- General questions
- Transfer fees
- Filling the forms
- Units and profit/loss
- Dividends and RSPs
- Account types
- CPF/SRS transfers
- Timings and delays
- Available funds (unit trusts)
General questions
Q. What do I need to do to transfer my funds?
A. If you don't have an account you must open one first. This takes around 3 days from receiving your forms. Open account here. If you already have an account just follow the transfer instructions.
Q. What are the benefits if I transfer my holdings to you?
A. This article summarises the benefits of using dollarDEX.
Filling the forms
Q. . What if my latest statement (April) does not show the latest investment (those purchases in May) yet? Does that mean that I have to do another transfer after they appear in the statement?
A. You may write 'All' under the units column to solve this problem (rather than the number of units).
Q. The forms are complicated, can you help?
A. Most questions are answered on this page. Email us if you still have questions. Note that most questions in emails we receive are answered on this page!
Q. On Transfer Authorisation form: Section 1 - Portfolio Transfer (cash) - I bought the funds from fundsupermart, should I tick box on the left or right?
A. Left box, and for Name of Distributor's Nominees use "iFAST Financial Pte Ltd- Client Trust (Cash)".
Q. On Transfer Authorisation form: Section 1 - Portfolio Transfer (cash) - I bought the funds from finatiq, should I tick box on the left or right?
A. Left box, and for Name of Distributor's Nominees use "Finatiq".
Q. I bought my funds from POEMS/Phillip Securities, what is the exact name to fill under "Name of Distributor's Nominees" ?
A. For Name of Distributor's Nominees use "POEMS".
Q. I am transferring funds purchased in cash and using my SRS to dollarDEX, do I have to open one Navigator Investment Plan account or two?
A. If you don't already have a cash account at dollarDEX use our online account opening page to open an account. In the transfer form you use for cash funds tick "Yes. Please update this transfer into the Investment Plan Account that I applied concurrently". In the transfer form you use for SRS (or CPF) tick "No. I wish to open a new Investment Plan Account for this transfer."
Q. How many Transfer Authorisation Forms do I need to complete
A. Please use one Transfer Authorisation Form for each Transferor/source of funds. So if you are transferring funds bought with cash print one and fill everything on the form except section (II). If you are transferring funds bought with CPF print one and fill everything on the form except section (I). If you are transferring funds bought with SRS print one and fill everything on the form except section (I). Potentially you may have to print the form 3 times if you are transferring cash, CPF and SRS funds.
Q. Section III is asking for my existing Navigator Investment Plan Account, where do I get this information?
A. If you have already opened an account you will see this in your portfolio page after you Sign In. For example, "N1234567 SGD Single Cash". If there is no plan account or it is of the wrong type, select "No, I wish to open a new plan account for this transfer".
Q. My current distributor deducts platform fees quarterly by selling off some of my units. So at the point of transfer the number of units to transfer will be less than what I wrote in the transfer form. Will this pose a problem?
A. This will not pose a problem as the platform will transfer all the available units to Navigator. Clients may either write down the exact number of units as per the statement or indicate 'All' under the units column.
Q. I took a look at the transfer form, and notice that under "name of funds to be transferred" on page 1, there are only 8 rows. What happens if I intend to transfer more than 8 funds?
A. If you intend to transfer more than 8 funds, please fill and complete two or more copies of page 1.
Q. In the Templeton SRS/CPF/ASPF Investment form, there are a total of 4 pages. Do we need to complete Page 3?
A. You may not need to complete this form. If you do, there is no need to complete the Cancellation section on Page 3-4.
Q. For transfer of fund (cash), under the witness part, who will be the one filling it? Is it a neutral party or staff from dollardex when the form reaches?
A. Someone you know (could also be dollarDEX if you come to our office).
Q. I am transferring CPF holdings, and there are extra forms from the indvidual fund managers to complete. Which parts do I fill in?
A. If you are transferring from iFAST/Fundsupermart there is just one extra form to complete. This form is linked on our site.
Q. So I simply have to fill up the form and mail it to dollarDEX to get the transfer process going. Do I need to do an additional "transfer out" at my current distributor?
A. No need to do any extra transfer out since the forms you send us are authorising that.
Transfer fees
Q. Is there a cost to transfer in holdings?
A. Usually there are no costs to clients, although we can't guarantee that 3rd-parties will not levy any fees in future.
Units and profit/loss
Q. If I transfer 1,000 units of a fund will I end up with the same number of units or will the units depend on market price at the time of transfer?
A. Same number of units.
Q. If I transfer a fund will I lose the information about the original purchase amount/price?
A. Once the transfer is complete you may email us the original purchase amount. This will allow your portfolio statement to show the correct profit/loss on the fund, rather than a profit/loss calculated from the transfer date. For example, you may have bought the fund for $10,000 but at the time of transfer the market value was $11,500. Email us the $10,000 figure so we can adjust it.
Q. If I transfer a fund will my average cost stay the same?
A. Once the transfer is complete you may email us the original purchase amount (cost). This will allow your portfolio statement to show the same average cost on the fund. Note though that this average cost does not have any impact on the number of units you hold, nor the $ value, nor the $ profit you make. It is a useful number to display but not material to your actual holdings.
Dividends and RSPs
Q. My fund may have a dividend declaration with ex-dividend around 8th Apr 2010 and payment date around 15th Apr. If I proceed with the Transfer in to dollarDEX, will I be eligible for this dividend?
