1. How to do Currency Exchange?
1-1. Open Tiger Trade mobile App, click Profile > Trading > Account > Cash > Currency Exchange, specify the currency and amount, and then exchange.
1-2. Open Tiger Trade PC App, click Assets > Cash > Exchange, specify the currency and amount, and then exchange.
2. What is Currency Exchange?
Currency Exchange is the exchange of cash currencies in the client's Tiger Account. After depositing funds, the client may exchange the cash into different currencies and invest in corresponding markets, with no financing interest rate charged. Tiger Brokers supports trading in multiple markets with one account.
3. What are the advantages of Currency Exchange?
Tiger Account is a multi-currency account that supports multiple currencies, making it easy for clients to trade the global markets. When trading global markets, the client may use multi-currencies exchanged in Tiger Trade instead of exchanging in a bank then depositing. Tiger's currency exchange rates are better than banks.
4. What currencies can I exchange?
The Tiger account supports currency exchange in the following currencies: AUD, USD, HKD, CNH, NZD, and SGD.
The list of available currencies changes from time to time. Clients can refer to the pricing page and trading platform for latest offerings.
5. What about the exchange rate of currency conversion?
The currency exchange rate fluctuates in real time. Clients who intend to convert currency can log onto the TBAU’s trading platform to review the current spot exchange rate. If you accept the indicative quote, a Spot FX contract will be established between you and us. Please note, the rate at which the FX contract is executed MAY differ from the rate initially quoted. That means, the actual amount required to settle the transaction can be less or more than the amount originally indicated.
6. Other notes
TBAU currently offers currency conversion settling on T+0 and T+2.
T+2 transaction: before initiating a T+2 currency conversion, please ensure that your account has a sufficient cash balance in the converting currency. The cash balance includes both settled and unsettled cash balance in the account. Prior to the settlement of the currency exchange on T+2, the unsettled exchanged currency cannot be used for fund withdrawals but can be used to initiate subsequent financial trades. Additionally you may initiate a T+2 currency exchange transaction converting the proceeds from a trade even before the trade is fully settled. Other financial products generally have a settlement cycle of T+1 or T+2.
T+0 transaction: before initiating a T+0 currency exchange transaction, please ensure that your account has a sufficient settled cash balance in the converting currency. T+0 currency exchange transactions are settled on the same day but they are not instantly settled. Usually, the settlement takes up to one hour to complete. Upon the settlement completion, the funds can be used for the same-day fund withdrawals and transfers. Prior to settlement, the unsettled exchanged currency can be used to initiate subsequent trades. However, you will not be allowed to initiate a T+0 transaction to convert the trade proceeds until they are fully settled.
FAQs
1. After making a deposit (not in USD), does the system automatically convert the funds into USD?
→ Tiger Trade App does not do the currency exchange automatically. The base currency in Tiger is USD, so the currency displayed is USD. The client may view the actual cash amount via App > Portfolio > Account > Cash. For example, if a client deposits AUD and intends to trade US stocks with Tiger, he needs to exchange the currency: App > Portfolio> Account > Cash > Exchange.
2. Can Tiger Account hold funds in multiple currencies at the same time?
→ Yes.
Please contact your local customer service team should you have any further questions.
Phone: 02 9169 6999