WISE account questions......

[tszkitc]

Lately just got to know there is an APP call WISE which conversion rate is very good.
I wonder can I deposit money to WISE and convert to HKD and deposit to MooMoo???
Can tell me what is the best way to convert SGD to HKD in Singapore??
Many Thanks.

 

[Jirachi]

Can't you simulate the amount on each platform and see which is better?

 

[tszkitc]

Can't you simulate the amount on each platform and see which is better?

I already tried that. Currently, WISE exchange rate is best. TIGER second, MOOMOO worst.
Want to learn some tricks from brothers here......

 

[rizhal]

I already tried that. Currently, WISE exchange rate is best. TIGER second, MOOMOO worst.
Want to learn some tricks from brothers here......

I have Wise but I have not tried above.

If your momo fund transfer account is a local bank account, then I think it is possible. I am looking at my Wise App now, send money and it ask me for a bank account.

 

[Jirachi]

I already tried that. Currently, WISE exchange rate is best. TIGER second, MOOMOO worst.
Want to learn some tricks from brothers here......

There is no sure way to know how are the exchange rates like until you actually simulate it.

As for depositing/withdrawing with Wise, check if there are any fees involved. If there are, then broker exchange rates would be better. Sometimes, there are clearing fees on currency different to your native one.

 

[tszkitc]

There is no sure way to know how are the exchange rates like until you actually simulate it.

As for depositing/withdrawing with Wise, check if there are any fees involved. If there are, then broker exchange rates would be better. Sometimes, there are clearing fees on currency different to your native one.

WISE exchange rate still better even add on the fee

 

[BBCWatcher]

I don't think anyone is going to beat Interactive Brokers for exchanges between currencies in non-trivial amounts. They give you direct access to the broad currency exchange markets, and (except for very big amounts) the fee is a flat US$2.18 (GST inclusive). But they're not a payment specialist. Their currency exchanges are really to facilitate buying and selling of securities via Interactive Brokers itself — with the occasional, ad hoc cash out. If whatever you're trying to buy is available via IB, and the commission is competitive, then you may be better off doing everything at IB.

 

[quekkb]

Lately just got to know there is an APP call WISE which conversion rate is very good.
I wonder can I deposit money to WISE and convert to HKD and deposit to MooMoo???
Can tell me what is the best way to convert SGD to HKD in Singapore??
Many Thanks.

I think Moomoo Singapore is using DBS/POSB bank account. So I don't think you can do that.

 

[Jirachi]

I don't think anyone is going to beat Interactive Brokers for exchanges between currencies in non-trivial amounts. They give you direct access to the broad currency exchange markets, and (except for very big amounts) the fee is a flat US$2.18 (GST inclusive). But they're not a payment specialist. Their currency exchanges are really to facilitate buying and selling of securities via Interactive Brokers itself — with the occasional, ad hoc cash out. If whatever you're trying to buy is available via IB, and the commission is competitive, then you may be better off doing everything at IB.

Yeah, IBKR has one of the best rates

 

[tszkitc]

Just opened an account with IBKR. Maybe got used to MooMoo already so think
MooMoo interface is better. Another thing is NO FREE REAL TIME QUOTE.
Need to pay for it. Withdraw money not as easy as MooMoo.
Exchange rate is very good but don't know can withdraw the currency
back to DBS or not. Anyone can lecture me a little bit??
Many Thanks.

 

[reddevil0728]

Just opened an account with IBKR. Maybe got used to MooMoo already so think
MooMoo interface is better. Another thing is NO FREE REAL TIME QUOTE.
Need to pay for it. Withdraw money not as easy as MooMoo.
Exchange rate is very good but don't know can withdraw the currency
back to DBS or not. Anyone can lecture me a little bit??
Many Thanks.

can withdraw the currency back to dbs? can

 

[tszkitc]

can withdraw the currency back to dbs? can

I will convert my sgd to HKD. Can I withdraw the HKD back to my DBS Multi-currency account??
Many Thanks.

 

[reddevil0728]

I will convert my sgd to HKD. Can I withdraw the HKD back to my DBS Multi-currency account??
Many Thanks.

can if u set it right

 

[tszkitc]

can if u set it right

Can you give me some hints??
Why I need a correspondent bank from Hong Kong??
the setting very troublesome!!!

I must say MooMoo is much more user friendly.
IBKR very troublesome!!!

 

[reddevil0728]

Can you give me some hints??
Why I need a correspondent bank from Hong Kong??
the setting very troublesome!!!

What hints

btw wait ah. You attempting to use IBKR to convert money then transfer to moomoo via DBS is it?

 

[tszkitc]

What hints

btw wait ah. You attempting to use IBKR to convert money then transfer to moomoo via DBS is it?

Yes but depends how good IBKR trading platform is.
I might use both.
Many Thanks.

 

[reddevil0728]

Yes but depends how good IBKR trading platform is.
I might use both.
Many Thanks.

Eh. If you purely use it to change money, if not wrong ppl got warned before and might be banned.

in any case your risk.

 

[reddevil0728]

Can you give me some hints??

Hints not the right word?

Why I need a correspondent bank from Hong Kong??

Cause DBS is not a Hong Kong bank?

the setting very troublesome!!!

Is not is more of you not familiar

I must say MooMoo is much more user friendly.

Personal preference

IBKR very troublesome!!!

Not really.

 

[tszkitc]

Hints not the right word?

Cause DBS is not a Hong Kong bank?

Is not is more of you not familiar

Personal preference

Not really.

In the setting, you need to select a correspondent bank from HK.
The choice are DBS HK or Standard Charter.
Which one should I use???

 

[reddevil0728]

In the setting, you need to select a correspondent bank from HK.
The choice are DBS HK or Standard Charter.
Which one should I use???

Suggest contacting DBS to confirm. As much as DBS is more sensible. But your risk to take if you choose to just go with whatever someone online is saying rather than confirm with the bank.