[Post 117]Learning investing/trading together #30:How to fund your tiger brokerage account

For a review of tiger brokers by seedly,you can refer to here!

As for creating an account with tiger brokers ,you can refer to here!

In this learning/trading investing post,i am going to show how to fund your tiger brokers account!

For Singaporean investors, we would just simply do a bank transfer to the tiger broker account number

So,why choose tiger brokers as a brokerage?

Pros

• Good customer service, when my account wasn't funded after about an hour, I give tiger brokers a call and my account fund was immediately updated after 5min.
• Tiger is probably the cheapest brokerage available for Singaporean resident out there to invest in SG stock(refer to fees table below)
• Unlike interactive broker, it does not have a monthly activity fees of $10

Cons

• New broker,may not be reputable and established as existing Singaporean brokers such as dbs vickers
• Must transfer money to your custodian bank account assign to you and they will update your account balance(Updating of balance in the account generally takes from 30 min to an hour not immediately 
• For purchasing of US share,Interactive brokers commission is still cheaper and TD Ameritrade commission is free

Onto the step by step guide on how to fund your brokerage account for tiger brokers!

1) Transfer money into your tiger brokers Account

How much to transfer?

Well, it depends on how much your budget to purchase those stock and whether you have enough in your bank

Currently, the Brokerage charges for tiger broker(Singapore market) are as follows:

Source:Tiger Brokers Singapore

And as for US market:

Source:Tiger Brokers Singapore

Hence, the minimum amount one should invest to maximize the brokerage fee is actually any amount they wish to invest or trade in stock (with 0.08% commission, it allow you to dollar cost average into Singapore stock, e.g. DBS)

***Note: You can invest in any amount you like, in my personal case I use either $3000 or $5000 or $7000

So you have decided the amount? What's next?

Transfer the money, of course!

2)Transfer your money to fund your tiger brokerage account

Log in to your tiger broker account. Tap on me(White circle),then tap on Account Summary(orange circle)

Source:Tiger Brokers Singapore 

Tap on fund deposit

Source:Tiger Brokers Singapore 

You will be brought to this page,tap on Deposit with SGD

Source:Tiger Brokers Singapore 

Tap on Singapore Bank Accounts

Source:Tiger Brokers Singapore 

You will be brought to this page, scroll down and select the bank you wish to transfer the money from (in my case, I select DBS bank)

Source:Tiger Brokers Singapore 

Tap on View Payment Information

Source:Tiger Brokers Singapore 

Then tap on View Wire Transfer operation example

Source:Tiger Brokers Singapore 

Log in to your DBS I banking account and select transfer money

Source:Tiger Brokers Singapore 

Tap on one time transfer and tap on transfer to other DBS /POSB

Source:Tiger Brokers Singapore 

Enter Recipent name and Enter Account No and Tap Next(The beneficiary name and The bank account number ,you have previously copy)

Source:Tiger Brokers Singapore 

If the recipient name is more than 20 char, just leave it as tiger brokers sg

Enter the amount you wish to transfer (E.g. $0.01) and then tap next.

Source:Tiger Brokers Singapore

Then screenshot the page below to provide as proof of deposit

Source:Tiger Brokers Singapore

Go back to tiger brokers app and tap on "funds remitted, inform tiger to check"

Source:Tiger Brokers Singapore

Select the remittance currency, enter the remittance amount and the remittance bank account number that you have used to transfer. Scroll down and tap on upload pictures. After that,Tap on Submit Deposit Notification.

Source:Tiger Brokers Singapore

And you are done! Do follow up with the customer service if your account is not funded within the next 1hr

Hope this guide helps!