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Withdrawing from Syfe Wealth portfolios

• 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 than 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.

  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.

  Portfolio 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.

  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.

  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 Wealth 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. It may then take up to 1 - 2 business days for your funds to reach your bank account, depending on bank processing timelines.  As such, this typically means that most customers can expect to receive their withdrawn funds in 2 - 4 business days. 

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

  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, please note that 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. 
  
  

  Learn more about Syfe Wealth withdrawals:

  • 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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• 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?'

  With the partial-withdrawal process, you can withdraw up to 90% of your funds. If you need to withdraw more than 90% of the current portfolio value, then you will have to place a full withdrawal request. 

  Do note that for both partial and full withdrawal requests, the process will generally take 2-4 business days to be completed. Weekends and public holidays are not considered business days.

   

   

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

  For USD-denominated portfolios (Syfe Core & Syfe Select portfolios), you can withdraw your funds in either Singapore dollars (SGD) or United States dollars (USD).

  For SGD denominated portfolios (Syfe Cash+ & Syfe 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. 

  For USD withdrawals, a transaction from our bank, DBS, to another DBS bank account in Singapore is currently free. However, transferring to any other banks in Singapore 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 with regards to the exact amount.

  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. 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.

  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.

  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.

  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