If your Saxo account is in USD and you transferred SGD from external bank account, you might be charged excessive conversion fee by the intermediate banks because they need to convert the SGD you sent to USD for Saxo to receive.
It's recommended that you open a sub account in SGD (while you already have the USD account with us) first, then you can transfer SGD from external bank account to your SGD account in Saxo. How to open a sub account in a different currency. Please use the correct funding instructions according to the account you are going to deposit money to.
Once the money is in your SGD account with Saxo, it's easy to transfer it between the SGD and USD accounts within Saxo.
Simply go to the main menu on platform, go to Deposits&Transfers >Sub-account transfer.
If you transfer from SGD account to USD account, you can choose to transfer for example 100 SGD over to USD account. The transfer window will tell you how much you will receive in USD account.
Or if you want to receive exactly 100 USD in your USD account you can choose to transfer 100 USD over and the system will deduct the right amount of SGD from SGD account. Simply choose the right currency and amount you want to transfer/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 will find Saxo's conversion fee is much better than many banks/brokers. You can read more on conversion fee on our website.