Funding Instructions

How to fund your trading account?

Please be aware that Saxo Capital Markets (SCM) is unable to accept funds before account opening due diligence is completed and you have received your account details. Any funds received before this process has been completed, will be returned to your sending account, less bank charges (if any).

Credit / Debit Card

Funding Description Instant Transfer via Card Module on SaxoTrader or SaxoTraderGO
Transaction Fee Please refer to our Credit and Debit Card Payment Factsheet
Speed Immediate
Transaction Currency SGD and USD
Transaction Limit Please refer to our Credit & Debit Card Payment Factsheet
Banking Information / process For further information on funding via credit/debit card payments, please refer to below links.
Card Module Guide
Credit & Debit Card Payment Factsheet
Credit & Debit Card Terms and Conditions

Fast

Funding Description Fast And Secure Transfer
Transaction Fee Fees may be imposed by your bank
Speed Within the next business day
Transaction Currency SGD
Transaction Limit Up to SGD50,000 per transaction subject to your withdrawal limit set by your bank.
Banking Information / process Click here

 

GIRO

Funding Description Local Interbank Online Transfer
Transaction Fee Free-of-charge
Speed 2 to 3 business days, subject to individual bank's cut-off time
Transaction Currency SGD
Transaction Limit Subject to individual limits set by your bank
Banking Information / process Click here

 

HSBC Singapore

Funding Description For HSBC Singapore Account Holders - Online or over-the-counter
Transaction Fee Free-of-charge
Speed 1 to 2 business days, subject to HSBC Singapore's cut-off time
Transaction Currency AUD, CHF, CAD, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, USD
Transaction Limit Subject to individual limits set by your bank
Banking Information / process Click here

 

MEPS

Funding Description Local SGD Funds Transfer - Online or over-the-counter
Transaction Fee Fees may be imposed by your bank and correspondent bank(s), if any
Speed 1 to 2 business days, subject to individual bank's cut-off time
Transaction Currency SGD
Transaction Limit Subject to the available balance in your bank account
Banking Information / process For more information relating to funding in SGD MEPS, please click here.
*Indicate full 12 digits Beneficiary Account Number (147-125793-003) for SGD MEPS payment.

 

Telegraphic Transfer

Funding Description Telegraphic Transfer for Overseas Funds or Foreign Currencies
Transaction Fee Fees may be imposed by your bank and correspondent bank(s), if any
Speed 2 to 5 business days, subject to the individual bank's cut-off time
Transaction Currency AUD, CHF, CAD, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, SGD, USD
Transaction Limit Subject to the available balance in your bank account
Banking Information / process Click here for our bank remittance details in HSBC New Zealand and HSBC Hong Kong
Click here for our bank remittance details in HSBC Singapore

 

Local Cheque

Funding Description Cheques issued by banks located in Singapore
Transaction Fee Free-of-charge
(only if you pass the cheque to Saxo Capital Markets)
Speed 2 to 3 business days
Transaction Currency SGD and USD
Transaction Limit Subject to the available balance in your bank account
Banking Information / process Click here

Please ensure that you have read the below general section on important information relating to funding your account.

Before you fund your trading account with SCM, please ensure that your existing bank account has been opened under the same name (in the exact order, sequence and form) as the name which has been used to open your SCM trading account. You can only withdraw funds from your trading account to a bank account held under your name. Please instruct your bank to include your Saxo Client ID and Name in your transfer instructions.

Third Party Funding is Not Accepted

SCM does not accept incoming funds from any third party. SCM will only accept funds originating from a bank account held in the same name registered with SCM. This rule applies to both individual accounts as well as corporate accounts.

Funds received from any third party accounts will be returned (less bank charges) to the sender. The funds should typically reach the sender’s account within 5 to 10 working days, however, there may sometimes be a delay depending on the banks involved.

Unaccepted Forms of Payment

SCM does not accept Banker’s Drafts, Cash Deposits and remittances from Exchange Houses/Money Changers. Funds received from any or all of these payment channels will be rejected and returned to the sender (less bank charges, if any).

Currency Conversions:

Currency conversion at SCM (if any) that involves conversions of funds transferred to and from your trading account with SCM will be done using the current spot rate plus/minus 0.5% when the amount is credited or debited from your trading account.

Remittance Charges:

SCM can and will only credit your account with the actual monies received on your behalf.

Remittance charges should be fully covered by the sender.

Rejected funds due to remittance received before the Due Diligence has been completed and you have received your account details or remittance received from Exchange Houses/Money Changers or any third party (including family members) will be returned to the sender less bank charges (if any).

IMPORTANT TO NOTE:

Request for Proof of Remittance

Please note that we are required under the Anti-Money Laundering rules and regulations to request for and verify proof of remittance from our clients. Although such request may not be made immediately upon making the bank transfer or credit/debit card payment, Saxo Capital Markets reserves the right to request for such proof at a later date. If the client is unable to furnish such proof of remittance within a reasonable period of time, we are entitled to limit or restrict the client's access to payment via internet banking transfer or credit/debit card funding.

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