Auto-Repayment FAQs

This article will quickly answer common questions about automatic repayment.

1. What is auto-currency conversion?

Auto-currency conversion is a service that automatically offsets debit balance in the account by converting currency with a credit balance into currency with a debit balance. As a result, debit interest in the account is maintained at a minimum level. The currency selected for auto-conversion will be based on its amount in SGD equivalent, from highest to lowest.

2. How do I enable auto-currency conversion?

To enable this service, kindly visit: "App” > "Me” > "More Settings” > "Account Preference" > "Auto-Currency Conversion".

3. Under what circumstances will the auto-currency conversion be triggered?

When the account's net debit balance exceeds SGD 1.00 or the equivalent at time 07:00 SGT and 16:15 SGT on an SG business day, an auto-currency conversion will be triggered.

In the case that any offset/conversion was initiated by the client before the mentioned time, the auto-conversion will not be triggered.

4. What is the exchange rate being used for auto-currency conversion?

The prevailing rate as of 07:00 SGT and 16:15 SGT daily will be used for auto-currency conversion. Exchange rate indicated is for reference only, kindly refer to the actual amount after conversion.

5. Where can I find the conversion record?

To check the conversion records, kindly visit: "App” > "Portfolio" > "More" > "Fund Details". Alternatively, the daily statement will also include this information.

6. Does auto currency conversion prevent currency debit balances and interest charges?

No. Auto currency conversion helps reduce situations where there is insufficient foreign currency balance, but it does not eliminate them entirely. This is mainly due to timing differences, as the settlement of trades, fees, and foreign exchange conversions may not occur at the same time. As a result, a temporary foreign currency debit balance may still arise, which can lead to corresponding interest charges.

If a foreign currency debit balance occurs, you will receive an initial push notification and email alert. If the debit balance is not cleared, notifications will continue to be sent on a weekly basis until the balance is settled. To reduce the likelihood of a foreign currency debit balance, you may keep sufficient funds in the relevant trading currency, fund your account in advance, and monitor debit balance notifications so you can top up promptly.

7. How do I disable auto currency conversion?

To disable/opt-out from this service, kindly visit: "App” > "Me” > "More Settings” > "Account Preference" > "Auto-Currency Conversion".

Disclosures

This article is for reference only and does not constitute any investment advice.