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Funding and withdrawals
- How much money do I need to deposit to open a City Index CFD trading account?
- How can I fund my account?
- Are there charges for making deposits into my City Index account?
- Can I add additional cards to fund my account?
- Can I deposit funds in another currency?
- How will I know when funds have been added to my account?
- My deposit has been declined. What should I do?
- How do I transfer funds out of my account?
- How much can I withdraw in one time?
- Are there charges for making withdrawals?
- How long do withdrawals take?
- What is my 'available for withdrawal' balance and how is it calculated?
- What payment methods are not accepted for withdrawals?
- How does net deposit affect my ability to withdraw?
- I no longer have access to a particular payment method
1. How much money do I need to deposit to open a City Index CFD account?
The minimum first deposit is $500 and thereafter it is completely up to you as to how much you wish to deposit into your City Index FX account.
2. How can I fund my account?
You can deposit funds via the following payment methods:
- Internet Banking / FAST
- Credit/Debit Card
- Bill Payment
Internet Banking / FAST
FAST (Fast and Secure Transfer) is an electronic funds transfer service that lets you transfer SGD funds quickly to us. For funding via FAST/ Internet Banking, you may direct your fund deposit to the following bank account:
- DBS Bank Account No. 022-900827-1 (Bank branch code: 022) – Current Account (SGD)
Please enter your NRIC number (for new accounts) or your trading account number (starting with SG/10 or 20) under “Remarks/Message to Payee’s field”.
For clients who maintain an offshore bank account or reside outside Singapore, you can deposit funds via wire transfer. Ensure that the remitting bank sends MT103 to the beneficiary bank so that we can apply funds to your account. For information on our bank account details, kindly refer to the "Fund your Account" page on our trading platforms.
Please email or fax (+65 6826 9968) a scanned copy of the bank transaction report to us for our record. Proof of transaction must contain the following information to avoid unnecessary delay in depositing funds to your account:
- Your bank name, bank logo and bank account number
- The receiving bank account number
- Date of transfer
PayNow is a funds transfer service for clients of nine participating banks in Singapore – Bank of China, Citibank, DBS/POSB, HSBC, Industrial and Commercial Bank of China Limited, Maybank, OCBC Bank, Standard Chartered Bank, and UOB.
PayNow makes it easy to fund your City Index trading account, using your internet/mobile banking app. Simply log in and search for the PayNow option. Then choose one of the following to complete your transaction:
- PayNow via QR code:
Using your mobile phone, scan the City Index QR code below. You will see the City Index company name - GC SINGAPORE SGD SEG ACCOUNT. When prompted, key in the amount and your City Index trading account number (or your NRIC if you don’t have an account number yet) to complete the transfer.
- PayNow via Unique Entity Number (UEN):
When choosing this option, key in City Index UEN number: 200400922K, or search for GC SINGAPORE SGD SEG ACCOUNT. Complete the transfer by keying in the amount and your City Index trading account number (or your NRIC if you don’t have an account number yet).
- Fast and easy, there are no bank charges for using this method.
- When transferring funds, make sure you reference your City Index trading account number (or your NRIC if you don’t have an account number yet) so we know which account to allocate the funds to.
- The daily transfer limit is set by your bank and can be managed via your banking website.
To make a card deposit, please access our trading platform:
• For CFD account holders, please access our trading platform and click on “account” then “fund your account” tab. • For FX (MT 4) account holders, please go to “Company” Tab on MT4 Terminal and click on “Funds” -> “Deposit”.
You will be required to register your card details prior to making a card funding. Upon making a successful card deposit transaction, funds will be available immediately for trading. The minimum amount per transaction in the various base currencies are below:
- SGD-based trading accounts: SGD 250
- USD-based trading accounts: USD 250
Please note that a card transaction fee of 2% will be incurred and payable by you.
Payment via NETS is available for Singapore residents.
- We will only be able to accept funds from the account holders.
- We are unable to accept cash.
- For FX (Meta Trader 4) accounts, funds can only be transferred in the same currency which your account is based in.
Please contact our Client Management team if you would like more details.
For deposit into our DBS/HSBC bank account, cheque should be made payable to “GAIN Capital Singapore Pte Ltd”, with your trading account number written on the back of the cheque. Please mail out your cheque to:
GAIN Capital Singapore Pte Ltd
6 Battery Road, #20-01
Alternatively, you are welcome to visit our office in person to hand us the cheque.
If you have a DBS or POSB bank account, you can fund your trading account through the online Bill Payment facility. Please note that using Bill Payment you can expect your trading account to be credited with the funds the next day. We recommend our clients to use FAST/PayNow transfer due to the quicker turnaround time for receipt of funds.
To fund your account, login to your DBS/POSB iBanking account and following the steps below:
1. Log in to DBS iBanking
2. On the top menu, click on “Pay” > “Pay Bill”
3. Under Payment Option, Select "Billing Organisation not in my pre-arranged list"
4. In the blank field next to Billing Organisation, enter "City Index"
5. To avoid delay, please enter your trading account number as the Bill Reference. For new clients who do not have a trading account number yet, please enter your NRIC/FIN number as the Bill Reference.
