Friday, 17 January 2025

FSMOne RSP Fx premium

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

I compared with two different exchange rates, the XE.com rate on the day of the trade, and the rate the day before the trade (as FSMOne might want to lock in the rate one day before the actual trade)

If FSM changed HKD on the morning of the RSP trade, the premium is 0.49%
If FSM changed HKD the day before at market close, the premium is 0.52%

Based on this, it does seem that FSMOne charges a higher Fx premium if you setup an RSP order using S$ and ask FSM to change the currency for you.



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