Transfer Funds Overseas at 0 fee with iFAST Global Bank

iFAST Global Bank is a digital bank that brings various benefits to clients including seamless overseas transfers, attractive fees and no minimum balance requirement for setting up a multi-currency account.

Ever had any plans to migrate overseas? Or owning a home in another country? Or even sending your children to study abroad? Then the most important thing you will need is foreign currency (currency denominated in the respective country).

iFAST Global Bank is a digital bank that brings various benefits to clients including seamless overseas transfers, attractive fees and no minimum balance requirement for setting up a multi-currency account.

Seamless transfer within iFAST Group at 0 Fee

Transferring funds overseas often involves Telegraphic Transfer (TT). At times, the transfer mechanism may be referred to by the more general term "wire transfer," or by the updated term "electronic funds transfer" (EFT). Telegraphic Transfers usually require fees, which vary between different currencies and correspondent banks, see Table 1.

In iFAST Global Bank, we allow fee-free global transfers by simply linking all your iFAST accounts together. This allows individuals to move money between UK, Singapore, Hong Kong and Malaysia for FREE and SECURED.

Table 1: Approximate Telegraphic Transfer (TT) fees

	TT Charges
US Dollar (USD)	USD 15  – USD 35
Chinese Yuan (CNY)	CNY 220.00 +/-
Hong Kong Dollar (HKD)	HKD 140.00 +/-
Singaporean Dollar (SGD)	SGD 10 – SGD 25

*Fees are estimated and may vary between different banks.

Generally, TT fees are charged per transaction. So for individuals who want to set aside funds for future overseas use, comprehensive planning is required. Individuals had to plan properly to avoid transferring funds too frequently, as these TT fees are charged everytime a transaction is made.   

In iFAST Global Bank, clients are  allowed to move money without limit per day between their iFAST accounts. Clients can freely move money between UK, Singapore, Hong Kong and Malaysia (using iFAST accounts in these platforms shown in Figure 1) at 0 charges regardless of the frequency. Individuals do not need to accumulate all funds before transferring, saving the worries needed to plan on questions like “is it enough” or “how much money should I save before transferring to reduce the frequency?”. Simply, link all your iFAST accounts together to enjoy free transfer, 0 limit between your iFAST accounts. No worries, our trusted global network ensures safe and automated fund transfers.

Figure 1: Transfer freely at 0 cost

Own various foreign currencies in one account with no minimum balance requirement

Majority of us would have foreign currency needs, whether it is converting for upcoming travel needs, supporting a child's overseas education or owning foreign assets overseas. However, setting up foreign currency accounts often comes with minimum eligibility requirements, such as a minimum deposit amount or to be physically in the country for the account opening process. The minimum deposit amount differs between banks, ranging from USD 100 (or equivalent amount in other currencies) to USD 1,000 (or equivalent amount in other currencies).

In iFAST Global Bank, we offer a global account to save, send, and receive money internationally with no minimum, or maximum balance requirement. We make international money transfers simple, support cross-border inward & outward transfers by SWIFT in six major currencies, which are Hong Kong Dollar (HKD), Great Britain Pound (GBP), US Dollar (USD), Singaporean Dollar (SGD), EURO (EUR) and Chinese Yuan (CNY) - all in one account with iFAST Global Bank. In addition, individuals are able to enjoy interest accruing daily and deposited into their accounts on the 1st of each month, depending on the currency they hold (see Table 2).

Your deposits are safe with us! All six currencies are protected by the Financial Services Compensation Scheme (FSCS).  Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person. FSCS is the UK’s deposit guaranteed scheme.

Table 2: Annual Equivalent Rate (AER) of different currencies in iFAST Global Bank

Currency	AER
Great Britain Pound (GBP)	4.25%
US Dollar (USD)	3.60%
Hong Kong Dollar (HKD)	3.25%
Euro (EUR)	2.50%
Singaporean Dollar (SGD)	2.20%
Chinese Yuan (CNY)	1.00%
Source: iFAST Global Bank. Data as of 15th March 2024.

*Our interest rates may change. Kindly check the latest rates through your banking portal or mobile app after logging in.

Save now and maximise your returns with our Fixed Deposit

Its always good to save early. However, owning different currencies will expose you to the country's risks, and one of them is the inflation rate of the respective country. If the value of the money cannot grow faster than the rate of inflation, over time, inflation will erode the purchasing power of your money, reducing its value.

In iFAST Global Bank, we offer fixed deposits for you to maximise returns securely at competitive rates. Simply choose a fixed term and earn interest in the currency of your choice. Select from GBP, USD, EUR, SGD, HKD or CNY based on your savings needs to enjoy an interest rate of up to 4.80% AER.

Table 3: Fixed Deposit Rates for different currencies

Term Length	Annual Equivalent Rate (AER)
	GBP	USD	EUR	HKD	SGD	CNY
Fixed 1 Month	4.30%	3.65%	2.55%	3.26%	2.25%	1.10%
Fixed 3 Months	4.45%	4.00%	2.60%	3.45%	2.30%	1.30%
Fixed 6 Months	4.55%	4.35%	2.70%	3.80%	2.75%	1.50%
Fixed 12 Months	4.60%	4.65%	3.00%	4.00%	3.00%	1.75%
Fixed 24 Months	4.45%	4.50%	3.10%	4.20%	-	-
Source: iFAST Global Bank. Data as of 9th May 2024.

*Our interest rates may change. Kindly check the latest rates through your banking portal or mobile app after logging in.

All in one place, no more hassle!

iFAST Global Bank is a UK digital bank that bridges you to the world. Following a single application, we offer you multi-currency access to GBP, USD, EUR, HKD, SGD and CNY. We support international payments to over 160 countries while allowing you to move money without limit per day between your iFAST accounts at 0 cost.

Create a multi-currency account with us today with no balance requirement.