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Last Updated on January 3, 2022 by Chin Yi Xuan

As a global broker from CGS-CIMB, ProsperUs is one of the most flexible brokers around that offers investors access to different markets and instruments.

In fact, it is my go-to broker to gain access to markets around the globe. As an example, I personally use ProsperUs to gain access to UK-listed ETFs

In this guide, we’ll see how you can fund and withdraw from your ProsperUs account:

Before this, here are some related posts that you may want to read:

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Funding your ProsperUs account (foreign currencies)

As a whole, there are 2 ways for you to fund your ProsperUs account if you are investing or trading the foreign markets:

Method 1: Foreign Telegraphic Transfer (FTT) through a local bank account (Not Recommended)

The first method is to fund your ProsperUs account via FTT through local banks. That said, I do not recommend this method due to expensive intermediary banking fees (~SGD20/USD30, or more) per transfer.

Step 1: Log in to your ProsperUs account > Select ‘Manage Funds’ > Select ‘Deposit’

ProsperUS Deposit funds

Step 2: Select (i) the currency that you wish to deposit in & (ii) ‘Telegraphic Transfer (TT)’ as Payment Type.

At the same time, key in the amount that you want to deposit.

ProsperUS Funding via FTT
You’ll also get the bank details on where to transfer your deposits.

ProsperUS Funding

Step 3: Do the remittance from your bank via FTT.

Using details from Step 2, log in to your local bank account and initiate a Foreign Telegraphic Transfer (FTT). Please note that you have to transfer the funds using a bank account under your own name.

Upon successful FTT transfer, download the transfer receipt. In this receipt, you’ll get a reference number from your bank for the transfer. Keep the receipt and reference number for Step 4.

ProsperUS Funding: Reference ID provided by local banks
ProsperUS Funding: Reference ID provided by local banks

Step 4: Input the last 5 characters of your transaction reference number, and upload the screenshot/receipt of your transfer.

Then, Click ‘Next’

ProperUS Funding: Key in reference number & upload receipt of transaction
ProperUS Funding: Key in reference number & upload receipt of transaction

That’s it! If your deposit is successful, you’ll receive an email within 12 working hours and you can start investing/trading.

Note: For all FTT transfers, ProsperUs does not charge for the whole funding process. However, our local bank’s appointed intermediary will be charging a clearance fee (varies according to banks).

  • As an example, the total cost for an FTT transfer via Maybank is (1) Standard FTT fee of RM10 + (2) Clearance fee of ~SGD20 (SGD transfer)/~$30 (USD transfer). Again, this is NOT a fee from ProsperUs but a clearance fee charged by the banks.
  • As you can see, this is the reason why I do not recommend funding your ProsperUs account (or any legit foreign brokers, in this case) via local FTT.

Instead, I’d recommend for you to consider using a Singapore bank account to fund your ProsperUs account (Method 2).


Method 2: Fund your ProsperUs account via a Singapore bank account (CIMB SG)

READ: Guide – How to open a Singapore bank account online!

Funding your ProsperUs account via a Singapore bank account would be my recommended funding method. Reason being, it is faster and there are no clearance charges involved for SGD transfers.

If you are serious about investing in the global market, I’d strongly suggest you to open an SG bank account. For Malaysians, we can open an SG bank account 100% online via CIMB SG.

Step 1: Log in to your ProsperUs account > Select ‘Manage Funds’ > Select ‘Deposit’

ProsperUS Deposit funds

Step 2: Select SGD as your funding currency, and ‘FAST’ as payment type.

You’ll get the bank details and instructions to make the transfer.

ProsperUS Funding via CIMB SG

Step 3: Log in to your CIMB SG account > ‘Local Transfer’ > ‘To Other Bank’ > ‘Via FAST’

Under ‘Transfer To’, select The Hongkong and Shanghai Banking Corp. Please note that you have to transfer the funds using a Singapore bank account under your own name.

ProsperUS Funding via CIMB SG

Step 4: Key in details of the transfer.

Remember to mention your account number under ‘Message to Recipient’ or in the ‘Remarks’ section.

That’s it! If your deposit is successful, it’ll be reflected in your ProsperUs account within the same business day (for transactions done before 5pm), or the next business day for transactions after 5pm.

ProsperUS Funding via CIMB SG


Funding your ProsperUs account (MYR)

As a global broker, ProsperUs also provides users access to the Malaysian market. As such, you can also fund and withdraw MYR easily on ProsperUs.

The limitation is, MYR can only be used to trade Bursa Malaysia, but not other markets. As a restricted currency, we will not be able to exchange MYR to other currencies (eg. SGD/USD/HKD/EUR) within ProsperUs as well.

Step 1: If this is your first deposit in MYR, request for an MYR currency account by writing to ProsperUs (‘Help’ > ‘Contact Us’ > ‘Submit an enquiry’).

It’ll usually be activated within 1 business day.

Email Template to ProsperUs: “Can you activate my MYR currency account?”

ProsperUS MYR Currency Acount

Step 2: Log in to your ProsperUs account > Select ‘Manage Funds’ > Select ‘Deposit’

ProsperUS Deposit funds

Step 3a: Select MYR as your funding currency, and ‘Telegraphic Transfer/Bank Transfer’ as payment type.

ProsperUS Funding MYR

Step 3b: You’ll get the bank details and instructions to make your MYR transfer.

Use the details to make a normal bank transfer to ProsperUs via your local bank account. Since this is a normal bank transfer and not a Foreign Telegraphic Transfer (FTT), there are no fees or charges involved to deposit MYR.

