You can fund or withdraw your account in a currency other than the account currency.
Note: a conversion fee will be added which can vary depending on your region. The final rate is calculated by using the mid-spread FX spot rate at the time of transfer, plus/minus the conversion fee.
Please refer to our website for details.
Example of currency conversion by Saxo:
Mid Spot Rate USDSGD = 1.3510
Conversion Fee +/- 0.25% (for illustration purposes only)
Converting SGD to USD
FX rate used = 1.3510 * 100.25% = 1.354378
USD receive = SGD 1000 divided by 1.354378
= USD 738.35
Converting USD to SGD
FX rate used = 1.3510 * 99.75% = 1.347623
SGD receive = USD 1000 multiply by 1.347623
= SGD 1,347.62
If you want to make sure that there is no conversion - the currency you transfer is the currency you receive, please first check the funding instruction at Deposits funds > Bank transfer, choose the currency/account at Saxo you want to fund in so you get the correct instruction.
When you only have one currency account in Saxo
If you only have an SGD account but wish to fund it in USD and retain the USD without conversion, you can open a USD sub-account. This will enable you to send USD directly to the sub-account. How to open a sub-account
When you have multiple currency/sub accounts in Saxo
Typically, the account currency matches the currency you intend to fund, such as depositing SGD into an SGD account.
However, if you have an SGD account and try to fund in SGD to a different currency/sub account, e.g., you choose to send SGD to CHF sub account, you will receive SGD in your SGD account according to the funding instruction.
This process is designed to protect you from incurring high conversion fees charged by intermediary banks.
Once the SGD is received, you can conveniently transfer funds between sub-accounts within Saxo, likely minimizing conversion fees. How to transfer funds between sub-accounts