Overview
The Auto Currency Conversion feature is an end-of-day automatic currency conversion service provided to, and enabled by default for, Tiger Brokers (Singapore) Cash Account clients. For ease of reference, this FAQ refers to it as the “Auto FX Feature”.
The Auto FX Feature works together with the cross-currency trading function. Once enabled, you may use your available cash and eligible Tiger Vault balances in one currency to trade products denominated in another currency. For example, you may use SGD balances to buy USD-denominated stocks without manually converting SGD to USD before placing the trade.
If your trade creates a negative cash balance in the trading currency, the system will automatically use your eligible Tiger Vault holdings and/or available balances in other currencies to cover the shortfall during the scheduled end-of-day process.
Important Notes
The Auto FX Feature is intended to automatically settle eligible shortfalls and may help reduce the potential for financing interest to accrue.
By using Auto FX Feature, you are deemed to have authorised Tiger Brokers (Singapore) Pte. Ltd (TBSPL) to automatically redeem the relevant available cash balances in more than one currency, Tiger Vault holdings, without further instruction from you. Such redemption may result in the loss of accrued or potential returns on the redeemed holdings. TBSPL will not be liable for any such loss.
The Auto FX Feature is an automated process. However, the processing or completion of a conversion may be delayed or affected by factors that may be beyond TBSPL’s reasonable control, including available account cash balances, currency availability, market conditions, system processing, holidays and Tiger Vault redemption timing. If you need to settle a negative cash balance earlier, you may perform a manual currency conversion in the app.
You are advised to monitor your account balances and ensure that sufficient funds (Cash) are available to meet any applicable payment or settlement requirements.
For more information, please refer to the Standard Customer Agreement, Fee Schedule, Currency Settlement Holiday Rules.
Frequently Asked Questions
1. What is the Auto FX Feature?
The Auto FX Feature is a function whereby eligible cash balances held in other currencies are automatically converted to settle a shortfall in the currency required for your trade.
Example: If you hold SGD and purchase a USD-denominated trade, the order may be placed using your available cash balances, notwithstanding that you do not hold sufficient USD currency at the time of order placement. The Auto FX Feature will convert your eligible SGD cash balance or Tiger Vault balance into USD to settle the shortfall. All conversion records are reflected in the Tiger Trade App under [Convert] > [History].
2. Which account type supports the Auto FX Feature?
The Auto FX Feature is available only for Tiger Brokers (Singapore) Prime Cash Accounts only.
If your Prime Cash Account is upgraded to a Margin Account, the Auto FX Feature will be automatically disabled. If your Margin Account is downgraded to a Prime Cash Account, the Auto FX Feature will be automatically enabled.
3. How can I enable the Auto FX Feature?
New Prime Cash Account holders: The Auto FX Feature will be enabled by default upon completion of account opening and acceptance of the relevant agreements.
Existing Prime Cash Account holders: Following an update to the Tiger Trade app, you may be prompted to review and accept the relevant agreements. The Auto FX Feature will be enabled upon acceptance.
To check Auto FX settings: Tiger Trade app > [Portfolio] > [Convert] > [Setup Auto Conversion] > [Auto Currency Conversion]
4. Do I need to manually convert currency before trading?
Manual conversion is optional. Where the Auto FX Feature is enabled and sufficient eligible cash balances are available in other currencies, you may trade products denominated in a different currency without first effecting a manual currency conversion.
If you prefer to lock in an exchange rate in advance, or to manage your currency balances directly, you may continue to convert currency manually prior to trading.
You are advised to monitor your account balances and ensure that sufficient funds are available to meet any applicable payment or settlement requirements.
5. What cash balances can be used by the Auto FX Feature?
The Auto FX Feature may be use for:
Settled cash balances in your Prime Cash Account; and
Eligible Tiger Vault balances.
Unsettled cash balances, including unsettled proceeds from the sales of securities or closing of positions, are not eligble and will not be used until they are settled.
