Hi, I am new in investing overseas stock and has just opened an Saxo account recently. Any ideas what is difference of transferring USD into the account using DBS multiplier vs TRansferwise(saw this on Internet) in order to get the best benefits? Thanks
From my experience Transferwise has a better FX rate and fees compared to DBS, but you need to check if transferwise can fund and/or Saxo accepts it.
I don’t have any experience using Saxo but one of our colleague is using it. I will get him to share his experience.
The main objective is to save on foreign currency conversion. As Jieren pointed out, TransferWise is a better choice because it allows you to convert close to market rate. Never transfer SGD into Saxo because they’ll charge a premium to convert for you.
I suggest that you try looking to FSMOne. They have a multi-currency account over there where you can store up to three currencies: SGD, HKD, and USD close to market rate. You can fund the account using Fast Transfer and it’ll show up within 15-30 minutes. Since I am using both platforms, FSMOne gives you the same stuff with less of a hassle.
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