- Change of Wealth Partnering Bank to HSBC
- How does funding Syfe via HSBC work?
- Is HSBC funding secure?
- Why should I use HSBC funding instead of the existing methods?
- SGD Funding methods
- Funding method for Cash+ Guaranteed
- USD or other currencies funding methods
- How do I track my funding?
- Why are my funds transferred not reflected in my managed portfolio?
- Can I still use the old funding methods?
- Are there any fees associated with using HSBC funding?
Funding Managed Portfolios via HSBC (from Dec 2023)
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How can we help you invest better?
Funding Managed Portfolios via HSBC (from Dec 2023)
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What’s happening with Syfe’s banking partner?
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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. Syfe is excited to announce that we are transitioning our partnering bank from DBS to HSBC Singapore. 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. -
Funding via HSBC works by first obtaining your unique virtual account numbers (VANs), note that you have 2 unique VANs, one for SGD and one for USD.
SGD and USD funding are supported at the moment.
- To simplify future transfers, you may add a payee in your preferred banking app, by first obtaining your unique VAN within any of Syfe services, by simply obtaining the details within the options provided for FAST/GIRO/Online remittance.
- Your unique 12 digit VAN for SGD will start with 835-xxx-xxx-xxx and 896-xxx-xxx-xxx for USD.
- By now, you’re one step closer to staying invested and making contributions seamlessly.
- That’s it! Now simply transfer your desired amount per your intended frequency.
- To simplify future transfers, you may add a payee in your preferred banking app, by first obtaining your unique VAN within any of Syfe services, by simply obtaining the details within the options provided for FAST/GIRO/Online remittance.
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Yes! We kept this top of mind and you should rest assured that your funds are safe.
- Your money is held in segregated client accounts at HSBC Singapore, an established and regulated financial institution.
- Your money is segregated and not co-mingled with Syfe’s own money and hence Syfe does not and cannot use clients’ money for its own use.
- Clients’ money is protected from Syfe’s creditors in the unlikely event that Syfe goes into liquidation.
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We heard your feedback! Almost real-time funding has arrived for Syfe Wealth - Managed Portfolios and Cash Management, this applies to SGD funding via PayNow and FAST.
Depending on your personal banking selection and your bank’s remittance and transfer services processing time. Syfe is ready to notify you almost real-time – upon receipt of USD funding via Wire Transfers and Online Remittance.
You will also be delighted to know that USD transfers between Syfe offerings are now free! Previously you had to move funds from portfolios to brokerage and vice versa, by withdrawing to your personal bank account and then back to Syfe. We have over the past months worked hard to enable cross-service and intra intra-portfolio and brokerage transfers, enabling a more cohesive Syfe experience – your one platform for you to invest with—whether it’s stocks, ETFs or managed portfolios.
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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.
Please note that the below funding methods are only applicable for all managed portfolios except Cash+ Guaranteed.
- FAST (Fast and Secure Transfer)
FAST is an electronic funds transfer service that lets you transfer SGD funds quickly to us.
Account number: Refer to the portfolio you wish to fund, in the dashboard look for Add Funds > Recipient account number
Name: Syfe Clients SGD ACC
Swift/BIC: HSBCSGSG or HSBCSGSGXXX (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.
- 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: 201834952HATS.
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.
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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.
- 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.
- 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.
*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:
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After initiating the transfer, please send us an email at support.sg@syfe.com.
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Attach a screenshot of the transfer transaction to the email.
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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.
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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Wire Transfers, Telegraphic Transfers and Online Remittance
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.
- Select "Add Funds"
- Follow the instructions on your Syfe app.
- On the Deposit Confirmation page, select the transfer type
- Select "I Have Transferred"
- Complete the transfer details and
- 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 are a user of both Syfe's Managed Portfolios and Brokerage, and in the absence of a reference code, we will default to adding the funds to your Brokerage account to ensure timely receipt of your funds. Please be aware that due to certain limitations with some banks, even if you've indicated a reference code, it may not be reflected in the cash line we receive from our partnering bank.
Should you wish to allocate the funds to your intended Managed Portfolio, you can easily do so through the Brokerage homepage:
1. Click on the 'Menu' icon in the top right corner.
2. Select 'Manage Brokerage Funds.'
3. Choose 'Withdraw Funds.'
4. Reallocate funds to 'Syfe Wealth.'
5. Enter SGD/USD amount and select portfolio
5. Click on 'Submit'
By following these steps, you can ensure the correct allocation of funds according to your preferences.
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For Managed Portfolio and Cash Management, you can track the status of your transfers in the transactions card within each of your portfolios. It may take up to 15 minutes for the transfers to appear upon confirmation at your personal banking app.
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If you are a user of both Syfe's Managed Portfolios and Brokerage, and in the absence of a reference code, we will default to adding the funds to your Brokerage account to ensure timely receipt of your funds. Please be aware that due to certain limitations with some banks, even if you've indicated a reference code, it may not be reflected in the cash line we receive from our partnering bank.
Should you wish to allocate the funds to your intended Managed Portfolio, you can easily do so through the Brokerage homepage:
- Click on the 'Menu' icon in the top right corner.
- Select 'Manage Brokerage Funds.'
- Choose 'Withdraw Funds.'
- Reallocate funds to 'Syfe Wealth.'
By following these steps, you can ensure the correct allocation of funds according to your preferences.
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Any transfers that are in progress to DBS will continue to be supported. Sometime in early 2024, we will only accept funding into HSBC. To avoid delays in the funding process and minimize any inconveniences, it's crucial to ensure that all funds are directed to HSBC. Additionally, we recommend reviewing and updating any standing instructions with the new banking details associated with HSBC. This will help streamline our processes and enhance the efficiency of your transactions.
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Unfortunately, if you opt to transfer USD to Syfe, you will need to pay for wire transfer fees – levied by your bank (even if your bank tells you there are no costs, occasionally when the funds reach us, the costs of the transfer are billed to Syfe due to intermediaries facilitating the transfer from your bank to our bank)
You may expect an upwards of 50 USD for any USD amounts transferred to Syfe. Hence, we recommend clients to transfer funds in SGD to Syfe to avoid any bank charges.