Q1. How do I apply for a Multi-Currency Trust Account?
You will need to complete a Multi-Currency Trust Account - Letter of Authorisation. Please complete the form and submit to CGS International Securities Singapore Pte. Ltd., 10 Marina Boulevard, #10-01 Marina Bay Financial Centre Tower 2, Singapore 018983 Please note that fax copy is not acceptable.
Q2. Can I settle Singapore securities transactions using EPS/GIRO and have a Multi-Currency Trust Account for settlement of foreign securities?
Yes. You may choose to open a Multi-Currency Trust Account for settlement of foreign securities and continue to settle your Singapore share transactions using EPS/GIRO.
Q3. How can I arrange for funds to be deposited/remitted into my Trust Account?
To deposit funds into your Trust Account, please refers to
Remittance Bank Details.
Q4. Can I remit/deposit money into the Trust Account in any currencies?
If you remit funds in foreign currency (for e.g. USD), the funds will remain in the same currency (i.e. USD) in the Trust Account unless you have given specific instructions to convert to SGD. You may also provide a written instruction to utilise the funds held in one currency to settle for trades in another currency. However, you will be subject to the exchange rate on the date of conversion.
Q5. What are the types of currencies acceptable as deposit in the Trust Account?
Currently, SGD, AUD, HKD, MYR, JPY*, EUR, GBP, CNY and USD are acceptable.
For currencies like JPY*, negative interest will apply, with effective 15 Oct 2018
Q6. Under what circumstances will the funds in the Trust Account be utilised?
Funds in the trust account would be utilised to settle for any amount owing to CGSI. However, if there is insufficient funds held in one currency (e.g. USD), we will not automatically utilise the funds held in another currency to settle the amount outstanding unless so instructed by you in writing or via e-mail.
Q7. How will the funds held in the Trust Account be utilised for securities settlement?
For securities purchases, your Trust Account will automatically be debited for the amount due on Due Date + 3 for shares listed in Singapore, Malaysia, Hong Kong and United States. For other markets, your Trust Account will automatically be debited on Due Date. Contra losses will be debited on Contra/Set-off Statement + 1. For sales transactions, the proceeds will be credited into your Trust Account on Due Date + 1. Contra profit will be credited on Contra/Set-off Statement + 1.
Q8. How can I withdraw funds from the Trust Account?
You can give instructions (written or verbal) to your Trading Representative (TR) for withdrawal of funds from your Trust account to remit to your designated bank account. Kindly provide the bank account details to your TR. Remittance will only be effected on the next market day.
Q9. Can I request for funds to be withdrawn in another currency that are different from that held?
You can request for funds to be withdrawn in another currency. However, it would be converted based on the prevailing conversion rate.
Q10. How are interests being computed?
Interest on credit balances (USD/SGD/MYR) will accrue on a daily basis and credited at the end of the month.
Q11. Can Joint Accounts be eligible for interest on credit balances in the Trust Account?
Yes, both account holders must be tax-residents of Singapore to be eligible for the interest.
Q12. What is the definition of a tax-resident of Singapore?
A tax resident as defined by Income Tax Act, Section 2, is a person who resides in Singapore except for such temporary absences. It includes a person who is physically present or who exercises an employment (other than as a director of a company) in Singapore for 183 days or more during the year preceding the year of assessment; and if in relation to a company or body of persons, means a company or body of persons the control and management of whose business is exercised in Singapore.
Q13. How can I know my Trust Account balances?
You will receive a monthly Trust Account statement, detailing the balances for each currency held in the Trust Account. SGD equivalent for all funds held in trust will be reflected for information only. Funds held in foreign currencies will remain in the currency unless advised by you to convert to SGD.
Q14. Who can I contact should I require information on my Trust Account?
You may contact your Trading Representative directly or our Call Centre at 1800 538 9889.