A. You won't lose the dividend but you might get it into your old account. You might want to transfer the fund after the dividend has been updated, to avoid hassles (for example, a small number of units equal to the dividend left over in your old account).
Q. My fund dividend is declared on a monthly basis. As the transfer process takes 6-8 weeks, it will affect 1-2 dividend payouts no matter which day we trigger the transfer.
A. You may need to do two transfers in this case i.e. the main bulk of units, then later the residual units from any subsequent dividends in the old account (or more conveniently, just sell the residual units as the amount will be small)
Q. Are dividend payouts in cash or reinvested ?
A. Reinvested unless the fund doesn't allow re-investment.
Q. What will happen to my current RSPs ?
A. You need to stop them at your current distributor and re-start them at dollarDEX
Account types
Q. I would like to transfer most or all of my funds to dollarDEX. Can I create an account in joint names when I sign up if my wife does not have a CDP account?
A. You don't need a CDP account at all to open an account.
Q. Can I transfer from a Single cash account at another distributor to a Joint account at dollarDEX?
Yes, the main applicant has to sign in Section I of the Transfer Authorization
Form and both applicants have to sign in Section IV. Please write a prominent note on the form that indicates a Single account holding is being transferred to a Joint account.
Q. Can I transfer from a Joint cash account at another distributor to a Single account at dollarDEX?
Yes. Both applicants have to sign in Section I and only the main applicant
has to sign on Section IV. Please write a prominent note on the form that indicates a Joint account holding is being transferred to a Single account.
Q. I have a single cash account at dollarDEX but not CPFOA . Can I transfer my CPFOA funds?
A. Yes. Tick the box to open a new plan account on section 3 of the transfer form.
Q. I have a joint cash account at dollarDEX but not CPFOA . Can I transfer my CPFOA funds?
A. Yes, but you must also open a single account at dollarDEX. Sign In under your current Id, then create the new single account. Tick the box to open a new plan account on section 3 of the transfer form.
Q. I have a joint cash elsewhere and CPF/SRS in my name . What accounts do I create?
A. You must open two accounts at dollarDEX: single and joint. You may do this under one SignIn Id. Use the Open account page for both.
Q. I have a joint cash account elsewhere, CPF/SRS in my name and my wife has CPF/SRS too. What accounts do I create?
A. You must open two accounts for yourself at dollarDEX: single and joint. You may do this under one SignIn Id. Your wife must open a separate single account under a different SignIn Id. Use the Open account page for yours. Your wife separately (make sure you have logged out) should use the same page.
CPF/SRS transfers
Q. I am transferring CPF holdings, and there are extra forms from the indvidual fund managers to complete. Which parts do I fill in?
A. If you are transferring from iFAST/Fundsupermart there is just one extra form to complete. This form is linked on our site.
Q. What about CPF minimums?
A. CPF Board requires a minimum sum of $30K (from 1 July 2010, the first $40k) in CPF-SA. Any transfer will go back to your CPF-SA account and if the balance falls below the minimum it will be "locked in". Hence, in order to ensure that your CPF-SA money can be transferred successfully, Navigator (our custodian) would require you to provide your latest CPF-SA statement of account. However for CPF-OA this step is not necessary as redemption proceeds goes to the client's agent bank and will not be locked in.
Timings and (avoiding) delays
Q. How long does it take to transfer my funds?
A. Around 6 weeks. With the sudden surge of demand for transfers, it can sometimes take slightly longer. A big factor in delays is incomplete documentation or missing information provided. These are the common mistakes, please avoid these else your transfers will be delayed or rejected:
- Statement print-outs omit your name
- Units written on the form differ from those on your statements
- Statements are not up-to-date
- No statement submitted
- Forgot to include extra form(s) when transferring CPF/SRS
- Signature not dated
Q. Why has my fund been transferred out at my original distributor but not transferred in at dollarDEX?
A. Exact synchronisation is not usual as transfers in and out depend on several parties, including fund managers. You should see a corresponding transfer in within 5-10 working days. If after 10 working days you still do not see a transfer in, please contact us.
Q. Why has my fund already been transferred into dollarDEX but is still shown at my original distributor?
A. Exact synchronisation is not usual as transfers in and out depend on several parties, including fund managers. You should see a corresponding transfer out within 5-10 working days. If after 10 working days you still do not see a transfer out, please contact your original distributor.
Q. I am transferring six funds but only five have been updated. What happened to the other one?
A. Exact synchronisation is not usual as transfers in and out depend on several parties, including potentially different fund managers. It's not unusual for one fund manager to be ahead of others, or for a distributor to batch up requests. So you may experience slightly different timings for each fund.
Q. How can I track the progress of my transfers?
A. You will receive an email to acknowledge receipt of your forms. You may receive a follow up email if we discover missing documents or information. Finally, you will receive a confirmation email when the transfer is completed (one for each fund), and the units will appear in your online portfolio statement.
Available funds
Q. Some funds I have are missing from dollarDEX what can you do to help?
A. We may allow you to buy an alternative fund at 0% sales charge with the proceeds from selling the "missing" fund. You will need to show us a statement showing your holding in the "missing" fund and get our agreement before you go ahead with the order for the missing fund. Another option is at your current distributor to switch to a fund we do offer, then transfer this fund.
Q. Do you have a cash fund?
A. We offer Phillip Money Market Fund and Fullerton SGD Cash Fund for same day switching. This article describes the options available for cash management.
Answers correct to the best of our knowledge.
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Page last updated 15 May 2012