Why is it taking so long to process cross currency cash deposit?
Cross currency cash deposit will take T+3 to complete due to the process time for foreign currency exchange. Cross currency deposit ( e.g. deposit SGD payment into USD Cash Account) will first go through normal deposit cycle of T+1 completion. This means the SGD payment will be deposited into SGD Cash Account first. Once completed on T+1, a transfer out order from the currency deposited cash account ( SGD Cash Account) into the another currency cash account (USD Cash Account) will be created on the same day. The FX rate will be based on T+1. This process of transfer out and transfer in will take T+2 to complete. So essentially it takes T+3 for the whole process to complete for cross currency deposit. We will convert your payment on the day that we create the transfer out order i.e. T day of the transfer out order.
