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Funding Managed Portfolios via DBS (2019 - Q1 2024)

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Funding Managed Portfolios via DBS (2019 - Q1 2024)

  • What's happening with Syfe's banking partner?

    Syfe is delighted to share that we are transitioning our partnering bank from DBS to HSBC Singapore, to improve clients' funding experience, reducing the confusion clients face when it comes to transferring funds to Syfe. This move involves shifting cash assets, a process set to take place from December 2023 to be completed by the end of January 2024.

    Clients are not required to take any actions. We will manage the transition seamlessly.

     

    What changes can clients expect?

    Clients may observe updated banking details for their respective funding methods on some portfolio's funding page. Rest assured, these details are accurate, reflecting the new banking information for HSBC Singapore. Clients can proceed to transfer funds to the updated HSBC banking details.

     

    Can the old funding methods still be used?

    For ongoing transfers to DBS, there will be continued support. However, starting early 2024, Syfe will exclusively accept funding into HSBC. To prevent any delays and minimize inconvenience, it is essential to direct all funds to HSBC. We recommend reviewing and updating any standing instructions to align with HSBC's new banking details. This proactive step will optimize our processes and enhance the efficiency of your transactions.

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  • You can do so in a few simple steps. For clarity please refer to the guide below:

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    Funding methods (All portfolios except Cash+ Flexi USD)

    For one-time transfers from your bank account to your Syfe account. You may use PayNow or Internet Banking (FAST Transfer) to transfer funds in SGD.

    1. FAST (Fast and Secure Transfer)

      FAST is an electronic funds transfer service that lets you transfer SGD funds quickly to us. For funding via FAST, you may direct your funds to the following bank account:

      DBS Bank Account: 0720110196 (Bank branch code: 072)

      Name: Syfe Pte Ltd Clients AC

      Swift/BIC: DBSSSGSG or DBSSSGSGXXX (if using Citibank)

      There is a maximum limit of SGD200,000 per transaction. To take advantage of the limit, you will have to change your existing personal local transfer limit on internet banking before making the transfer.

      Please remember to include your Portfolio ID in the reference / comments field. You can view the Portfolio ID by logging in and clicking on your chosen portfolio. The ID will be at the bottom of the screen for mobile app users.

      A proof of transfer is required for all transfers from Citibank. Otherwise, funds received from Citibank will be invested in the latest portfolio you have created.

    2. PayNow

      PayNow is a funds transfer service for clients of nine participating banks in Singapore – Bank of China, Citibank, DBS/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.

      To transfer funds using PayNow via UEN, key in Syfe UEN number: 201834952HDBS.

      Complete the transfer by keying in the amount and entering your Portfolio ID in the reference / comments field. You can view the Portfolio ID by logging in and clicking on your chosen portfolio. The ID will be at the bottom of the screen for mobile app users.

      A proof of transfer is required for all transfers from Citibank. Otherwise, funds received from Citibank will be invested in the latest portfolio you have created.

      Alternatively, you may also scan the QR code below for PayNow.

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    *Due to recent changes in the API at OCBC Bank, the reference code is no longer visible. To ensure a smooth transaction process and prevent any delays, we strongly recommend considering an alternative approach, such as transferring funds via the FAST Transfer service when making transfers from OCBC Bank.

    However, if you prefer to continue using PayNow, we kindly request the following actions:

    1. After initiating the transfer, please send us an email at support.sg@syfe.com.

    2. Attach a screenshot of the transfer transaction to the email.

    3. Share your portfolio reference code associated with your transaction in the email.

    Alternatively, you may also submit a deposit confirmation on the portfolio dashboard, along with a screenshot of the transfer transaction to ensure that your transaction is processed without any issues.

     

    Funding method for Cash+ Flexi USD

    1. FAST (Fast and Secure Transfer)

    Bank Name: HSBC Bank (Corporate) Account

    Account number: Refer to portfolio dashboard under Manage Funds > Add Funds > Recipient account number

    Swift/BIC: HSBCSGSG

    Please remember to include your Portfolio ID in the reference / comments field. You can view the Portfolio ID by logging in and clicking on your chosen portfolio. The ID will be at the bottom of the screen for mobile app users.

          2.  Paynow 

     UEN number: 201834952HATS

    Complete the transfer by adding your Portfolio ID in the transaction reference.

     

    Funding in USD or other currencies

    For amounts in USD, you may use wire transfer (Telegraphic Transfers), or online remittance platforms such as Wise and Revolut. After making a transfer via such online remittance platforms, please be reminded to submit a Deposit Confirmation in your Syfe account along with the PDF receipt of the transaction.

    To do a “Deposit Confirmation” after transferring the funds, you may follow the steps below.