ProsperUS Funding MYR

Step 4: Remember to key in the last 5 characters of your reference number + upload a screenshot of the transfer to complete the process.  

ProsperUS Funding: Reference ID provided by local banks
ProsperUS Funding: Reference ID provided by local banks

Withdrawal from your ProsperUs account 

There are 3 main ways to withdraw from your ProsperUs account:

Method 1: Direct withdrawal to a local bank account via Telegraphic Transfer (TT)

The first withdrawal method is via Telegraphic Transfer (TT) from ProsperUs to your local bank account.

I do not recommend this method as it’ll usually take longer. Moreover, there will be a handling fee of SGD30 for withdrawal to non-SG banks, as well clearance charges from our local bank:

  • Handling fee: SGD30
  • FX spread + Intermediary clearance fee from our local bank

As you can see, this is an expensive withdrawal method and I highly recommend you to use a Singapore bank account (Method 2) for withdrawal instead.


Method 2: Withdrawal of SGD from ProsperUs to a Singapore bank account (CIMB SG)

Withdrawal from ProsperUs is best done through a Singapore bank account as it is faster (within the same day). Furthermore, there are no charges on withdrawal in SGD.

Step 1: Log in to ProsperUs > Select ‘Add bank account’ if this is your first withdrawal attempt.

Otherwise, you can skip to Step 4.

ProsperUS Withdrawal - Add bank account

Step 2a: Key in the details of your CIMB SG account

Step 2b: As proof that you are withdrawing to your own account, you are required to upload your CIMB SG bank statement as well.

Log in to your CIMB SG account > ‘E-Statement’ > ‘Deposits’ > ‘View Online Statements’ > Download the latest statement and upload it on ProsperUs

ProsperUS Withdrawal - Add bank account

Step 3: Wait for ProsperUs to verify your bank account.

It’ll take about 1 to 2 business days for verification.

ProsperUS Withdrawal - Verification

Step 4: Under ‘Manage Funds’, Select ‘Withdraw’

Key in the amount of withdrawal and select the bank account to withdraw to. Then, submit your withdrawal.

ProsperUS Withdrawal via CIMB SG

Step 5: That’s it! Your withdrawal should be processed within 1 to 2 business days.

ProsperUS Withdrawal notification


Method 3: Withdrawal of MYR from ProsperUs to a Malaysia bank account

The way to withdraw MYR back to your local bank account is similar to Method 2 above. 

The difference here is you’d have to add your Malaysia bank account in Step 1-3 so you can withdraw your MYR to that account.

There are no fees involved for MYR withdrawal to your local bank account.


Exchanging SGD to other currencies in ProsperUs (and vice versa)

Let’s say you deposit your funds in SGD. Now, you want to use USD to invest in the US market, or EUR to invest in the European markets.

There are 2 ways you can go around this:

#1 Easiest way: ProsperUs will automatically exchange your SGD to USD when you execute your transaction.

As such, FX rates of the day will be taken during the exchange.

ProsperUS: Automatic currency exchange while taking a trade
ProsperUS: Automatic currency exchange while taking a trade

#2 You can also exchange your SGD to USD (or other currencies) ahead of taking a trade:

  • Step 1: Request for a USD currency account by writing to ProsperUs (‘Help’ > ‘Contact Us’ > ‘Submit an enquiry’). It’ll usually be activated within 1 business day.

Email Template to ProsperUs: “Can you activate my USD currency account?”

ProsperUS USD Currency Acount

  • Step 2: Go to Boost > ‘Account’ > ‘Deposit & transfers’ > ‘Sub-account Transfer’ and perform the currency exchange.

As such, FX rates of the day will be taken during the exchange.

exchange currency in Boost by ProsperUS


Exclusive ProsperUs Referral Code – MONEY20

ProsperUS referral code

 

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From today till 31/3/2022, key in my exclusive promo code ‘MONEY20’ while you register, and get a FREE SGD50 top up & up to RM300 e-wallet credits when you open a ProsperUs account:

RewardsHow to qualify
#1 One-time top up of SGD20 into your ProsperUS accountInitial funding of SGD500 within 30 days of your account opening. To qualify, you should not withdraw the SGD500 for at least 30 calendar days.
#2 A further top up of SGD30 into your ProsperUS accountExecute at least 3 trades by 31/5/2022
#3 Up to RM300 in Grab or T&G e-wallet credits RM120: Initial funding of SGD1000 within 30 days of your account opening + 3 trades by 31/5/2022.

RM180: Initial funding of SGD3000 within 30 days of your account opening + 3 trades by 31/5/2022.

RM300: Initial funding of SGD10,000 within 30 days of your account opening + 3 trades by 31/5/2022.

To qualify, you should not withdraw the initial funding for at least 30 calendar days.
Note: A deposit in other currencies of equivalent value will also qualify you for the rewards. eg. Initial funding of ~RM1600 or ~USD400 is equivalent to SGD500.

p.s. Please check for the latest exchange rate accordingly.


Click HERE to view the full T&C of this referral reward. Personally, I think this is a great deal if you are planning to open an account to start investing globally!

Open a ProsperUs Account Today!


Disclaimers:

Past return is not indicative of future performance.

This post may contain affiliate links/codes that afford No Money Lah a small amount of referral (and help support the blog) should you sign up through my referral code.

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Chin Yi Xuan

Hi there! I am Yi Xuan. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. Every week, I write about my personal learnings & discovery about life, money, and the market.

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