6. How does the Auto FX Feature work?
At the end of each Trading Day, the cash balance in each currency within your Prime Cash Account will be assessed. Where a negative cash balance (“Negative Balance”) arises in an Eligible Currency (a “Deficit Currency”), the Auto FX Feature will generally settle the Negative Balance (the “Repayment”) in the following order:
First, eligible Tiger Vault holdings denominated in the same currency as the negative balance will be redeemed.
Where such redemption does not fully cover the shortfall, available balances in one or more other currencies will be applied by the way of conversion.
Where the selected currency does not hold sufficent cash balances but has eligible Tiger Vault balance, the relevant Tiger Vault holdings may also be redeemed to support the conversion.
Example: In the case of a USD shortfall, your USD Tiger Vault balance will be redeemed first. If insufficient, eligible balances in SGD, HKD, CNH, AUD, or other currencies may be converted into USD. If the shortfall remains, your SGD Tiger Vault balance will then be redeemed and converted into USD.
7. How does the Auto FX Feature decide which currency to convert?
Where you have available cash balances in more than one currency, the Auto FX Feature will generally prioritise the currency with the higher available value (comprising both Prime Cash Account and Tiger Vault balances) after applying the applicable exchange rate, with a view to minimising the number of currency conversions required.
Example: Where a single currency balance is sufficient to cover the shortfall, the Auto FX Feature will generally convert that currency rather than split the conversion across multiple currencies.
Where a single currency balance is insufficient to fully cover the shortfall, the Auto FX Feature may draw on additional eligible currency balances to cover the remaining shortfall.
8. What if I have negative cash balances in more than one currency?
If your Cash Account has negative cash balances in more than one currency, the Auto FX Feature will process each shortfall in accordance with the applicable repayment sequence.
Example: If you have negative cash balances in both USD and HKD, the Auto FX Feature may process each shortfall separately during the applicable processing window.
The conversion or redemption applied may vary depending on factors including your available eligible balances, currencies involved, prevailing exchange rates and whether Tiger Vault redemption is required. Multiple conversion or redemption records may therefore appear in your transaction history.
9. When will the Auto FX Feature process currency conversion?
Auto FX Conversions will be processed during the applicable time window specified in the schedule below (the "Indicative Processing Time").Where a shortfall arises after the applicable processing time, it will generally only be processed in the next progression cycle.
These conversions are scheduled with the aim of clearing eligible currency shortfalls ahead of the applicable interest is calculated at approximately 12:00 noon SGT on the following Business Day.
Currency | Indicative Processing Time (SGT) |
Singapore Dollar (SGD) | Monday to Friday: 23:00 SGT same day |
US Dollar (USD) | Monday to Friday:Approximately 08:00 SGT next day (U.S. Daylight Saving Time) |
Hong Kong Dollar (HKD) | Monday to Friday: 22:30 SGT same day |
Offshore RMB (CNH) | Monday to Friday: 23:30 SGT same day |
Australian Dollar (AUD) | Monday to Friday: 21:00 SGT same day |
Other Currencies | Monday to Friday: 00:10 SGT next day |
For USD shortfalls, please note that the U.S. market hours may affect processing coverage:
During U.S. Daylight Saving Time, U.S. after-hours trading generally ends at approximately 08:00 SGT, coinciding with the scheduled USD indicative processing time.
During U.S. Standard Time, U.S. after-hours trading generally ends at approximately 09:00 SGT, while USD indicative processing generally remains scheduled at approximately 08:00 SGT. Accordingly, a USD shortfall arising from U.S. after-hours trading between approximately 08:00–09:00 SGT may not be covered within the same processing cycle.
If you intend to trade during the U.S. after-hours, you are advised to maintain a sufficient USD balance, or consider performing a manual currency conversion thereafter should you wish to clear any USD shortfall earlier.
The timings above are indicative only. Tiger Brokers (Singapore) may, from time to time, adjust the processing schedule in light of prevailing circumstances, including market conditions, currency holidays, system processing, fund redemption timing, or other operational considerations. Actual completion times may accordingly vary.
