Funds Deposit & Withdrawal

You can deposit funds through the below methods:

• PayNow via UEN
• PayNow via QR Code
• eGIRO Payment
• Fast and Secure Transfer (FAST)
• DBS/POSB Bill Payment*
• eNETS Deposit
• Telegraphic Transfer

PayNow via UEN – SGD only

*Note: Please enter your account number without any spaces, hyphens or punctuations

PayNow via QR Code – SGD only

Recommended for customers with a Singapore bank account

eGIRO Payment – SGD only

Internet Bank Transfer / Fast and Secure Transfer (FAST) 

Recommended for customers with a Singapore bank account

DBS/POSB Bill Payment – SGD only

eNETS Deposit – SGD only

Telegraphic Transfer (TT)

Internal transfer from Phillip Group Accounts

Please ensure that:

• Payee/beneficiary name is PHILLIP NOVA PTE LTD
• Your Phillip Nova account no. (e.g. ABC1234) is indicated under Initial/Reference/Description/Detail/Comment/Remarks
• Please enter your Phillip Nova account number without any hyphens, punctuation or spaces.

• Your proof of transfer is emailed to nova@phillip.com.sg. For deposits made for margin calls/low equity purposes, please email the proof of transfer to nova_mo@phillip.com.sg.

• Deposits made to Phillip Nova are not immediately received and instructions to liquidate in part or all of your positions may still arise before your funds are credited into your account. To avoid forced liquidation of positions, your deposits must be cleared and booked into your account/trading platform. Please note that liquidation instructions are irrevocable, even though we may be in the process of receiving your funds or crediting them into your account/trading platform.

Additional Notes:

• For any other query regarding funds deposit, you may contact us at (65) 6538 0500 or email nova@phillip.com.sg.

• Funds transfers to our Citibank accounts will be credited by the next business day.
• Supporting document(s) may be required to ascertain the source of funds.
• An email notification will be sent upon successful crediting of funds.
• There may be delays in the crediting of clients’ funds arising from delays or service disruptions on the banking service providers’ end.
• Funds received via telegraphic transfer will be charged a USD10 processing fee.
• There may be additional fees charged by the bank(s) involved in the processing of the telegraphic transfer. Phillip Nova will credit the actual amount received.

There is no fee for funds deposited through PayNow, FAST, Bill Payment and eNETS.

Telegraphic Transfer

When transferring funds through telegraphic transfer, there will be various banks involved (i.e. remitting bank, intermediary bank(s) and receiving bank). Each bank may charge some fees for processing the transfer.

Funds received via telegraphic transfer will be charged a USD10 processing fee by our processing bank.

Internal Transfer within Phillip Group

There are no fees for SGD and USD transfers; all other currencies will be subjected to Telegraphic Transfer fees listed above.

First Time Deposit is not required for Individual/Joint accounts.

For Corporate accounts, the minimum First Time Deposit is as follows:

• Incorporated in Singapore/Malaysia – SGD30,000
• Others – USD50,000

Successful transfers can be credited instantly, to within 1 hour with the following methods:

• PayNow
• eGIRO
• Fast and Secure Transfer (FAST)
• DBS/POSB Bill Payment*
• eNETS

*funds received between 11pm-2am will be credited after 2.30am

For transfers from Phillip Securities to Phillip Nova, successful transfers will be credited within the same day, if the fund withdrawal/transfer instruction reaches Phillip Securities before their cut off time. For more information on such transfers, please contact Phillip Securities at (65) 6531 1555.

For telegraphic transfers, the funds generally should be received within 1 to 5 business days. The time taken varies depending on the country or bank the funds are being sent from. Please check with your remitting bank for more details.

An automatic email notification will be sent to you upon successful credit of the funds to your account.

This is only applicable to transfers made via  PayNow, eGIRO, FAST transfer, eNETS, and transfers made to the following banks and in the supported currency:

You can fund your account in any of the major currencies. As your account is maintained in USD, Phillip Nova will convert the foreign currency into USD before crediting it into your account.

You can fund your account with any of the following currencies:

1. Australian Dollar (AUD)
2. Canadian Dollar (CAD)
3. Swiss Franc (CHF)
4. Chinese Yuan Renminbi (CNH)
5. Euro (EUR)
6. British Pound (GBP)
7. Hong Kong Dollar (HKD)
8. Japanese Yen (JPY)
9. New Zealand Dollar (NZD)
10. Singapore Dollar (SGD)
11. US Dollar (USD)

For MT5 users, please note that your account is maintained in USD. Phillip Nova will convert the foreign currency into USD before crediting it into your account.

Phillip Nova maintains bank accounts for different currencies with DBS Singapore, Citibank N.A Singapore, HSBC Hong Kong, and United Overseas Bank Limited. Click here for Phillip Nova’s bank information.

Note: The bank and the currency deposited has to match the currency held by Phillip Nova in the selected bank account to not incur additional bank charges.

Please consider faster funding methods such as eGIRO, PayNow or FAST, through which funds can be credited instantly to within 1 hour.

If cheque deposit is the preferred funding method, it can be made directly to Phillip Nova’s bank account (refer to page 3 of the Phillip Nova’s bank details). Phillip Nova does not accept cheques at our offices.

Funds will only be credited to your account after the cheque is cleared by the bank. For margin calls/low equity situations, cheque deposits will not be taken into consideration until after the cheque has been cleared.

As we need to ascertain the sender of the cheque, please take the following steps when depositing cheques:

1. Cheque to be made payable to Phillip Nova Pte Ltd, cross the cheque and strike off bearer.
2. Indicate Phillip Nova’s bank details, your Phillip Nova account number, and your contact number at the back of the cheque.
3. Take a photo of the front and back of your cheque, and the deposit slip with bank stamp.

4. Email the photos to nova@phillip.com.sg.

Cheques deposited without proof will incur a SGD50 cheque image retrieval fee.