ProsperUs: Deposit & Withdrawal Guide

Last Updated on April 11, 2024 by Chin Yi Xuan

ProsperUs is one of the most flexible brokers around that offers investors access to different markets and instruments.

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:

• ProsperUs Review: One account is all you need to invest globally!
• How to open a Singapore bank account online

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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’

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.

You’ll also get the bank details on where to transfer your deposits.

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.

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

Then, Click ‘Next’

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

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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).

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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’

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.

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.

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.

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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?”

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

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

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.

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

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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.

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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.

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

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

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

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

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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.

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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.

#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?”

• 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.

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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.