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Funding Syfe Trade account

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Funding Syfe Trade account

  • You have the option of transferring USD or SGD funds to your Syfe Trade 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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  • When you transfer funds to your Syfe Trade 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

    Screenshot_2022-01-19_at_3.13.40_PM.png

    As shown above, you can check your onboarding status from the Syfe Trade 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

    Screenshot_2022-01-19_at_3.09.39_PM.png

    If your KYC is pending approval, you will see the notification above on your Syfe Trade 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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  • 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 Trade app 'Transfer history'. Simply log in to your Syfe Trade account > Account > My funds > Transfer history.

     

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  • For Syfe Trade, 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 Syfe Trade 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 Syfe Trade 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:

    Locating_Trade_reference_code.png

    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 Syfe Trade 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 Trade 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 Trade 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 Trade App for the full details when making your funds transfer. 

     

     

     

     

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  • If you have missed out the reference code when making a transfer to Syfe Trade 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 Syfe Trade app under My Funds > Add Funds. 

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

    Locating_Trade_reference_code.png

     

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

     

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  • Cross-account transfer between existing Syfe portfolios (Wealth) and Syfe Trade is currently not available yet, but we are working on this feature.

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