Phillip Futures: Help: FAQs: Account/Top-Up/Withdrawal FAQs

Related FAQs: General | Account | Products | Trading Platform | Trading

Account Opening

Q1. How can I open a Futures trading account?
Please make a visit to our Main Office or any of our POEMS Investor Centers to sign Trading Account Application and Agreement Forms.

The requirements for opening account are as below:

	Initial Deposit	Necessary Documents
Singaporeans/PR	SGD 3,000	NRIC
Malaysians	SGD 10,000	Malaysian Identity Card
Foreigners working in Singapore	SGD 10,000	Passport & Work Permit / Employment Pass
Foreigners	SGD 10,000	Passport

Please note that:

If the residential address is different from that stated on the IC, client will need to provide either an utilities bill or bank statement reflective of the current residential address.
For Joint account, both applicants will have to be present at our office premises to sign the account opening form.

Q2. How long does it take to open a Futures account?
Usually we need 2-3 working days to process an opening account, upon receiving of fund. However, under some circumstances, it may take up slightly longer.

Q3. Do I get credit interest for my excess funds with Phillip Futures?
Yes, Phillip Futures pay interest for the excess funds in your account. Credit Interests are only paid to selective currency.

Note: Rates may change from time to time. For more detail credit interest rate, please call our Marketing Desk at (65) 6538 0500.

Q4. Is there a trading limit?
Each customer’s open positions shall be fully margined and subject to the relevant initial and maintenance margins prescribed by the company. Such positions, even with the sufficient funds, shall not exceed 10 lots of NASDAQ / JGB / S&P or 20 lots of other contracts without proper approval from the Management.

Note: Client can apply for higher limit by informing our Marketing Desk at (65) 6538 0500.

Q5. Can I use my Phillip Securities account to trade Futures/FOREX/Gold via the same account?
No. Although Phillip Securities and Phillip Futures fall under the same PhillipCapital Group, we are considered as 2 separate entities.

So, in order to trade in these products, you have to open a Futures account with Phillip Futures.
Upon approval of your account, we can do a linkage of your Futures account to your POEMS account, which allows you to trade Stocks, Futures, etc under one trading platform. But, the funds in your Futures Account will still be separated from the funds in your Securities account.

Account Statement

Q1. How do I view my daily account statement?
A daily trade statement will be send to you either through email or mail (options made during opening of account). If you are a POEMS account user, you are able to view your account detail at POEMS > Futures > Account > Financial Summary.

Q2. How am I charged interest rate on margin deficit?
If there is no particular currency within your account, and you are trading a contract that needs that particular currency, you will be charged interest for not having that currency for your trading within your account.

Note: Rates may change from time to time. For more detail debit interest rate, please call our Marketing Desk at (65) 6538 0500.

Q3. Will there be an auto conversion by Phillip Futures to cover the deficit?
Phillip Futures will not do any conversion without the client’s consent or instruction. Clients may call to the Dealing Desk for conversion rate and if the client agrees the rate, then the conversion will be proceed. Client may also do online conversion via POEMS using FX Invest.

Top-Up and Withdrawal

Q1. How do I top-up my margin?
To facilitate settlement of your futures transactions/margin call, you may option for any of the following settlement mode:

Cash Payment (Acceptable only at Main Office between 9.00am and 6.00pm from Monday
to Friday except public holidays).

We only accept S$ payment in the manner of the Cash Payment.

Cheque (Note: Please cross the cheque; strike-off bearer and make cheque payable to “ Phillip Futures Pte Ltd”;
Kindly indicate your Futures Trading Account number and mobile phone contact number behind the cheque).

We only accept S$ and US$ cheque payment. Both currencies do not attract any fee/charge.
Cut-off timing for next business day clearance: 3.00pm for S$ and 10.00am for US$.

Internet Banking (Bill Payment Facility)
(Under Bill Payment, look for “ Phillip Futures Pte Ltd”, for reference no., indicate Futures account number e.g. ABC1234 or AA12345). Cut-off timing for next business day clearance: 9.00pm.

Transfer from Phillip Securities
Customers who have securities trading account with Phillip Securities can request for transfer of funds from their Securities account to Futures account.

Telegraphic Transfer (TT)
Overseas customers can also choose to TT the fund to us. Details of TT Instruction can obtain from our Marketing Desk at (65) 6538 0500 or download from our website.

Q2. Can I top-up my account with other currency?
Yes. If you want to top-up your account with currency other than S$ and US$, you may use Telegraphic Transfer (TT).

For more detailed TT Instructions, you may visit our website here.

Q3. How do I transfer funds from Phillip Securities to Phillip Futures?
You can do so via POEMS. Log on to POEMS > Stocks > Account Mgmt > Withdrawal Forms >,

Key in the amount to be withdrawn
Click the options “To Transfer into Trading A/C” (your Futures account no) for (Phillip Futures)
Submit

Q4. How do I withdraw money from my Futures account?
There are two ways for you to withdraw money your Futures account:

Online withdrawal via POEMS. Log on POEMS > Futures > Account > Account Mgmt > Withdrawal Form >,
Key in the amount to be withdrawn
Click the options how you want to receive your fund
Submit

Note: If you want to check whether your withdrawal submission successfully or not, you may view at Transaction History Page.

Fill up the withdrawal form. You may get the form from our Marketing Desk at (65) 6538 0500 or download from our website.

Q5. Am I allowed to transfer funds from my Futures account over to my POEMS account?
Yes. You can do internal transfer within Phillip Group via POEMS. Log on to POEMS > Futures > Account > Account Mgmt > Withdrawal Form>,

Key in the amount to be withdrawn
Click the options “Internal Transfer within Phillip Group” (your POEMS account no)
Submit

Note: If you want to check whether your withdrawal submission successfully or not, you may view at Transaction History Page.

Q6. Upon submitting the withdrawal request, how long does Phillip Futures need to process it?
Phillip Futures need at least 1 working day to process it.

Note: the cut-off time is 9.15 am. If clients submit the withdrawal form before 9.15 am, it will process within the same day. Or else, it will process on the next working day.

Update Personal Particular

Q1. How do I update my personal particular?
In order to update your personal particular, you need to fill up the application form and submit to us. To get the form, you may download from our website.