When you add Selfwealth International trading to your portfolio, you will also be given a corresponding cash account for the primary currency used in that market. For example, if you open a Hong Kong trading account, you will also have a corresponding Hong Kong Dollar (HKD) cash account.
Funds in this account are used to pay for any shares you buy on that market. Additionally, any proceeds from sell orders will settle into this account.
Click here for more information on your international cash accounts.
You can transfer funds between any of your cash accounts. For example, you could transfer AUD to HKD, USD to AUD or USD to HKD (and vice versa).
Please Note: If you have deposited AUD to your cash account using Osko (instant deposit), you will need to wait an additional 1 business day before transferring the funds to your international cash account.
Please click here for more information on international cash transfers and Osko.
How do I transfer funds between my international cash accounts?
Follow the below instructions to transfer funds between your international cash accounts:
1. Click Trading Account then Cash Account on the left-hand navigation bar.
2. Under 'Cash Account', you will see a large drop-down in the top-left. Use this box to select your 'source' account (i.e. the account the funds will be taken from).
3. Select your 'destination' account using the Transfer Cash drop-down menu.
4. This will bring up the 'Transferring Cash' box. Enter the amount you wish to transfer from your source account under 'Transfer Amount' (your available funds are shown below).
5. An exchange estimate will then be displayed under 'Estimated Amount' as the destination currency (the estimated rate is shown below).
6. A description will pre-fill with the details of your transfer to appear in your cash account records. To proceed with the transfer, click the Submit Transfer Request button.
Please Note: Once a cash transfer has been submitted in the Selfwealth platform it cannot be cancelled or amended.
When your transfer request is submitted, a confirmation email will be sent to your registered email address. This email will contain details of your transfer including the source currency, destination currency, amount, exchange rate estimate and the estimated clearing time for the payment.
Please Note: As we must allow for international transfer times, transferring funds between your cash accounts can take anywhere between 1 and 4 business days (depending on the currency pair and time of submission). Click here for more information on how to calculate your transfer time.