How long does it take to transfer SGD to/from a local bank account in Singapore?
For local SGD transfers to and from local banks, funds will usually arrive in your account quite quickly, most often on the same day. If you make a transfer after banking hours, the funds may arrive on the next business day.
For withdrawals, before Saxo can release the funds, we may need to wait for your trades to settle or to book certain fees.
Please note that SGD transfers to Wise accounts may take 1–2 business days, as they require manual handling.
International transfer
When transferring funds across borders or in a foreign currency, there are typically several parties involved. Normally it takes 1-5 working days for international transfer to arrive. On rare occasions, it can happen that funds get stuck with any of the parties involved which can cause a delay before funds reach the final beneficiary account.
When you don't see/receive your funds in time no matter it's local or international transfer:
Tracking Deposits and Withdrawals on Saxo platform
You can check on Saxo platform as a first step to track the transfer:
Go to My profile > Deposits and Transfers > click Show all at Recent transfers > choose the transfer you want to check and click Request status
If you land on the Deposit funds page, please click the arrow in the top left corner to go back to Deposits and transfers.
You will be able to see the transfer progress and the fees charged by each party:
Please note:
- When you just close your positions and withdraw the proceeds right after we will need to wait for the transaction to settle on the value date (normally T+2, different instruments are different) before we can send out your withdrawal. You can check the Value date in Transactions report or Account Statement.
- The beginning 1-2 days of every month is the time for us to deduct all the monthly fees/charges. If you withdraw at the end of the month, please wait for a couple of days. We will send out your withdrawal after the deduction is done.
For an international (or foreign currency) transfer that hasn't reached Saxo, you can click Track incoming cross-border payments in SWIFT, then enter the SWIFT reference.
Tracking Deposits and withdrawals with MT103
With PayNow and FAST your account can be funded instantly, within one business day, free of charge. Credit/ Debit card payments are also immediate, subject to bank charges.
The relevant fee is displayed before the transaction is submitted and will be deducted from the total amount transferred.
Other payment methods typically take longer. Please visit our funding instructions page for more details.
For international transfers, if funds are not received within 5 business days, first try to check if there is any tracking information on Saxo platform. If not, please contact your bank (the Remitter) and ask for a copy of the SWIFT confirmation (MT103) and UETR tracking number. This will help us to trace your incoming funds. If your bank is not able to provide you with the full SWIFT confirmation, we will as a minimum need:
- Header of SWIFT payment – for example F01SAXODKKKAXXX1234123456}{2:I103HSBCSGSGXXXXN}{3:{121:004f3536-5717-41d9-8d52-331619a4
- Field 32A & 33B
- Field 57
- Field 59
Once you have the SWIFT confirmation, please submit it to us via a support ticket.
For withdrawals from Saxo, please contact us if you don't receive the withdrawal in 5 working days.
The graph below illustrates the typical flow and the parties typically involved with a cross border transfer or a transfer in a foreign currency.