Yes, Tiger Brokers allows deposits in US dollars (USD), but it’s important to follow a few specific steps to ensure the funds are properly credited to your account. Here’s what you need to know about depositing in US dollars.
Key Requirements for US Dollar Deposits
To successfully deposit funds in US dollars into your Tiger Brokers account, make sure of the following:
Deposit From a USD Bank Account: Your deposit must be made from a bank account denominated in US dollars. This ensures that the funds are sent in the correct currency, and that you avoid any issues with conversion or incorrect amounts.
Recipient Bank Account in USD: It’s also crucial that the recipient bank account at Tiger Brokers is set up to receive US dollars. Tiger Brokers supports USD deposits, but the recipient account must be prepared to accept USD without needing currency conversion.
What to Check During the Remittance Process
Many banks give you the option to specify the currency of the recipient bank when making a remittance. When sending funds to your Tiger Brokers account, be sure to select USD as the receiving currency.
Failure to select USD during the remittance process can lead to a situation where your funds are automatically converted to SGD or another currency by your bank, even if you intend to send USD. This is a common issue that some customers in Singapore have encountered when remitting funds, as their bank defaulted to SGD instead of USD.
Common Issue to Avoid
Some customers have reported that they transferred US dollars, but the funds were actually received in SGD in their Tiger Brokers account. This issue typically arises when the “receiving currency” option is not correctly set to USD during the remittance process. To prevent this, always verify that your bank is sending USD to the correct recipient account in US dollars.
How to Avoid Currency Conversion Errors
Check the Receiving Currency Option: When making your remittance, double-check that you have selected USD as the recipient’s currency.
Consult Your Bank: If you’re unsure about the process, it’s a good idea to consult with your bank beforehand to ensure that your funds will be sent in the correct currency and that there will be no unexpected conversions.
Monitor Your Deposit: After sending the funds, keep track of the deposit to ensure that the correct amount in USD is credited to your Tiger Brokers account.
Conclusion
Tiger Brokers, a broker online, does accept US dollar deposits, but it’s essential to follow the correct procedure to avoid complications. Always ensure that both your sending bank account and the recipient bank account are set up to handle US dollars, and verify the currency selection during the remittance process. By following these steps, you can ensure that your deposit is processed correctly without unnecessary currency conversions.