LOCAL Online Money Brokers

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JonnyD
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LOCAL Online Money Brokers

Post by JonnyD » Wed, 05 Sep 2012 10:46 am

Trawled through lots of posts but never found one devoted to Singapore-based online money brokers (a.k.a. forex brokers). By that, I mean companies that allow you to book a spot or forward foreign exchange rate, and then deliver the funds to an overseas beneficiary via wire transfer.

I've been using a Singapore-based firm, reputable and licensed by MAS, for about four years now, getting pretty good rates (typically 20-30 pips over interbank, plus a modest fee of S$20 to cover their back-end infrastructure costs and wire transfer fees) with a company that had tight spreads and which dealt mostly with businesses but also with a few individuals like myself. Bought USD on a monthly basis, and it was consistently and painlessly deposited in my U.S. account within a day or two. I simply booked a spot rate on their website, then transferred the settlement funds into their Singapore bank account, then emailed them to notify that I had booked and paid for the contract.

Sadly, their corporate HQ just shifted policy and closed all individual accounts.

I'm not terribly interested in doing this through a Singapore or U.S. bank, because frankly their spreads are often usurious and their fees excessive. Paypal or use of credit cards and such are definitely out.

Aside from aptonline.com.sg (Arcade Plaza Traders' online platform), what other Singapore companies offer this service? I know there are a number of remittance providers here in Singapore, but most offer walk-up service only (tailored to work permit holders sending funds back home) and I haven't found any that offer the kind of tight spreads I've become accustomed to.

Does anyone out there have advice or knowledge about LOCAL online money brokers, not U.K. or Oz-based...

JonnyD
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Post by JonnyD » Fri, 14 Sep 2012 11:20 pm

Really? No one out there knows of even one online forex broker based in Singapore?

durian123
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Post by durian123 » Tue, 18 Sep 2012 10:43 am

I would love to know the answer to this question too. I've looked in a lot of places but only found online providers of spread trading... i.e. they don't allow you to do an actual FX transaction, only to punt moves in FX. That or places like Change Alley which offer decent rates, but only in cash (not ideal if you want to pay down a mortgage in Europe).

Banks are ludicrously expensive for this (not just in Singapore) and I fortunately still have an account with a UK broker, which is what I use.

Will check out aptonline... it's the first of its kind that I've seen here.

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