Funding Instructions

You can fund your account in a number of ways, outlined below.

Local SGD deposit, via:

• electronic Direct Debit Authorisation (eDDA) / eGIRO)
• FAST (SGD)
• PayNow (SGD)
• MEPS (SGD)

Other methods/currencies:

• TT wire transfer (Major currencies)
• Onshore inter-bank transfer (Malaysian Ringgit)
• Card Payments (credit/debit)
• HSBC account holders

We do not accept funds through any payment method before the account is opened, and we do not accept cheque payments.

Click here for advice on avoiding unnecessary currency conversion cost.

Third Party Funding is Not Accepted

Saxo Markets cannot accept incoming funds from third parties, and can only accept funds originating from a bank account held in the same name registered with Saxo Markets. This applies to both individual and corporate accounts.

Funds received from any third party accounts will be returned (less bank charges) to the sender. The funds should typically reach the sender’s account within 5 to 10 working days, however, there may be a delay depending on the banks involved.

Incoming funds sent via payment services providers such as Revolut and TransferWise are acceptable, provided that such funds are sent in the same name as the account registered with Saxo Markets by the payment services provider i.e. with the sender’s name as the ordering customer/transferor matching the name on the Saxo Markets account. In some cases, it will be necessary for Saxo Markets to request additional documentation before we are able to accept and process such incoming funds and Saxo Markets reserve the discretion not to accept such incoming funds where satisfactory documentation has not been provided. Funds which are not accepted will be returned (less fees / bank charges, if any) to the sender.

electronic Direct Debit Authorisation (eDDA) / eGIRO

FAST (SGD)

PayNow (SGD)

Note: Please do NOT scan or transfer using Wallets such as DBS PayLah! or OCBC Pay Anyone. Use the Banking app itself instead e.g. DBS digibank etc. *Saxo will not be able to book funds through transfers through wallets such as DBS PayLah!, OCBC Pay Anyone, Google Pay, GrabPay, SingTel Dash, FavePay and other mobile wallets.

MEPS (SGD)

TT wire transfer (Major currencies)

Onshore inter-bank transfer (Malaysian Ringgit)

Note: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.

For Malaysian Residents (Tempatan):

For Non-Malaysian Residents [including Malaysian with Singapore PR] (Asing):

Card (credit/debit)

HSBC account holders

Before you fund your trading account with Saxo Markets, please ensure that your existing bank account has been opened under the same name (in the exact order, sequence and form) as the name which has been used to open your Saxo Markets trading account. You can only withdraw funds from your trading account to a bank account held under your name. Please instruct your bank to include your Saxo Client ID and Name in your transfer instructions.

Unaccepted Forms of Payment

Saxo Markets does not accept Banker’s Drafts, Cash Deposits and remittances from Exchange Houses/Money Changers. Funds received from these payment channels will be rejected and returned to the sender (less bank charges, if any).

Currency Conversions:

If you transfer funds in a different currency from the currency of our HSBC account, your funds will be accepted and automatically converted to the appropriate currency by HSBC who will charge a non-refundable currency conversion fee. For example, if you send USD to our SGD account at HSBC, HSBC will convert your USD to SGD and credit our account.

If your funds are subsequently rejected by us (for example, for Third Party Funding or remittances from Exchange Houses/Money Changers), any currency conversion already carried out on your funds will not be reversed.

If you do not have a Saxo Markets account denominated in the same currency as our HSBC account that your funds have been transferred to, we will convert the funds to the appropriate currency when crediting your Saxo Markets account, and you will be charged a non-refundable currency conversion cost, as described in our Commissions, Charges and Margin Schedule. For example, if you send SGD to our SGD account at HSBC, and you only have a USD-denominated Saxo Markets account, we will convert your SGD to USD and credit your Saxo Markets account.

To access our lowest rates for currency conversion, you can open sub accounts in other currencies, free of charge, and transfer funds between them for a rate of 0.25%. Please see our Support portal articles below for further details:

Can I open a sub-account in another currency?
How do I transfer funds between sub-accounts?

Remittance Charges:

Saxo Markets can and will only credit your account with the actual monies received on your behalf.

Remittance charges should be fully covered by the sender.

Rejected funds due to remittance received before the Due Diligence has been completed and you have received your account details or remittance received from Exchange Houses/Money Changers or any third party (including family members) will be returned to the sender less bank charges (if any).

IMPORTANT TO NOTE:

Request for Proof of Remittance

Please note that we are required under the Anti-Money Laundering rules and regulations to request and verify proof of remittance from our clients. Although such a request may not be made immediately upon making the bank transfer or credit/debit card payment, Saxo Markets reserves the right to request such proof at a later date. If the client is unable to furnish such proof of remittance within a reasonable period of time, we are entitled to limit or restrict the client's access to payment via internet banking transfer or credit/debit card funding.