Does tiger brokers charge conversion fee for converting sgd to usd?

Hi Anon,

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Technically, they don't charge fees. That is, there's no fee being applied whenever you make a conversion. However, that's because the conversion fee is already priced into the exchange rate.

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The FX spread for Tiger is about 0.3%, which you can see as a fee. If you're making small conversions, it's probably worth paying. But if you're making bigger conversions, you may want to consider using IBKR instead.

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IBKR charges a flat conversion fee of 2 USD, but uses the spot rate for FX conversions. On a big conversion (ie $10k), a 0.3% spread (from Tiger) results in a loss of $30, which is significantly higher than 2 USD.

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Hoep this helps!

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Regards,

thefrugalstudent

No conversion fees, just bid spread of currency.

Generally brokers bid spread is much lower than banks. Around 0.3% – 0.5% if I recall correctly.