You can fund or withdraw from your account in a currency different from your account currency.
For example, if your Saxo account is in SGD, you can send USD or EUR to the account. When the funds arrive, they will be converted into SGD, as it is an SGD account.
When you transfer money in a currency which is different from your Saxo account currency, you might be charged excessive conversion cost by the intermediate banks. We highly recommend that you open a Saxo sub-account denominated in the same currency as the money you wish to transfer, and carry out the currency conversion within Saxo to enjoy our lower conversion cost of plus/minus 0.25 percent.
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 ensure there is no currency conversion – i.e. the currency you transfer is the currency you receive – please make sure that the currency you send matches the currency of your Saxo (sub-)account. For example, send SGD to your Saxo SGD account and USD to your Saxo USD account.
Before you send funds, please check the funding instructions under Deposit funds > Bank transfer and select the currency/account at Saxo that you want to fund, so you receive the correct instructions.
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
Read more:
Open a sub account in a different currency
Trading in a sub-account that has a different currency than the instrument I am trading