What is eDDA?
eDDA stands for electronic Direct Debit Authorisation, also referred to as eGIRO. A convenient and free payment service. With eDDA, you can transfer funds from your bank account into your Saxo account, from within your Saxo account, without logging into online banking.
Saxo uses eGIRO to support the eDDA feature available in Saxo’s platform. eGIRO is a joint initiative by The Association of Banks in Singapore (ABS) and participating banks, supported by the Monetary Authority of Singapore (MAS).
What is an eDDA mandate?
An eDDA mandate is your instruction to your bank to authorise Saxo to withdraw funds from your bank account and deposit such funds into your Saxo account, whenever you make your instruction in platform.
How do I set up an eDDA mandate?
Step 1: Log in to your account and select My Profile > Deposits and transfers >Deposit funds.
Step 2: Select Direct debit / eDDA > Deposit > Link a bank account > Start
Step 3: Select your payer bank, review and accept the Terms & Conditions then click "Next"
Step 4: A new window will open for you to log in to your bank account
Step 5: Select the bank account for withdrawals, input the payment limit and expiry date (if required) and click "Submit"
Step 6: Perform the steps required by your bank for authentication. You will be redirected back to the Saxo platform and your eDDA mandate status will be displayed once this is successful.
How do I fund my account after setting up the eDDA mandate?
After your eDDA mandate has been successfully set up, you can fund your account by following these steps.
Step 1: Go to My Profile > Deposit funds > Direct debit / eDDA
Step 2: Select "Deposit"
Step 3: Select the Saxo account you wish to fund under “Account to fund” and select your bank account to fund from under “From account”
Step 4: Enter the amount you wish to fund (No decimals allowed)
Step 5: Click "Submit" and your request will be sent to the bank. It typically takes under 5 minutes for your request to be processed. The deposit confirmation will display as a pop-up notification in the platform.
How do I schedule regular deposits after setting up the eDDA mandate?
After your eDDA mandate has been successfully set up, you can schedule regular deposits by following these steps.
Step 1: Log in to your account and select My Profile > Deposit funds > Direct debit / eDDA > Recurring deposit
Step 2: Click "Set up new recurring deposit"
Step 3: Complete the short form, and click "Submit"
When you have set up the new recurring deposit successfully, your new schedule will appear under the Active section.
How do I edit my schedule?
To update your schedule, click on the schedule you would like to edit and click "Edit Schedule":
Make your required changes, and click "Save" to complete the edit.
How do I cancel my schedule?
To cancel your schedule, click on the schedule you would like to cancel and click "Cancel schedule":
Click Yes on the confirmation screen to complete the schedule cancellation.
FAQs
Which banks support eDDA?
Through eDDA you can link accounts with the following banks to your Saxo account:
- DBS Bank Ltd
- Oversea-Chinese Banking Corporation Limited
- United Overseas Bank Limited
- The HSBC Bank (Singapore) Limited
- Standard Chartered Bank
- Maybank Singapore Limited
- Bank of China Limited (Coming soon)
- Industrial and Commercial Bank of China (Coming soon)
Is there a cost for using eDDA on Saxo’s platforms?
The eDDA service is free for all Saxo clients.
If the transfer is from a SGD bank account to a non-SGD Saxo account, we will convert the funds to your Saxo account currency using our very competitive conversion rate. (see Currency conversion – Account transfers here)
What currencies can I use to set up eDDA mandates and transfer funds?
eDDA mandates can currently be set up for SGD bank accounts. You can use eDDA to transfer SGD to your SGD Saxo account(s) or non-SGD Saxo account(s).
How long does it take for an eDDA mandate to be approved?
Approval of eDDA mandates depends on the processing time required by your bank. It can take up to 5 minutes for the bank to approve and notify you on the eDDA mandate creation.
How do I remove an active eDDA mandate from the Saxo platform?
Go to MyProfile > Deposit funds > Direct debit/ eDDA > Deposit > View all mandates:
Select the mandate you would like to remove from the platform and click "Unlink bank account":
How do I check whether an eDDA mandate is active on my Saxo account?
Go to My Profile > Deposit funds > Direct debit / eDDA. You can select an active eDDA mandate listed under ‘From account” to perform an Instant Deposit.
Where can I see the eDDA mandates linked to my Saxo account (including the inactive ones)?
Go to My Profile > Deposit funds> Direct debit / eDDA > Deposit > View all mandates
eDDA mandates are categorised as follows:
• Active: You can transfer funds using these mandates
• In Progress: These mandates are not active yet and are pending approval
• Historical: These mandates are either inactive, cancelled or terminated
Where can I find my inactive or expired/cancelled schedules?
To find your inactive/cancelled schedules, click on the dropdown icon in the main schedule menu and select Inactive/cancelled: