Go to Transact > Funds (Unit Trusts) > Sell/Switch.

Switch Order is essentially a Sell and a Buy order. In some cases, investors may like to use the proceeds of one fund to purchase another fund. By doing a switch, you do not need to wait till you receive your proceeds to make a purchase.

• Inter switch: a switch from one fund to another fund which is under different fund manager.
• Intra switch: a switch from one fund to another fund within the same fund manager.

As of 8th December 2016, FSM Global permanently abolished all sales charges for Unit Trusts. This means you can buy, sell and switch with no fees.

The minimum initial investment amount will apply if you are switching into a fund that you do not own. If you already have units of the fund that you are switching to, the minimum subsequent investment amount will apply.

Do note that as the switch-buy order will be transacted after the switch-sell order, you need to ensure that the redemption amount from the switch-sell, based on the latest indicative bid/NAV price, is at least 105% of the minimum initial or subsequent investment amount of the fund you are switching into. This is a buffer in case the value of the switch-buy fund rises in the meantime. For example, if you want to switch out of Fund A and into Fund B, and Fund B has an initial investment amount of $1,000, you need to ensure that the switch-sell of Fund A, based on its latest indicative bid/NAV price, will generate at least $1,050 worth of proceeds. This is so that if the actual transacted switch-sell price of Fund A is lower than the latest indicative bid/NAV price, there is a buffer to ensure that the minimum initial or subsequent investment amount of Fund B can be met.

Our system will prompt you if the amount is insufficient.

The switch-sell will be transacted on the same business day* provided the orders are received before 3pm on a business day.
The switch-buy will be transacted on T+2 business days* with some exceptions. Click here for more details about switching lag time.
Switching funds between different currencies (e.g. switch-sell a SGD denominated fund into a non-SGD denominated fund) will require additional business day to process.

CPF/SRS Trades (Inter Switch from Non-IA to IA units)
The switch-sell will be transacted on the same business day* provided the orders are received before 3pm on a business day.
The switch-buy order will be transacted on T+5 business days*.This is to ensure the proceeds from the switch-sell will be available for re-investment.
The switch-sell will be priced on T date*, and the switch-buy will be priced on T+5 business days*. In total, it will take T+9 business days* for your switch order to be completed and reflected in your holdings.

* Subject to change according to Fund dealing dates.

Yes, you can do so by placing multiple switch order. Do note that you will need to fulfill the below for each order you place:

- Switch Buy: minimum investment amount
- Switch Sell: minimum redemption and minimum holding

If you switch-sell all the units of a fund, any existing Regular Savings Plan (RSP) arrangement will be terminated immediately.

 

a. Switching between different payments methods are not allowed.
b. Intra Fund House Switch: Cross currency switch is NOT available.
c. Inter Fund House Switch: Cross currency Inter-switch is available, the foreign currency exchange rate will be based on the rate on switch buy T date.
d. The minimum initial investment amount will apply if you are switching into a fund that you do not own. If you already have units of the fund that you are switching to, the minimum subsequent investment amount will apply.
e. The lag time for switching of funds of different currencies (e.g. switch-sell a SGD denominated fund into a non-SGD denominated fund or vice versa) will be increased by 1 business day due to the process time for foreign currency exchange.
f. Switching will be in the form of a sell order and a buy order. For CPF/SRS (Non-IA) orders, please ensure that the sales proceeds are not utilized for other purpose such as stock or other investments; otherwise the switch-buy order may fail.
g. You are not required to make any payments, as the proceeds from the switch-sell order will be used to pay for the switch-buy order.
h. The intra switch buy date may differs from switch sell date if there is fund holiday and/or currency holiday involves during the switching process.

Funds switching for your CPF holdings will NOT be affected (except for Non-IA to IA switches for CPF-SA Non-IA holdings. You may check your “view holding page” under the column “IA Status” to determine if your CPF holdings are under Non-IA status).

If your CPF holdings are registered as “IA” status:
If you perform a switch order of your “IA” holding, your switch order will NOT be affected by the mentioned restriction. This is because the sales proceeds of the switch-sell order will NOT be credited to your CPF Investment Account with your Agent Bank. Instead, the sales proceeds will be channeled to the relevant Fund Manager to pay for the Switch-Buy order.

Basically as long as your CPF investment holding are registered with IA status, you will not be subjected to the mentioned restriction when you perform a switch order.

To know more about CPF IA and its benefits, please click here

If your CPF-SA holdings are registered as “Non-IA” status:
When you perform a switch order of your CPF-SA Non-IA holding, generally, the switch-sell order will be transacted on T and the switch-buy order will be transacted on T+5 business days. The switch-sell proceeds will be credited to your CPF-SA account. You may not re-invest the proceeds if your SA balance is below $40,000, and we may not be able to proceed with the switch-buy order. Your Switch Sell order will be deemed as a SELL order. Kindly note that iFAST will not buy back the holdings once it is sold.

If your CPF-OA holdings are registered as “Non-IA” status:
Switching from Non-IA to IA for your CPF-OA holdings involves the transfer of the proceeds from the switch-sell transaction to your CPF Investment Account with the agent bank, and the subsequent transfer of these monies to pay for the switch-buy transaction. Generally, the switch-sell order will be transacted on T and the switch-buy order will be transacted on T+5 business days. You would incur agent bank charges ** for both the switch-sell and switch-buy transactions.

To ensure the switching transaction from Non-IA to IA goes through successfully, it is important that there is a sufficient buffer to cover the agent bank charges **. Depending on the number of units and the currency involved in the switch-sell transaction, the buffer amount would vary.

As such, iFAST Financial will deduct a buffer amount (refer to next FAQ) from the switch-sell proceeds for the agent bank charge to ensure the switching transaction for Non-IA holdings to IA holdings goes through successfully.

** The Agent Bank Charge for Sell Transaction (Non-IA CPF-OA holding) is typically up to $25 + GST. The Agent Bank Charge for Buy transaction via FSM Global is $2.50 +GST per dealing day regardless of number of units.

iFAST Financial will deduct a buffer amount from the switch-sell proceeds for the agent bank charge to ensure the switching transaction for Non-IA holdings to IA holdings goes through successfully.

If Switch-Sell Fund Currency is SGD:

Number of Units for Switch-Sell	Buffer Amount	Investment Amount for Switch-Buy
≤3000	SGD 11	Switch-Sell proceeds minus SGD11
>3000 and ≤6000	SGD 20	Switch-Sell proceeds minus SGD20
>6000	SGD 30	Switch-Sell proceeds minus SGD30

If Switch-Sell Fund Currency is Non-SGD:

Fund Currency	Buffer Amount
USD	USD 25
EUR	EUR 20
Others	SGD 30 divided by latest exchange rate of the currency (Rounded up to the nearest 5 dollars)

You may wish to sell out of a particular fund, but wait a period before you buy into another fund. Instead of going through the hassle of selling the fund and making a payment again when you buy a new fund, you might want to switch the sales proceeds to Nikko Shenton ShortTerm Bond SGD fund. There is no sales charge to switch into Nikko Shenton ShortTerm Bond SGD fund.

When you are ready to buy another fund, you can perform a buy with the Nikko Shenton ShortTerm Bond SGD fund as the payment method.

To know more about the Nikko Shenton ShortTerm Bond SGD, click here

If your CPF-SA holdings are registered as “Non-IA” status:

You may wish to know the $40,000 restriction from CPF Board. Investors are not able to invest the first $40,000 in their CPF-SA.

When you perform a switch order of your CPF-SA Non-IA holding, the switch-sell proceeds will be credited to your CPF-SA account. You may not re-invest the proceeds if your SA balance is below $40,000, and we may not be able to proceed with the switch-buy order. This is because the withdrawal request for your CPF-SA sales proceeds from your CPF-SA account will be rejected.

Your Switch Sell order will be deemed as a SELL order. Kindly note that iFAST will not buy back the holdings once it is sold.