Funding Brokerage account

• How do I set up a standing instruction / recurring transfer with Singapore's local banks for Brokerage?

  You can automate your funding 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 amount required when setting up standing instructions.  Kindly refer to the App for detailed instructions on how to set up a standing instruction for respective Singapore banks via the the top right hamburger icon > My Funds > Add funds > Regular.

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

  • Standing instruction for DBS / POSB 
  • Standing instruction for OCBC 
  • Standing instruction for UOB
  • Standing instruction for Standard Chartered

  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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• What currency can I transfer funds in to my Brokerage account?

  You have the option of transferring USD or SGD funds to your Brokerage account. 
  When adding funds, click the desired currency and transfer funds to the account number specified.

  Here are the options available and the considerations to take note of. 

  Option 1

  You may transfer SGD funds to SYFE CLIENT SGD ACC, an SGD receiving account. Thereafter, you may perform a currency conversion from SGD to USD in your Syfe app. The SGD to USD conversion rate is competitive and your total transaction cost would be lower via this funding method. 
  
  

  Option 2

  You may 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 before placing a trade.

  • Kindly note that Syfe does not charge any fees for receiving funds in USD.
  • However, the remitting bank (your bank) and the beneficiary bank (our bank) may impose charges at the banks' discretion.
  • These bank charges will be borne by the client and not by Syfe.

  Please note that for transfers in USD, there may be a 1-2 business days processing time before the funds reaches us, depending on the bank. Your funds will be processed once we receive them.
  
  

  Option 3

  You may 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 compared to the funding method in Option 1.

   

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• I've transferred funds to my Brokerage account but don't see the funds reflected in my account yet. What do I do?

  When you transfer funds to your Brokerage account, the funds are typically reflected within one business day.

  There are several reasons why this process might take longer, as illustrated below.

  1) Your onboarding is still in progress

  

  As shown above, you can check your onboarding status from the Brokerage homepage on your app. If details are pending or incomplete, you will not see your funds reflected in your account. Please follow the instructions onscreen to complete your onboarding journey.

   

  2) You have completed the onboarding steps, but your KYC has not been approved

  

  If your KYC is pending approval, you will see the notification above on your Brokerage homepage. Your funds will be reflected once your KYC is approved.

  If you have completed your onboarding journey and don't have any KYC outstanding, please reach out to us at support.sg@syfe.com for assistance should your funds still not be reflected in one business day. 

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• How long does it take for my funds transfer to be processed to my Brokerage account?

  If you're making a transfer from a Singapore bank, the credit to your account should be completed within the same business day.

  However, kindly note that fund transfers made over the weekend are typically processed the next business day.

  Kindly also note that our banking partner, HSBC has weekly scheduled maintenance from 11 pm on Saturday to 1 pm on Sunday. Funding may be delayed. 

  Please note that for transfers in USD, there may be a 1-2 business days processing time before the funds reaches us, depending on the bank. Your funds will be processed once we receive them. There may also be a delay if the funds were remitted during a US holiday.

   

  Will I get notified when my fund transfer is completed successfully?

  Yes, you will receive an in-app notification once the transfer is completed and your account has been funded.

  The newly-added funds will also be reflected under your Syfe Brokerage app 'Transfer history'. Simply log in to your Brokerage account > Account > My funds > Transfer history.

   

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• What are the funding methods available?

  For Brokerage, you can only fund your account using the following transfer methods:

  1. Paynow (Only for SGD)
  2. FAST
  3. Wire transfer

  Please follow the instructions in your Brokerage App for the full payment details.

  PayNow - Internet Banking (Only for SGD)

  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.

  PayNow via Unique Entity Number (UEN):

  1. For PayNow via UEN, key in Brokerage UEN number: 201834952HATS
  2. Complete the transfer by adding your Trade reference code in the transaction reference.

  Please refer to this guide on how to locate your 12-digit Trade reference code:

  

  If you have transferred via PayNow without indicating the Trade reference code, kindly contact our Support Team. Click here for further instructions.

   

  FAST - Internet Banking 

  FAST (Fast and Secure Transfer) is an electronic funds transfer service that lets you transfer SGD funds quickly to us. 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. 

  • Bank Name: HSBC Bank (Corporate) Account
  • Account number: Refer to Brokerage app under My Funds > Add Funds > FAST/GIRO 
  • Choose your currency - you may transfer in SGD or USD (bank fees may apply for USD transfers)
  • No reference code is required as the account number for FAST Transfers reflected in your Syfe Brokerage app is unique. This allows the funds to be matched to your account.
  • Convert the credited SGD funds to USD in the app under the "Convert Currency" tab.

  Please Refer to your Syfe Brokerage App for the full details when making your funds transfer.

   

  Wire transfer

  Syfe does not charge any fees for receiving foreign currency transfers. However, the Remitting Bank (Your Bank) and the Beneficiary Bank (Our Bank) may impose charges. These bank charges are at the full discretion of the banks and will be borne by the client.

  • Recipient Name: SYFE CLIENT SGD ACC
  • Recipient Bank: HSBC Bank (Corporate) Account
  • Swift / BIC Code: HSBCSGSG or HSBCSGSGXXX (if using Citibank)

  Please refer to the Syfe Brokerage App for the full details when making your funds transfer. 

   

   

   

   

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• What do I do if I made a transfer via PayNow but did not input the reference code in my transaction reference?

  If you have missed out the reference code when making a transfer to Brokerage via PayNow, please reach out to our customer support team for assistance along with the following details:

  1. A screenshot of your successful PayNow transaction
  2. Your 12-digit Trade reference code (starting with 835). The Trade reference code can be found in your Brokerage app under My Funds > Add Funds. 

  To obtain your Trade reference code, you may refer to this guide below:

  

   

  You may reach our customer support team via live chat or email at support.sg@syfe.com. Our live chat support for Brokerage is currently available 24 hours Monday through Friday.

   

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• Can I transfer funds from the existing Syfe portfolios to Brokerage, and vice-versa?

  Yes, cross-account transfer between existing Syfe portfolios and Brokerage is now available. 

  To transfer funds from Syfe Portfolios to Brokerage, you may find the option under 'Manage' > 'Transfer to Brokerage'. 

  To transfer funds from Brokerage to Syfe Portfolios, you may find the option on the Menu section, bottom right 3 lines icon > 'My Funds' > 'Withdraw Funds' > 'Reallocate' (the option is below 'Select a reason')

  Please do note that the cross-account transfer process includes either selling or purchasing assets from your Syfe Portfolio, depending on whether you are transferring funds in or out. The process typically takes 3-4 business days to complete.

  At the moment, cross-account transfer from Cash+ Flexi USD and Cash+ Guaranteed portfolios to Brokerage is not available. 

   

  

  

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