Frequently Asked Questions
Margin (M) Account
With multi-currency facility, will there be automatic conversion of currency for my currencies in debit balances?
For Cash Management, Custodian, Prepaid, Margin, and Cashplus accounts:
From 26 October 2020, all new accounts will be auto enrolled with this feature. An auto currency conversion process will be performed at 7.15pm based on prevailing rates to offset any currency in debit balance by utilizing currencies in credit balance according to currency hierarchy set up in our system. The hierarchy of currencies to be utilized for offsetting in descending order: SGD, USD, HKD, CNY, JPY, AUD, GBP, EUR, CAD, & MYR.
To opt in/out from this facility, please contact your Trading Representative.
For trading accounts that are not opted in for the above feature, clients are required to take the necessary steps to either transfer money into the trading account or submit a currency conversion request to avoid being charged debit interest.
Other faq that might help you
- Information Sheet
- Can I open a corporate margin account?
- Who can open a Margin (M) Account?
- Can I contra my trades?
- Can I open a joint margin account?
- Can I sell my existing shares in CDP through Margin (M) Account?
- Can I sell those shares allotted (IPO Shares) through Margin (M) Account?
- How do I transfer the shares into my Margin (M) Account?
- How long does it take for shares to be transferred into my account?
- How long does it take to start an account?
- How long will it take to open an account from overseas?
- If I have an existing Custodian (C) Account maintained with Phillip Securities, can I convert it to Margin (M) Account?
- What are the charges for Margin (M) Account?
- What are the requirements to be able to open a Margin (M) Account from overseas?
- What if the customer requires more credit?
- With multi-currency facility, will there be automatic conversion of currency for my currencies in debit balances?
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