6. Select the bank account to transfer from and payment amount
7. Click on "Next" button to proceed with iB Secure PIN authorisation 8. Click on the “Submit” button to continue with the payment
NOTES: Funds deposited by card to your account may only be withdrawn back to the same card. There are a small number of international cards which do not allow withdrawal back to card. If you are using one of these cards, you will be notified when you attempt to make an online withdrawal. We do not accept third party funding, and reserve the right to deposit funds into your trading account only upon successful receipt and verification of funds. Where necessary, we may request for additional supporting documents.
For MT4 accounts funds deposited should always be transferred in the same base currency; withdrawal can only be processes in the same base currency for these accounts.
3. Are there charges for making deposits into my City Index account?
We charge 2% on all credit or debit card deposits. However, Bank Transfers/FAST and PayNow do not incur any charges.
4. Can I add additional cards to fund my account?
Yes, you can have a maximum of three cards registered to your account at any time. To add a new card, please use the funding link on the platform.
5. Can I deposit funds in another currency?
Funds can only be deposited in the base currency of the account.
6. How will I know when funds have been added to my account?
Once funds have been credited to your account, you will see them available on your trading account. Please note we do not send a confirmation of successful deposits.
7. My deposit has been declined. What should I do?
Your bank may decline your transaction for a number of reasons, but we are not told why. These may include:
- Incorrect Expiry Date
- Incorrect CVC Number (the 3 digit security code on the back of your card)
- Invalid card number
- Insufficient Funds
- Out of date Address details.
- Incorrect 3DS details
- Suspected fraudulent transaction
- To resolve this, you will need to contact your card issuer.
To resolve this, you will need to contact your card issuer.
8. How do I transfer funds out of my account?
To transfer funds out of your account by card, please visit the funding section of the trading platform and click on "Withdraw"
If you would like further instructions, please contact Customer Support using one of the options on our Contact Us page.
For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. At times we may request for additional documents to process your request.
9. How much can I withdraw in one time?
The minimum withdrawal amount by card is $50, or all your available account balance (whichever is lower).
The maximum you can withdraw in a single transaction is $20,000. If withdrawing online on credit cards there is a limit of $20,000 in 24 hours.
If you wish to withdraw more than the limits online then, please contact our client management team using one of the options on our contact us page.
10. Are there charges for making withdrawals?
No. Our company does not charge clients for withdrawals by card. However, any telegraphic transfer charges for funds transfer involving overseas bank / non-SGD transfer will be borne by you.
11. How long do withdrawals take?
Instructions received by City Index for payment request will be processed within three working days. Wire transfers typically take three working days. Card withdrawal can take up to 10 working days for funds to reach the client. On exceptional cases this may take longer, clients are welcome to contact us for further assistance if funds are not received within the next 10 business days after processing.
12. What is my 'available for withdrawal' balance and how is it calculated?
The maximum amount you can withdraw is called your 'available for withdrawal' balance. You may withdraw all or part of your money from your account at any time, as long as it is not already committed to any open trades. If you withdraw all of your funds your account will still remain open for future use.
When you have withdrawn money such that all the deposits you made using your cards are zero, then you will be able to withdraw any excess funds in your available balance back to any registered payment method.
13. What payment methods are not accepted for withdrawals?
A small number of credit cards (including a few from MasterCard and Visa) will not allow us to pay funds back to your card. If you are using one of these cards you will be notified when you attempt to make a withdrawal. If this is the case we can arrange for your funds to be paid back to the bank account of your choice.
To minimise the risk of card fraud we may also request some documentation from you before the bank transfer can be processed.
You can withdraw money to any of your registered payment cards, but the card has to have already made a successful deposit. There are no fees for withdrawals back to a payment card.
14. How does net deposit affect my ability to withdraw?
Your net deposit amount reflects any deposits carried out with that particular payment method. It is calculated by subtracting your total withdrawals from your total deposits for that payment method.
Net deposits are a facility we have in place to abide by a number of important financial regulations. We also use this for our own internal security measures to combat security issues – such as money laundering, card theft and fraud.
The net deposit on any registered payment method must be at zero before you can remove that payment method, or are able to withdraw any excess funds and gains).
In short, you can only withdraw funds back to the payment method from which they came unless all net deposits are zero.
Let's say you have two cards registered and deposit $100 from Card A and $150 from Card B. This gives you a Net Deposit of $250.
You place all that money on a trade that subsequently closes at $350. This means that you will need to withdraw $100 to Card A and $150 to Card B before you can withdraw the remaining $100.
Once those two amounts are withdrawn, the remaining balance can then be withdrawn to either card without issue.
Please note: Net Deposits refer to deposits and withdrawals only. The Net Deposit figure is only affected by deposits or withdrawals to that specific payment method.
15. I no longer have access to a particular payment method
If you no longer have the payment method (such as the card has been cancelled), depending on a number of routine security checks, we may be able to remove the card from your account. However, please be advised that in some cases we may require additional documentation confirming that the payment method is no longer active before we can remove it.
Speak to our friendly customer support team