View Single Post
Old 06-03-2015, 08:08 PM   #3598
Join Date: Dec 2000
Posts: 122
hi all,

Looks like I have been given the wrong information by the SC staff that opened the Online Equities Trading platform for me.

On Sat, he mentioned that I can directly TT from another bank to the FCY SSA. However, when I called the SC online equities trading platform hotline, the CSO said that it's not possible. The only possible transfers to all SSAs are from SC's savings accounts. In this case, it means I need to open a USD FCY$aver with SC and transfer from there and there's a min balance of 2K USD required.

Another thing to note, the CSO recommends that I can transfer my USD to my local currency e$aver account and they will flip it back to USD. I told her off that you are making me lose more money because of the double spread. She just kept mum.

So I assume my idea of avoiding the min 2K USD balance is not possible then.
Apologies for providing a non-working method as stated in my earlier post.

I managed to look at the SC Investment Product Terms, page 44, Section 3, Terms 46 and it mentions that the cash from SSA can only be transferred to Operating Account, which is any current/cheque or saving accounts with SC.

So the CSO is correct.
marc_cheng is offline