    1. Select "Manage Funds" on the portfolio you wish to credit the funds to
    2. Select "Add Funds"
    3. On the Deposit Confirmation page, select the transfer type
    4. Select "I Have Transferred"
    5. Complete the transfer details and
    6. Submit a PDF receipt of the transaction

    Please note that PayNow transfers from third-party digital wallets (e.g. GrabPay, LifeSG, Singlife) may not be accepted or require further supporting documents which can delay the crediting of your funds.

    If you wish to set up recurring transfers to your Managed portfolios, there are two ways to do so. Click on the below links to learn more:

     

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  • After making a funds transfer, you may see your portfolio asset allocation reflected as "100% Cash" on your dashboard. This is perfectly normal. It simply means that your funds have been received and will be invested for you. You'll see your portfolio composition updated to reflect your investments the next working day around 2pm.

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  • After making a transfer to your Syfe Portfolios, you will receive an email from us confirming the receipt of your funds. This email will be sent within one business day, after our team has verified the transfer.

    For funds transferred before 11am on a business day, we will work hard to invest your funds within the same business day. However, we cannot guarantee that this is always possible, but generally your funds will be invested within 1 - 2 business days, after which you will be able to see your investments reflected on your dashboard. 

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


    For Income+ and Cash+ Flexi USD portfolios, the transactions and portfolio composition related to the investment only shows up on your dashboard about 4 to 5 business days after being invested due to a longer settlement cycle of the constituent funds.

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

    In some cases, the process can take longer if there are supporting documents pending. We may require additional supporting documents from you to complete your account opening or to verify your bank details before we can invest your funds. Please check the email address your Syfe account is registered with to see if you have received an email from our Support Team (do check other folders as well if you do not receive it in your inbox).

    Acceptance of subscription and redemption requests is subject to the constituent funds designated dealing days and other provisions in relation to calculation of Net Asset Value as stated in the constituent funds’ prospectus. Redemption amount is subject to current Net Asset Value of the constituent funds on relevant dealing day.

     

    Why do I see 100% cash on my dashboard?

    After making a funds transfer, you may see your portfolio asset allocation reflected as "100% cash" on your dashboard. This is perfectly normal. It simply means that your funds have been received and will be invested as soon as possible. You'll see your portfolio composition updated to reflect your investments the next business day around 2-3pm. For Income+ portfolios, it will be the next 3 to 4 business days around 2-3pm, due to the longer settlement cycle as mentioned above.

     

     

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  • If you do not have a Singapore bank account, you may transfer funds via wire/Telegraphic Transfer as well.

    Please ensure that the remitting bank sends MT103 to the beneficiary bank so that we can apply funds to your account. For information on our bank account details, kindly refer to the 'Transfer Funds' page on our platforms. You will need to state your Portfolio ID in the reference or remarks column as well.

    Name of Beneficiary Bank: DBS Bank

    A/C Number: 0720110196

    Account Name: Syfe Pte Ltd Clients AC

    Bank Code: 7171

    SWIFT/ BIC Code: DBSSSGSG

    Please note that there is a minimum amount of USD10,000 per transfer for USD fund transfers.

    Following your transfer, please email a copy of your bank transaction report to support.sg@syfe.com for our record. The proof of transaction must contain the following information to avoid unnecessary delays in crediting funds to your account:

    • Your Bank Name and Logo
    • Your Bank Account Number
    • Beneficiary Bank Account Number
    • Amount
    • Date of Transfer

    I would like to fund my account in USD. Should I use MEPS as a mode of transfer?

    To transfer funds in USD, please only select Telegraphic Transfer as the transfer method. MEPS (MAS Electronic Payment System) is a real-time gross settlement system operated by the Monetary Authority of Singapore (MAS). When MEPS is used, all currencies will automatically be converted to SGD before the transfer. DBS Bank, as the receiving party of all fund transfers to Syfe, will then receive the funds in SGD. To avoid incurring unnecessary currency conversion charges, please select Telegraphic Transfer if you wish to transfer funds in USD.

     

    Alternatively, you may use online payment services platforms like Wise or Revolut to transfer your funds. 

     

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  • Your Syfe account can be funded in both SGD and USD. 

    USD-denominated portfolios (e.g. Core, Select, Cash+ Flexi USD and Downside Protected Portfolio)

    These portfolios can be funded in both SGD and USD. As our Syfe Core, Syfe Select, Cash+ Flexi USD and Downside protected portfolio portfolios are USD-denominated, funds transferred in SGD will be converted into USD before being invested. Our broker charges Syfe customers a very low currency conversion fee between 0.09% to 0.12% to place trades from their SGD denominated accounts. Retail investors generally pay much more (between 0.5% to 0.7%) in currency conversion fees.

    For funds transferred in USD, there will be no currency conversion fee (as long as wire transfer / Telegraphic Transfer is selected) as no currency conversion will be required before investing. However, kindly note that there is a minimum of US$10,000 required if you wish to transfer your funds in USD. While Syfe does not charge any fee for money transfers, each USD transfer is subject to bank charges of at least US$50, please check with your bank should you intend to deposit in USD. 

