Yes you can do it from Saxo platforms.
- SaxoTrader: click Request currency sub-account
- SaxoInvestor: click Request currency sub-account
Or, go to the main menu > Request new accounts > Request currency sub-account.
You can also open a sub-account in the same currency as your existing account.
You can open 4 sub accounts at most.
When you initially open your account with Saxo, it is set up in SGD by default. If you subsequently open sub-accounts in other currencies, the SGD account remains the primary account (or main account), with SGD serving as the base currency. This setup allows you to view the overall value of your entire account in SGD. On the platform, you can opt to view 'All accounts' or select an individual sub-account to see detailed account information.
If you need to change your main currency/account when you have multiple sub accounts, please chat with us from Support.
If you open MYR sub account, a special notice will be shown:
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.
Trading with Insufficient Funds in a Sub-account:
If you attempt to trade cash products like stocks in a sub account that does not have sufficient funds, the system will still allow the transaction if you have sufficient funds in other accounts. However, this will result in a negative balance in that sub account, and interest charges will apply to that negative balance. It is advisable to transfer funds into the sub-account before engaging in trades to avoid incurring interest charges. How interests are calculated.
Example:
- You have two accounts: one in SGD and a sub-account in USD.
- You decide to purchase US stocks through your USD sub-account, but most of your funds are actually in the SGD account.
- Despite your USD sub-account lacking sufficient funds, the system will allow the trade to proceed by considering your total funds across all accounts, including the SGD account.
- As a consequence, your USD sub-account will display a negative balance, essentially borrowing against your overall account assets.
- A negative balance generally leads to interest charges.
To prevent interest accrual, transfer sufficient funds from your SGD account to your USD sub-account before executing trades. This ensures that your sub-account has adequate funds to cover the transaction. How to transfer funds between sub accounts
Important Instructions for Depositing Funds into Sub-accounts
When you deposit funds into the sub-account from external bank accounts, please check the funding instruction at Deposits&Transfers. The new sub account may have a different bank account number from the existing account(s) for you to fund. Please choose the correct account you want to deposit funds and check the funding instruction accordingly. Please refer to how to fund.
Transfer funds (currency conversion) between sub accounts
You can easily transfer funds between sub accounts (except MYR sub account). Simply go to Deposits&Transfers >Sub-account transfer.
If you transfer funds from your SGD account to your USD account, you have two options:
1. Transfer by Amount in SGD: You can choose to transfer a specific amount, such as 100 SGD, to your USD account. The transfer window will display the equivalent amount you will receive in your USD account based on the current exchange rate.
2. Transfer by Amount in USD: Alternatively, if you want to receive a specific amount in your USD account (e.g., 100 USD), you can specify this amount, and the system will calculate and deduct the necessary amount from your SGD account to complete the transfer.
Simply choose the correct currency and the amount you wish to transfer or withdraw.
The indicative conversion rate will be clearly shown when you transfer. A 0.25% conversion fee is included in the conversion rate already. You can read more on conversion fee on our website.