Frequently Asked Questions

Auto Currency Conversion

What is multi-currency facility?

Multi-currency facility provides an added advantage for you to maintain foreign currency balances (USD, HKD, AUD, MYR, JPY, GBP, EUR, CNY and CAD) in your account for the management of your foreign currency denominated investments. Settlement of your transactions can either be in the traded currency or in SGD. However, your account must have sufficient funds in the settlement currency to avoid incurring interest on debit balances.

To opt-in multi-currency facility, please login to POEMS > Click Stocks > Acct Mgmt > on the left panel, click Online Forms > Currency Conversion > select Opt in for Multi-Currency facility > submit and enter your POEMS password to confirm your submission.

Where do I see if I opted into multi-currency facility?

It is available in POEMS 2.0: Acct Mgmt > Stocks > Account Details. On the top right hand corner, you will see the ‘Multi Curr’ indicator of the trading account. It will be in any of the following three statuses: Yes (Offset), Yes (Basic) or No.

Which multi-currency status am I enrolled into?

All new accounts opened from 26 October 2020 with multi-currency facility will be auto-enrolled to “Yes (Offset)”. The following table shows the different scenarios where currency conversions will take place based on the type of status in the account:

  Cash Plus Account Margin Account Cash Management Account Prepaid Account Custodian Account
Yes (offset) All deficits will be offset with currencies in credit balances*
Yes (basic) Only  MYR deficits will be auto-converted
  1. MYR deficits will always be auto-converted
  2. For deficits in foreign currencies caused by withdrawals, subscriptions, fees and charges will be auto-converted*
No All balances in foreign currencies will be auto-converted to SGD

 

  Share Financing Account
Yes Only deficits caused by withdrawals, subscriptions, fees and charges will be auto-converted*
No All balances in foreign currencies will be auto-converted to SGD

The hierarchy of currencies in credit balance to be utilized for offsetting in descending order: SGD, USD, HKD, CNY, JPY, AUD, GBP, EUR, CAD, & MYR

When will auto currency conversion be performed?

Auto currency conversion will be performed at 7.15 pm^ SGT on every business date, depending on your account’s multi-currency status.

^May be subject to change without prior notice

How do I change my multi-currency option?

To change your multi-currency status, please contact your trading representative.