For FSMOne RSP of foreign ETFs, you can direct FSMOne to deduct S$ and let FSMOne change the money for you. This is convenient as it saves you the hassle of changing the FX. In addition, there is no high-interest HK$ account so if you just left the HK$ in the FSMOne account while waiting for RSP deduction, you might lose out in terms of interest.
Because of this convenience, I never bothered to look at whether the FSMOne FX rates for RSP purchases are different from manual Fx rates (i.e. you change the S$ to HK$ or whatever yourself). The manual Fx rates of FSMOne are pretty good, about 0.3%.
However, someone posted in the forum that for FSMOne RSP, the exchange rate premium is 0.7%, which is as bad as SCB's Fx premium. I checked this out by looking at my latest RSP statement.
- 16 Jan: FSMOne SGD to HKD exchange rate 5.667947 (Transaction date)
- 16 Jan 0130 UTC (930am HK Time) XE.com : 5.69619
- 15 Jan 0930 UTC (530pm HK time - market close previous day) XE: 5.69732
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