View Legal Menu

Funding Instructions

You can fund your account in a number of ways, outlined below.

Local SGD deposit, via:

Other methods/currencies:

We do not accept funds through any payment method before the account is opened, and we do not accept cheque payments.

Click here for advice on avoiding unnecessary currency conversion cost.

 

Third Party Funding is Not Accepted

Saxo Markets cannot accept incoming funds from third parties, and can only accept funds originating from a bank account held in the same name registered with Saxo Markets. This applies to both individual and 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 be a delay depending on the banks involved.

Incoming funds sent via payment services providers such as Revolut and TransferWise are acceptable, provided that such funds are sent in the same name as the account registered with Saxo Markets by the payment services provider i.e. with the sender’s name as the ordering customer/transferor matching the name on the Saxo Markets account. In some cases, it will be necessary for Saxo Markets to request additional documentation before we are able to accept and process such incoming funds and Saxo Markets reserve the discretion not to accept such incoming funds where satisfactory documentation has not been provided. Funds which are not accepted will be returned (less fees / bank charges, if any) to the sender.

 

electronic Direct Debit Authorisation (eDDA) / eGIRO

Funding Description
Directly transfer funds from your bank account, within Saxo’s platform.
Transaction Fee
None
Speed Typically within minutes
Transaction Currency
SGD
Transaction Limit
Configured with your bank during mandate setup
Bank info / Help guide Click here
Payment details
Confirm that your ID information (e.g. National ID or Passport ID) registered with Saxo matches the information with your bank account before setting up the mandate.

 

FAST (SGD)

Funding Description Fast And Secure Transfer (local SGD transfer)
Transaction Fee None
Speed Almost instant to within next business day
Transaction Currency SGD
Transaction Limit Up to SGD 200,000 per transaction subject to your withdrawal limit set by your bank.
Bank info / Help guide Click here
Payment details Always insert your Saxo ID in the Comments/Message to receiver/Bill Ref/Payment Details field

 

PayNow (SGD)

Funding Description Local SGD Funds Transfer. Pay to UEN for Saxo Capital Markets Pte. Ltd. UEN is found inside the platform(s) under “Account – “Deposit and Transfer
Transaction Fee None
Speed Almost instant to within next business day
Transaction Currency SGD
Transaction Limit Up to SGD 200,000 per transaction subject to your withdrawal limit set by your bank.
Bank info / Help guide UEN: Click here
QR code: Click here
Please do not scan the QR code using PayLah! and only use the ‘Scan & Pay’ within your banking app.
Payment details Always insert your Saxo ID in the Comments/Message to receiver/Bill Ref/Payment Details field

Note: Please do NOT scan or transfer using Wallets such as DBS PayLah! or OCBC Pay Anyone. Use the Banking app itself instead e.g. DBS digibank etc. *Saxo will not be able to book funds through transfers through wallets such as DBS PayLah!, OCBC Pay Anyone, Google Pay, GrabPay, SingTel Dash, FavePay and other mobile wallets.

 

MEPS (SGD)

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.
Payment details Always insert your Saxo ID in the Comments/Message to receiver/Bill Ref/Payment Details field

 

 

TT wire transfer (Major currencies)

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 SGD, USD, AUD, CHF, CNH, CAD, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK
Transaction Limit Subject to the available balance in your bank account
Banking Information / process If you are paying into our account with HSBC Singapore click here.

If you are paying into our account with HSBC in Hong Kong click here.
Payment details Always insert your Saxo ID in the Comments/Message to receiver/Bill Ref/Payment Details field

 

 

Onshore inter-bank transfer (Malaysian Ringgit)

Note:The Malaysian Ringgit (MYR) is a restricted currency and you will not be able to convert MYR to another currency (or vice versa) via Saxo’s platforms. We can only accept transfers of MYR to/from an onshore MYR bank account held in Malaysia. You may only use MYR held in your Saxo account for the trading of equities listed on the Bursa Malaysia and not for any other transactions on your Saxo account.

For Malaysian Residents (Tempatan):
Definition of Malaysian Residents
Click here
Beneficiary Bank HSBC Bank Malaysia Berhad
Beneficiary Bank Address No.2 Leboh Ampang, Peti Surat 10244, 50912 Kuala Lumpar
Beneficiary Swift Code HBMBMYKL
Beneficiary account number 105-871883-101
Payment Details Your Saxo ID and account name
Currency MYR
For Non-Malaysian Residents [including Malaysian with Singapore PR] (Asing):
Definition of Non- Malaysian Residents
Click here
Beneficiary Bank HSBC Bank Malaysia Berhad
Beneficiary Bank Address No.2 Leboh Ampang, Peti Surat 10244, 50912 Kuala Lumpar
Beneficiary Swift Code HBMBMYKL
Beneficiary account number 105-871883-102
Payment Details Your Saxo ID and account name
Currency MYR

 

 

Card (credit/debit)

Funding Description Instant Transfer via Card Module on SaxoTraderGO
Transaction Fee Please refer to our Credit and Debit Card Payment Factsheet
Speed Immediate
Transaction Currency SGD and USD
Transaction Limit Per transaction: USD 5,000
30-day running sum: USD 50,000
Please check with the issuing bank for the limit set on your card.
Banking Information / process For further information on funding via credit/debit card payments, please refer to below links.
Credit & Debit Card Payment Factsheet
Credit & Debit Card Terms and Conditions

 

 

HSBC account holders

Funding Description For HSBC Singapore Account Holders - Online or over-the-counter
Transaction Fee Fees may be imposed by your bank
Speed Up to 2 business days, subject to HSBC Singapore's cut-off time
Transaction Currency SGD, USD, AUD, CHF, CAD, CNH, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK
Transaction Limit Subject to individual limits set by your bank
Banking Information / process Click here
Payment details Always insert your Saxo ID in the Comments/Message to receiver/Bill Ref/Payment Details field

Before you fund your trading account with Saxo Markets, 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 Saxo Markets 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.

Unaccepted Forms of Payment

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

 

 

Currency Conversions:

If you transfer funds in a different currency from the currency of our HSBC account, your funds will be accepted and automatically converted to the appropriate currency by HSBC who will charge a non-refundable currency conversion fee. For example, if you send USD to our SGD account at HSBC, HSBC will convert your USD to SGD and credit our account.

If your funds are subsequently rejected by us (for example, for Third Party Funding or remittances from Exchange Houses/Money Changers), any currency conversion already carried out on your funds will not be reversed.

If you do not have a Saxo Markets account denominated in the same currency as our HSBC account that your funds have been transferred to, we will convert the funds to the appropriate currency when crediting your Saxo Markets account, and you will be charged a non-refundable currency conversion cost, as described in our Commissions, Charges and Margin Schedule. For example, if you send SGD to our SGD account at HSBC, and you only have a USD-denominated Saxo Markets account, we will convert your SGD to USD and credit your Saxo Markets account.

To access our lowest rates for currency conversion, you can open sub accounts in other currencies, free of charge, and transfer funds between them for a rate of 0.25%. Please see our Support portal articles below for further details:

Can I open a sub-account in another currency?
How do I transfer funds between sub-accounts?

Remittance Charges:

Saxo Markets 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 and verify proof of remittance from our clients. Although such a request may not be made immediately upon making the bank transfer or credit/debit card payment, Saxo Markets reserves the right to request 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.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region

Singapore
Singapore

Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit www.home.saxo/en-sg/about-us/awards.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.