When you deposit funds into your Tiger Brokers Singapore account, it’s important to be aware of the potential for deductions in the deposit amount due to various fees. If you notice that the amount you receive in your Tiger Brokers’ account is less than what you sent, this is usually due to fees charged by your bank or other parties involved in the transfer process.
No Fees Charged by Tiger Brokers or DBS
First and foremost, it’s important to clarify that Tiger Brokers Singapore and their receiving bank, DBS, do not charge any fees for deposits. Tiger Brokers aims to keep the deposit process straightforward and does not impose additional costs on incoming funds.
However, certain factors outside of Tiger Brokers’ control can result in deductions from the deposited amount. Here’s why this may happen:
Cross-Border Transfer Fees
If you’re transferring funds from outside Singapore, and the transfer involves a cross-border transaction, your sending bank may charge a fee for processing the international transfer. These fees are typically associated with the cost of converting currency, processing the transfer through international channels, or using a secure money transfer system.
In addition to the fees charged by your sending bank, there may also be additional charges for currency conversion if you are sending funds in a currency that differs from the one required by Tiger Brokers Singapore.
Intermediary Bank Fees
In some cases, the sending bank may use an intermediary bank to facilitate the transfer of funds, especially for international payments. These intermediary banks often charge an additional operation fee for handling the transfer. This fee will be deducted from the total deposit amount before it reaches your Tiger Brokers account.
What You Can Do to Avoid Surprises
To prevent unexpected deductions or delays, it’s recommended that you consult with your bank to understand the potential fees involved with your transfer. Here are a few steps you can take to minimize any unwanted charges:
Check with Your Bank: Ask your bank about any transfer fees, including any cross-border or intermediary bank fees, that might apply to your deposit.
Confirm Currency Conversion Fees: If you’re sending funds in a different currency, inquire about conversion fees and ensure you understand how this will affect your deposit amount.
Track Transfer Channels: If possible, ensure that your transfer doesn’t require multiple intermediary banks, as this can increase the chance of additional fees.
Conclusion
While Tiger Brokers Singapore and DBS do not charge any fees for deposits, certain charges may be applied by your sending bank or intermediary banks if you’re making an international transfer. These charges can include cross-border fees, currency conversion fees, and intermediary bank operation fees.
To avoid any surprises and ensure you send the correct amount, it’s always a good idea to check with your bank beforehand. This way, you can fully understand the fees involved and have peace of mind that your deposit will arrive as expected.