10. Does the Auto FX Feature help mitigate the risk of financing interest?
The Auto FX Feature serves as a safeguard to help reduce the risk of financing interest by automatically settling outstanding shortfalls. However, it does not guarantee that no interest will accrue, for instance, financing interest may still accrue during periods of delayed redemption or settlement, including in the following circumstances:
The negative balance arises after the applicable Auto FX processing time;
Eligible balances are insufficient;
Tiger Vault redemption cannot be completed within the requisite timeframe;
The relevant currency market or settlement cycle is affected by a holiday;
The conversion is delayed, only partially completed, or deferred to the next Auto FX cycle.
The circumstances set out above are illustrative and not exhaustive. Other factors may also result in financing interest accruing on an outstanding shortfall.
Example: During U.S. Standard Time, if you trade during U.S. after-hours between approximately 08:00 and 09:00 SGT and a Negative Balance arises after the applicable Auto FX processing time, the shortfall may only be covered in the next processing cycle or through a manual currency conversion. Financing interest may accrue until the shortfall is fully settled.
If you intend to trade during U.S. after-hours, you should ensure that you have sufficient USD balance or consider performing a manual currency conversion if you wish to settle any USD shortfall earlier.
11. What exchange rate will be used?
The prevailing market exchange rate at the time of conversion will be used. This rate may differ from the exchange rate shown when you placed the trade, or when the negative balance was first created, as exchange rates may move during the day.
12. Are there any fees for using the Auto FX Feature?
There are no fees or charges for enabling or using the Auto FX Feature. However, the applicable foreign exchange rate, including any applicable foreign exchange spread or charges, will apply when a currency conversion is performed.
13. Will my Tiger Vault holdings be redeemed automatically?
Yes. Where required to settle a shortfall, you authorise TBSPL to automatically redeem the relevant Tiger Vault holdings without further instruction from you. Such redemption may result in the loss of accrued or potential returns on the redeemed holdings. TBSPL will not be liable for any such loss.
You are advised to monitor your account balances and ensure that sufficient funds are available to meet any applicable payment or settlement requirement.
14. Will the Auto FX Feature process on currency holidays?
The Auto FX Feature may continue to process on currency holidays. However, the settlement date for the currency conversion may be deferred in accordance with the applicable holiday calendar for the relevant currencies.
Where settlement is deferred, the Negative Balance may remain outstanding until settlement is completed. Financing interest may continue to accrue on any outstanding shortfall during this period until the shortfall is fully settled. For more information, please refer to the Currency Settlement Holiday Rules.
15. Where can I view the conversion records and my cash balances?
All conversion records will be displayed in Tiger Trade App under [Convert] > [History].
You can view your cash balances by currency in Tiger Trade App under [Account] and check whether any negative cash balance remains outstanding.
16. Can the Auto FX Feature be delayed or not completed?
The Auto FX Feature is an automated process. However, the processing or completion of a conversion may be delayed or affected by factors that may be beyond TBSPL’s reasonable control, including available account cash balances, currency availability, market conditions, system processing, holidays and Tiger Vault redemption timing.
If you need to settle a negative cash balance earlier, you may perform a manual currency conversion in the app.
17. What should I take note of before using the Auto FX Feature?
Please note the following:
The Auto FX Feature may perform currency conversions automatically without requiring a separate instructions for each conversion.
Only eligible settled cash balances and eligible Tiger Vault balances may be used.
Tiger Vault holdings may be automatically redeemed where required to settle a shortfall.
Where a shortfall arises after the applicable cut-off time, it may only be processed in the next processing cycle.
Financing interest may accrue if a negative balance remains outstanding.
18. Can I turn off the Auto FX Feature after activation?
No. Once enable, the Auto FX Feature cannot be disabled within the Tiger Trade app.
You may continue to manually convert currencies before trading.
The Auto FX Feature is intended to automatically settle eligible shortfalls and may help reduce the potential for financing interest to accrue.