Looking for the best USD accounts in Singapore? Read more here about what USD accounts can you open in Singapore
MooMoo is a popular investment app and trading platform which lets customers create investment portfolios across a range of asset classes, currencies and markets via their mobile phones.
If you already have a MooMoo account and need to withdraw funds from it, this guide runs through what you need to do. We’ll also cover the ins and outs of withdrawing in foreign currencies, and introduce the Wise multi-currency account as a smart way to hold and convert currencies with the real exchange rate and low, transparent fees.
MooMoo accounts are operated via the MooMoo app, which means you can manage your portfolio, buy, sell and withdraw right from your phone. When you make a trade to sell an asset, your funds will be deposited into your MooMoo account and will show up as withdrawable cash within a day or two. You can then withdraw your funds in SGD, USD or HKD to your bank account.
Here’s what to do when it’s time to withdraw your MooMoo funds¹:
- Log into your MooMoo account
- Click Trade > Brokerage Account > All > Withdraw
- Enter the withdrawal amount and currency
- Add the details of the beneficiary bank you want to withdraw to
- Upload your bank certificate to show the account is yours
- Confirm the withdrawal - you’ll get a notification when it has been processed
MooMoo offers investments across a range of currencies including SGD, HKD and USD. You can withdraw to Singapore banks, or to your bank account in another country, in any of the supported currencies. If you need to switch from one currency to another - let’s say you hold a HKD balance and want to withdraw from MooMoo in USD to your US based bank account - you’ll be able to create a currency conversion request in the app².
It’s worth noting that currency conversion within the MooMoo app will be done at the MooMoo exchange rate, which may include a markup.
A great way to convert your currencies with no markup is to use the Wise multi-currency account when withdrawing your money - we'll cover it in just a moment.
Once your MooMoo withdrawal request has been made, it’ll be processed as soon as possible. You’ll get a notification once the request has been processed, but exactly how long it takes for the funds to arrive depends a lot on the specifics of the withdrawal.
MooMoo’s estimated arrival times based on different trade types are as follows:
|Beneficiary bank and MooMoo withdrawal type||Estimated arrival time|
|Withdrawal under 200,000 SGD to a Singapore bank offering FAST||1 business day|
|Withdrawal under 200,000 SGD to a Singapore bank which does not offer FAST||1 - 3 business days|
|Withdrawal of over 200,000 SGD to a Singapore bank||1 - 3 business days|
|Withdrawal of USD or HKD to a Singapore bank||1 - 3 business days|
|Withdrawal of USD, HKD or USD to a bank based outside of Singapore||3 - 5 business days|
If you run into problems while completing your MooMoo withdrawal there could be a few simple explanations. Here are some tips to help:
- Check that your asset sale has settled - it can take a couple of days to be processed, and you’ll need to take into account time differences and holidays in other markets if you trade internationally
- Check you’re not trying to withdraw a higher amount than is available in your MooMoo withdrawable cash
- Check you’re allowed to withdraw to the beneficiary bank you’ve selected - the account must be in your name, as shown on your MooMoo account
MooMoo doesn’t charge withdrawal fees - but it’s possible that the bank you’re withdrawing to will deduct costs as the withdrawal is processed. If your withdrawal involves currency conversion, you might also find that you lose out if your bank offers a poor exchange rate.
If you want to keep more of your money when you trade internationally, check out the Wise multi-currency account. You’ll be able to hold and exchange 40+ currencies, including SGD, USD and HKD, and switch between them at the real mid-market exchange rate. You can also get free³ local account details to receive USD, SGD, GBP, EUR and 6 other currencies.
|You can now deposit money directly to your MooMoo brokerage account with Wise if you don't have a local bank account in Singapore. Learn more from MooMoo's help center.|
That means, for example, you’d be able to withdraw your USD MooMoo withdrawable cash to your Wise account for free, and switch it to SGD - or any other currency you need - within your Wise account with the real exchange rate. There are no monthly charges to hold a Wise account, so you’ll only ever pay a low, transparent fee for the services you need. That can mean you save significantly when managing your money across currencies.
See how much you can save with the Wise multi-currency account today.
- Futu FAQ - how to withdraw money from MooMoo
- Futu FAQ - currency conversion
- Free for personal customers, for business customers there is a small one-time setup fee.
Sources checked on 16.05.2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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