When opening an account with Tiger Brokers Singapore, it’s essential to be aware of the deposit rules to ensure smooth and successful fund transfers. Understanding these rules will help prevent delays or issues with your account setup and funding process. Below, they highlight important details regarding the types of deposits accepted and what to avoid.
Does Tiger Brokers Singapore Support Joint Accounts or Deposits from Other People’s Bank Accounts?
No, Tiger Brokers Singapore only accepts deposits from bank accounts in your own name. This means that your bank account and your Tiger account must have the same name, as part of the regulatory requirements for ensuring that funds are properly linked to the account holder.
What Types of Deposits Are Not Accepted?
Tiger Brokers Singapore has strict rules about the types of payment methods and accounts used for deposits. Here’s a list of methods that will not be accepted for deposits:
Joint Bank Accounts: Deposits from joint accounts will not be processed. Only accounts that match the name of the account holder registered with Tiger Brokers are eligible.
Third-Party Bank Accounts: Funds transferred from other people’s bank accounts are not allowed. All deposits must come from your personal bank account.
Third-Party Payment Platforms: Deposits from third-party payment platforms such as Google Pay, PayLah, GrabPay, or any others not explicitly mentioned in the list provided by Tiger Brokers will not be accepted.
Checks: Checks cannot be used to deposit funds into your Tiger account.
Other Payment Methods: Any methods not included in Tiger Brokers’ list of supported payment options will not be accepted.
What Happens If You Use an Unsupported Deposit Method?
If you attempt to deposit funds using one of the unsupported methods listed above, the funds will be refunded. However, refunds are not immediate and can take some time:
Standard Refunds: Refunds for unsupported deposits typically take 2-4 weeks.
Third-Party Payment Platform Refunds: If you use a third-party payment platform that’s not supported by Tiger, the refund process may take 6-8 weeks.
Please note that any bank charges incurred during the deposit process will be borne by you. Tiger Brokers will not cover these costs, and the refunded amount may be less than what was originally deposited, depending on the charges incurred by the bank.
Best Practices for Deposits
To ensure a smooth deposit process and avoid delays, follow these tips:
Use a Bank Account in Your Name: Always ensure that the bank account used for deposits matches the name on your Tiger account.
Check Supported Payment Methods: Before making a deposit, verify that the payment method you’re using is accepted by Tiger Brokers. Stick to the methods listed on their platform to avoid complications.
Avoid Third-Party Payment Platforms: Refrain from using payment platforms like Google Pay, GrabPay, or PayLah, as these will not be processed by Tiger.
Conclusion
Tiger Brokers Singapore has clear guidelines regarding deposits to ensure that funds are properly linked to the account holder. It’s crucial to use your own bank account for deposits and avoid third-party accounts or payment platforms to prevent any issues with your account funding.
By following these rules, you’ll ensure that your deposits are processed quickly and accurately, allowing you to begin trading with Tiger Brokers without unnecessary delays. Always double-check the payment methods supported by Tiger to ensure a seamless experience.
