in to your Syfe account. On your Syfe dashboard, swipe left or right and tap on the portfolio from which you wish to withdraw funds.

  

  2. On the next page, tap on the Manage funds button.

  

  3. Then, select Withdraw funds and tap on the Proceed button.

  

  4. On the next page, select the reason for withdrawal, provide additional feedback in the text field, if applicable, and tap on the Proceed to withdraw button at the bottom of the page.

  

  5. Select either partial or full withdrawal, select a bank account to withdraw the funds to, choose a currency and enter the amount to withdraw (for partial withdrawals).

  

  Partial or full withdrawal

  • Select Full Withdrawal if you wish to withdraw all of the funds from the selected portfolio.
  • Select Partial Withdrawal if you wish to withdraw up to 90% of the funds from the selected portfolio.

  Indicating your bank details

  • Enter the bank details like the bank's name, account holder’s name, account number, instructions, if any, and let us know if your bank account is from Singapore or not.
  • Please take note that we do not accept debit/credit card numbers as a valid bank account for the withdrawal. Please enter a valid bank account number for the withdrawal to be successful. 
  • SWIFT code is not required for withdrawals to Singapore bank accounts. However, if you are withdrawing to an overseas bank account, you will need to indicate the SWIFT code to enable international transfers.
  • Please ensure that your bank account is in good standing and able to receive funds. If it is not, there might be a delay in your withdrawal and/or your withdrawal might be reversed. 

  Selecting a currency

  • For transfers to an SGD currency bank account, select SGD to avoid any currency conversion charges.
  • For overseas transfers, you may choose either SGD or USD based on the currency of your bank account to avoid any currency-conversion charges. If your bank account has a different currency, then you can select SGD or USD.

  6. Tap on the Request withdrawal button. When asked for a confirmation, tap on the Confirm button and you’re done.

  You will be able to see your ongoing withdrawal request under Transactions section in your portfolio details page. A confirmation email will also be sent to you after we have received your withdrawal request.
  
  

  Note: Withdrawals to a Singapore bank account takes 2-4 business days while overseas transfers can take up to 7 business days. Withdrawal requests placed on non-business days and after 11 AM on a business day will start processing the next business day.

  Learn more about withdrawals:

  • How long does a Syfe Wealth withdrawal request take to be completed?
  • Is it possible for withdrawals to be processed on the same day?
  • If I submit a ‘full withdrawal’ request, then will I get the full amount currently displayed in my portfolio?

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• How do I withdraw funds from my Syfe portfolio on the computer web browser?

  1. Log in to your Syfe account. On your Syfe dashboard, scroll down and click on the portfolio from which you wish to withdraw funds.

  

  2. Click on the Manage funds button.

  

  3. Select the Withdraw funds option and click on the Proceed button.

  

  4. On the next page, select the reason for withdrawal, provide additional feedback in the text field, if applicable, and tap on the Proceed to withdraw button at the bottom of the page.

  

  5. Select either partial or full withdrawal, select a bank account to withdraw the funds to, choose a currency and enter the amount to withdraw (for partial withdrawals).

  

  Partial or full withdrawal

  • Select Full Withdrawal if you wish to withdraw all of the funds from the selected portfolio.
  • Select Partial Withdrawal if you wish to withdraw up to 90% of the funds from the selected portfolio.

  Indicating your bank details

  • Enter the bank details like the bank's name, account holder’s name, account number, instructions, if any, and let us know if your bank account is from Singapore or not.
  • Please take note that we do not accept debit/credit card numbers as a valid bank account for the withdrawal. Please enter a valid bank account number for the withdrawal to be successful. 
  • SWIFT code is not required for withdrawals to Singapore bank accounts. However, if you are withdrawing to an overseas bank account, you will need to indicate the SWIFT code to enable international transfers.
  • Please ensure that your bank account is in good standing and able to receive funds. If it is not, there might be a delay in your withdrawal and/or your withdrawal might be reversed. 

  Selecting a currency

  • For transfers to an SGD currency bank account, select SGD to avoid any currency conversion charges.
  • For overseas transfers, you may choose either SGD or USD based on the currency of your bank account to avoid any currency-conversion charges. If your bank account has a different currency, then you can select SGD or USD.

  6. Click on the Submit button. When asked for a confirmation, click on the Confirm button and you’re done.

  

   

  You will be able to see your ongoing withdrawal request under Transactions section in your portfolio details page. A confirmation email will also be sent to you after we have received your withdrawal request.

   

  Note: Withdrawals to a Singapore bank account takes 2-4 business days while overseas transfers can take up to 7 business days. Withdrawal requests placed on non-business days and after 11 AM on a business day will start processing the next business day.

  Learn more about withdrawals:

  • How long does a Syfe Wealth withdrawal request take to be completed?
  • Is it possible for withdrawals to be processed on the same day?
  • If I submit a ‘full withdrawal’ request, then will I get the full amount currently displayed in my portfolio?

  View more
• How long does the withdrawal take for an overseas or international bank account?

  When you withdraw funds from your Syfe portfolio, the securities you hold must be sold before the cash can be transferred to your bank account. Depending on the processes of the intermediary and recipient banks, we estimate it takes about 5 -7 business days for the funds to be reflected in your overseas bank account.

  Note: Sometimes, it may take longer if the receiving or intermediary bank holds the funds for compliance or regulatory checks. In such cases, you can contact your bank to identify and resolve any issues.

  Additionally, please note that your bank may charge you currency conversion fees and / or fees for receiving overseas fund transfers. This fee varies between banks and will be deducted automatically by your bank from the received amount. Please check with your bank for any fees they may charge.

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• Can I withdraw the funds into an overseas bank account?

  Yes, you can withdraw funds to an overseas account if the same account was used to fund the portfolio.

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