Methods of deposit
After you have deposited the funds, kindly log into our Support section to submit the Funds Deposit form. This enables us to trace your remittance and you will be notified once the funds are sighted.
Deposit Procedure
Fund Deposits must originate from your bank account in your name.
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Cheque
Deposits by cheque should be made payable to the beneficiary name indicated in the Banking SSI (Bank Standard Settlement Instruction for Client).
Please adhere to the following guidelines for deposit by cheque:
- Please indicate your trading account number, name of account holder and contact number on the back of the cheque.
- SGD cheques and USD cheques must be drawn from a bank in Singapore with Local (Singapore) clearing.
- Please provide a copy of the front and back of the cheque before depositing.
- Please deposit the cheque without the deposit/credit slip.
- Please do not deposit post-dated cheque.
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Bank Transfer
Please refer to the Banking SSI (Bank Standard Settlement Instruction for Client).
Please note that all bank fees incurred in the remittance of funds to OFIS shall be borne by the customer. Due to bank remittance fees charged by the banks, the quantum of funds received by OFIS for deposit into your account may be lower than the transferred quantum of funds.
Withdrawal Procedure
Fund Withdrawals can only be transferred to an account in your own name.
Submit a Funds Withdrawal form via our Support section. Your funds will be transferred into the bank account maintained with us once we received your request and you will be notified accordingly.
*Please note that all bank fees incurred from the remittance of funds by OFIS shall be ultimately borne by the customer. OFIS will transfer the specified quantum set out in your Funds Withdrawal form to your account and charge all bank remittance fees in a separate transaction.
Currency Daily Cut-off Time & Estimated Value Dates for Withdrawals, & Related Charges
Withdrawal | Cut-Off Time (SGD) Monday-Friday (Excluding SG Public & CCY Holidays) |
Estimated Value Date | Estimated Value Date | Charges (Per Withdrawal Request) |
---|---|---|---|---|
AUD (Australian Dollar) | 16:00 | Next Business Day | 2 Business Days | AUD 65 |
NZD (New Zealand Dollar) | 16:00 | Next Business Day | 2 Business Days | NZD 70 |
JPY (Japanese Yen) | 16:00 | Next Business Day | 2 Business Days | JPY 6,000 |
CNH (Chinese Renminbi Offshore) | 12:30 | Same Business Day | Next Business Day | CNY 285 |
HKD (Hong Kong Dollar) | 12:30 | Same Business Day | Next Business Day | HKD 330 |
USD (US Dollar) | 15:00 | Same Business Day | Next Business Day | USD 55 |
SGD (Singapore Dollar) | 15:00 | Same Business Day | Next Business Day | SGD 10 |
GBP (Sterling Pound) | 15:00 | Same Business Day | Next Business Day | GBP 38 |
EUR (Euro) | 15:00 | Same Business Day | Next Business Day | EUR 40 |
CAD (Canadian Dollar) | 15:00 | Same Business Day | Next Business Day | CAD 55 |
CHF (Swiss Franc) | 15:00 | Same Business Day | Next Business Day | CHF 40 |
Note:
1. All requests for withdrawals are subject to the Terms and Conditions of the OFIS Client Agreement.
2. Fees indicated in the table above do not include any customization, integration costs, or additional handling fees imposed by the Bank. Incidental charges (e.g cable charges, postage, agent fees, etc) are not included in the table above. Additional fees imposed by the Bank on OFIS for each withdrawal shall be passed on to the Client accordingly.
3. All stop payment/ cancellation instructions are not guaranteed unless confirmation from OFIS has been provided. OFIC shall process such instructions to the best of its ability.
4. OFIS reserves the right to review and revise the above-mentioned fee, from time to time.
5. OFIS does not support withdrawal requests, where such requests are to be provided via cheques made in favour of the client, or any other party.
6. Withdrawal fee will be deducted from the withdrawal amount.
Bank Standard Settlement Instruction
Download: Bank Standard Settlement Instruction for Client
Protection of Funds
Your money is protected. To read more, click here
- Your money is held in segregated accounts at regulated banks
- We don’t use your money for our own business activity
- Your money is protected from our creditors
Need guidance or have questions before opening an account?
Our friendly client services team is available to answer your queries anytime.