Funding and withdrawals

  1. How much money do I need to deposit to open a City Index CFD trading account?
  2. How can I fund my account?
  3. Are there charges for making deposits into my City Index account?
  4. Can I add additional cards to fund my account?
  5. Can I deposit funds in another currency?
  6. How will I know when funds have been added to my account?
  7. My deposit has been declined. What should I do?
  8. How do I transfer funds out of my account?
  9. How much can I withdraw in one time?
  10. Are there charges for making withdrawals?
  11. How long do withdrawals take?
  12. What is my 'available for withdrawal' balance and how is it calculated?
  13. What payment methods are not accepted for withdrawals?
  14. How does net deposit affect my ability to withdraw?
  15. 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:

Method Time to credit Cost
 Internet Banking / FAST
 Almost instant to within
the next business day
 None
 PayNow
 Almost instant to within
the next business day
 None
 Credit/Debit Card
 Immediate
 2% transaction fee levied
by the card processor
 Cheque
 Up to 3 business days
 None
 Bill Payment
 The next business day
 None
 Wire Transfer
 Up to 3 business days
 Your bank may apply charges

Note:

  • We are unable to accept cash/cash deposit.
  • Payment via NETS is available for Singapore residents, at our office, during office hours

Internet Banking / FAST

Internet transfer /FAST (Fast and Secure Transfer) service lets you transfer SGD funds quickly to us.
How to deposit funds:

  • Log into your Internet banking app/website
  • Make a transfer by directing your funds to our bank account: DBS Bank Account No. 022-900827-1
  • 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. This may be under the description/remarks field

Time to credit: Almost instant to within the next business day
Cost: None

PayNow

PayNow makes it easy to fund your City Index trading account, using your internet/mobile banking app. PayNow is available for clients of nine participating banks in Singapore.
How to deposit funds:

Step 1: Log into your internet banking app and search for the PayNow option. You may need to follow a short set-up process.

Step 2: Key in City Index UEN number: 200400922K or scan the below QR code with your mobile. You will then see our name - GC SINGAPORE SGD SEG ACCOUNT

paynow qr code

Step 3: 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

Note:
The daily transfer limit is set by your bank and can be managed via your banking website.

Time to credit: Almost instant to within the next business day
Cost: None

Credit/Debit Card

We accept VISA and MasterCard debit and credit cards. A minimum amount per card transaction is SGD250/USD250. Credit/debit card deposits will incur a fee of 2% levied by the card processor.
Once your transaction has been authorised, your funds will be available to trade with straight away

How to deposit funds:

  • Access our trading platform
  • For CFD account holders: click on “Add Funds”
  • For MT4 account holders: 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.

Note:

  • We will only be able to accept funds from the account holders.
  • For FX (MT4) accounts, funds can only be transferred in the same currency which your account is based in

Time to credit: Immediate
Cost: 2% transaction fee levied by the card processor

Cheque

How to deposit funds:

  • 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
    Singapore 049909
  • Alternatively, you are welcome to visit our office in person to hand us the cheque.

Time to credit: Up to 3 business days
Cost: None

Bill Payment

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 business day. We recommend our clients to use FAST/PayNow transfer due to the quicker turnaround time for receipt of funds.
How to deposit funds:

  • Log in to DBS iBanking
  • Go to ‘Pay Bill’ and under ‘Payment Option’ select ‘Billing Organization not in my pre-arranged list’ and enter City Index in the blank field
  • Enter your City Index trading account number as the Bill Reference, or your NRIC if you don’t have an account number yet, so we know which account to allocate the funds to.
  • Select the bank account to transfer from and payment amount
  • Click on ‘Next’ button to proceed with iB Secure PIN authorization
  • Click on the ‘Submit’ button to continue with the payment

Time to credit: The next business day
Cost: None

Wire Transfer

For clients who maintain an offshore bank account or reside outside Singapore, you can deposit funds via wire transfer. Wire transfers are chargeable by your bank and payable by you.
How to deposit funds:

  • Wire To:
    GAIN Capital Singapore Pte Ltd
    DBS Bank
    BIC: DBSSSGSGXXX
    Account Number: 022-900827-1
  • Add your City Index account number or username as the payment reference when making the transfer.
  • Please email us a copy of the bank transaction report to enquiries@cityindexasia.com with your trading account number indicated clearly on it.

Note:

  • International wire transfers are typically available within 3 business days.
  • The Bank Account used to make the deposit should be in the name of the City Index Account Holder. We do not accept third party deposits.

Time to credit: Up to 3 business days
Cost: Your bank may apply charges

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.

Example
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.

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