     

    SGD-denominated portfolios (REIT+, Cash+ Flexi SGD, Cash+ Guaranteed)

    Cash+ Flexi SGD and Cash+ Guaranteed portfolios can only be funded in SGD. Funds transferred in SGD will not be charged any currency conversion fee since the underlying assets in these portfolios are SGD-denominated. 

     

    Transferring funds in any other currencies

    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.

    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’s 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 our bank’s prevailing rates and the forex rate is calculated at the time of the transfer. If you are doing a TT, you may also consider using online payment services platforms like Wise and Revolut 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 investment of US$10,000 for USD investments. There is no minimum investment 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. Kindly note that there is no special forex arrangement and all conversions will be done at Syfe’s broker rates, as mentioned above.

     

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  • As part of MAS rules and regulations, we cannot accept funds that are transferred from a third party. Funds transferred have to originate from your own name and bank account.

    If you have transferred funds from a joint account, please send us a bank statement that shows:

    1. Both the Joint Account Holders' names
    2. Bank name
    3. Bank account number

    You may email your supporting document to support.sg@syfe.com.

    Funds that do not originate from either your account or a joint account that you own will be returned to you. You may then make a new transfer from your own bank account.

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  • Funds transferred before our cut-off time in the morning are considered as previous day transfers. Funds that are transferred after the cut-off time will be reflected as current day transfers.

    For instance, if you transferred funds on 30 October before our cut-off timing, you will see the date reflected on your transaction statement as 29 October.

    If you transferred funds on 30 October after our cut-off timing, you will see the date reflected on your transaction statement as 30 October.

     

     

     

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  • Syfe accepts transfers from MAS-licensed Financial Institutions (FI). If you would like to make a transfer from a FI that is not licensed by MAS, we may reject the transfer and return the funds to you. Please note that all fund transfers will be subject to our Anti-Money Laundering (AML) checks.

    Please note that PayNow transfers from third-party digital wallets (e.g. GrabPay, LifeSG, Singlife) may not be accepted or require further supporting documents which can delay the crediting of your funds. Thus, we strongly encourage you to transfer funds directly from your bank account via PayNow or FAST instead. 

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  • No, there are no additional charges for recurring transfers.

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  • You can automate your investments by setting up a standing instruction directly with your bank. By doing so, you authorize your bank to automatically withdraw a certain amount of money and transfer it to your Syfe account based on a timeframe you have indicated.

    There is no minimum investment required when setting up standing instructions in SGD. 

    Kindly refer to the hyperlinked guides for detailed instructions on how to set up a standing instruction for the following banks.

    How do I amend or cancel my standing instruction?

    Syfe is not able to automate any bank deductions on our end nor do we have the authorization to make any changes to your standing instructions set up with the bank.

    Thus, should you wish to amend or stop any recurring transfers you have set up through your bank, kindly log in to your banking platform and making the changes directly there.

    If you require assistance with amending or canceling your standing instruction, please kindly contact your bank for more information as different banks may have different instructions for doing so.  

    Please note that making a full withdrawal of your Syfe account does not automatically cancel the standing instruction you created. You will need to cancel your standing instruction through your banking platform to stop future fund transfers. 

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  • For fund transfers in SGD, you may use PayNow or FAST.

    Internet Banking – FAST

    FAST (Fast and Secure Transfer) is an electronic funds transfer service that lets you transfer SGD funds quickly to us. For funding via FAST, you may direct your funds to the following bank account:

    DBS Bank Account: 0720110196 (Bank branch code: 072)

    Name: Syfe Pte Ltd Clients AC

    Swift/BIC: DBSSSGSG

    There is a maximum limit of SGD 200,000 per transaction. To take advantage of the limit, you will have to change your existing personal local transfer limit on Internet banking before making the transfer.

    Please remember to include your Portfolio ID in the reference / comments field. You can view the Portfolio ID by logging in and clicking on your chosen portfolio. The ID will be at the bottom of the screen for mobile app users.

    Internet Banking – PayNow

    PayNow is a funds transfer service for clients of nine participating banks in Singapore – Bank of China, Citibank, DBS/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.

    PayNow makes it easy to fund your Syfe account, using your internet or mobile banking app. Simply log in and search for the PayNow option.

    There are 2 easy ways:

    1. PayNow via Unique Entity Number (UEN): For PayNow via UEN, key in Syfe UEN number: 201834952HDBS, or search for Syfe Account Number. Complete the transfer by keying in the amount and entering your Portfolio ID in the reference / comments field. You can view the Portfolio ID by logging in and clicking on your chosen portfolio. The ID will be at the bottom of the screen for mobile app users.
    2. You can also scan the QR code below for PayNow

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  • 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 online payment services platforms like Wise and Revolut 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 investment of US$10,000 for USD investments. There is no minimum investment 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. 

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