Support centre

Withdrawing from Brokerage

• Are there bank charges / fees for withdrawals?

  While Syfe does not charge any fee for withdrawals requested from your Brokerage account, there may be bank charges incurred during the funds transfer to your bank account.

   

  Withdrawal in SGD to Local Bank Accounts
  There will be no bank charge for making a local SGD withdrawal from Brokerage as Syfe bears any bank charges that may arise.

   

  Withdrawal in USD To Local and Foreign Bank Accounts
  There may be bank charges imposed by both the remitting and/or beneficiary banks. These charges are at the full discretion of the banks and will be borne by the customer. To avoid additional bank charges, customers may choose to convert their USD to SGD before submitting a withdrawal request in SGD instead. Learn how to convert currency within the app here.

   

  Please note that there is a minimum amount of USD 100 for withdrawal requests in USD. Any USD withdrawal requests made that are less than the minimum amount will be automatically cancelled.

   

  For USD withdrawals, USD transfers between Singapore banks 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 the exact final amount prior to the actual transfer. Based on past instances, our estimate is each transfer is subject to at least US$50.

   

  Withdrawal To Overseas Bank Accounts
  There are bank charges for withdrawals to overseas bank accounts which will be borne by the customer.

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• How do I withdraw funds from my Brokerage account?

  You can submit a withdrawal request from your Brokerage account via the Syfe app. Here's how:

  Click on "Menu" (the 3 bar icon located at the bottom right) > "Funds(Brokerage)" > "Withdraw Funds".
  
  

  How long does a withdrawal take to complete?

  If you're making a withdrawal to a Singapore local bank, the credit to your account should be completed by the next business day. 

   

  Can I submit a withdrawal request over the weekend?

  Yes, you may make a withdrawal request anytime. However, please note weekends and public holidays are not considered business days.

  For example, if you have requested for a withdrawal on Saturday, you may expect to receive your funds on the upcoming Monday (the next business day) instead.

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• Where can I withdraw funds to?

  Kindly note that funds may only be withdrawn to a bank account that is held under your name. You are encouraged to withdraw your funds back to the bank account that was originally used to transfer funds.

  Nevertheless, you may withdraw funds to another bank account as long as it is held under your name, including joint bank accounts where you are one of the joint bank account holders.      

  In certain scenarios, you may be requested to submit bank account statements showing that you are the account holder of the newly added bank account.

  Please be informed that Syfe does not facilitate transfers to non-bank accounts. Examples of which include but are not limited to - Wise, Instarem and Revolut accounts. For platforms outside of the abovementioned, you may reach out to our Support team at support.sg@syfe.com for clarification. 

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• Is there any minimum amount for funds withdrawal?

  There is no minimum amount for withdrawals requested in SGD.

  However, please note that there is a minimum amount of USD 100 for withdrawals requested in USD. Any USD withdrawal request that is less than the minimum amount will be automatically cancelled and will not be processed. 

  Is there a maximum amount for funds withdrawal?
  No, there is no maximum limit to the amount that you can withdraw.

  *Note: All monetary values are rounded up to 2 decimal places. 

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• What determines how much cash is available for withdrawal?

  Your withdrawable balance is the sum of any remaining funds that was transferred in, but have yet to be used for trading, plus settled cash from sell orders and dividends.

  Kindly note that any cash that is required for corporate action elections, and bonuses credited to your account are excluded.

  If you had recently executed a sell trade, there is a 1 business day settlement period for US market and 2 business days settlement period for Singapore and Hong Kong market before you can withdraw the funds.

  Once the settlement period has been completed, your withdrawable balance will show the full amount that you can withdraw. Please note that weekends and public holidays are not considered business days.

  Additionally, funds that have been recently transferred may be subject to a credit hold or withdrawal restriction and cannot be withdrawn. 

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• Will I get notified if the withdrawal is unsuccessful?

  In the event that your withdrawal is unsuccessful due to circumstances such as bank account details mismatch, our Client Success Team will reach out to you via email.

  If you do not see your funds reflected in your bank account after 1 working day (e.g withdrawal request submitted on Monday and you do not receive the funds by end of Tuesday), you may contact us at support.sg@syfe.com.

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