In my opinion, StashAway still takes pole position for creating a customer-focused investing experience. With their recent launch of recurring transfers from StashAway Simple, there’s now a recurring transfer option built right into the app to make dollar cost averaging into the market easier than ever before.
In this guide, we will explore multiple ways of how we can create and schedule recurring transfers to your StashAway investment portfolios.
Read also: StashAway Review
Before we get started, you need to locate the transfer instructions from StashAway in your account, which will provide you with the deposit instructions for you to route your money into your StashAway account correctly without delays.
Locate your deposit instructions
You can find your deposit instructions by heading into the StashAway app or web interface.
In the app:
- In the Home screen, click on the Transfer button
- Click on Put money in
- Under My Deposit Plans, click on either one-time deposit or monthly deposit
- In the next screen, click on Continue when asked to confirm your plan
- You’ll see a page showing you your deposit instructions using bank transfer or PayNow
- Note down the account number and your reference code
In the website:
- Click on Manage Deposits on the top bar
- Click on View Transfer Instructions under One-time deposit plan or monthly deposit plan
- Click on Confirm
- You’ll see a page showing you your deposit instructions using bank transfer
- Note down the account number and your reference code
Once you have noted down your deposit instructions, you can continue below.
#1 – Standing Instructions from your bank
This is the most traditional and common way to make recurring transfers to your StashAway portfolios.
What you’d need to do is to create standing instructions from your local or overseas bank account.
You can deposit either SGD or USD directly, although USD deposits come with a minimum requirement of US$10,000 to be processed.
A standing instruction is simply a recurring transfer instruction to initiate bank transfers from your bank to any recipient’s bank on a fixed, regular basis. It’s initiated by the payer (you!) and can be changed or cancelled anytime.
To get started, head over to the standing instructions page and create a recurring deposit instruction of your choice – weekly, bimonthly or monthly. It’s up to you, and if you prefer more regular deposits then feel free to create more instructions.
If you’re using DBS —
- Click on the Transfers tab and select More Transfer Services
- Scroll down and select Set up Standing Instruction under Other Services
- Under the recipient details, make sure you enter your reference code under customer reference
- Scroll down and configure your standing instructions before finishing
#2 – Scheduled transfers from Revolut or TransferWise
Because they have multi-currency wallets within them, you can freely exchange your currencies (e.g. USD to SGD) within the app at low cost before making the transfer over.
They are also flexible in the way you make transfers, because you can use your credit card to fund your account first before making a deposit.
If you’re using Revolut —
- You’ll want to first create a new payee
- Click on the Payments tab and select New
- Click on Bank accounts then Add bank account
- Under Choose transfer type, select To a business and click continue
- Select Singapore Dollar (SGD) and click continue
- Under Add the account details, you’d want to input the StashAway account details, then click continue
- This will create the StashAway payee and save it in file
- From here, under the Payments tab, select Bank Transfer, then click on the StashAway bank account you’ve created earlier under bank accounts
- Click on Schedule
- Click on the calendar icon on the top right to change your schedule settings
- Select your recurring transfer schedule and click Set Schedule
- Notice that the calendar icon has been updated to your specified schedule
- Input your recurring transfer amount
- Click Add reference and add your reference code* (very important)
- Finally click Schedule payment
#3 – StashAway Simple recurring transfer
You can also recurring deposits into your StashAway portfolios by making use of the StashAway Simple account as a funding account.
If you didn’t already know, StashAway Simple is a cash management portfolio that that yields slightly higher than traditional bank deposits by investing in higher yielding money market funds (at a slightly higher risk compared to bank deposits).
Here’s how you make recurring transfers with StashAway Simple:
- Click into your StashAway Simple portfolio in the home screen then click Transfer
- Under recurring transfers, click Schedule a recurring transfer
- Enter the transfer amount, the portfolio you wish to transfer to, the frequency and start date of the transfer
- Click Continue and verify the Recurring Transfer instructions
- This will create a recurring transfer from your cash portfolio on the scheduled date
If you’re transferring from Simple into your USD-denominated portfolios, then StashAway will need to convert SGD to USD (there’s a small 0.08% currency conversion fee). Make sure there are enough funds in Simple before each scheduled transfer.
Which method should I use to transfer?
All three methods have their own pros and cons.
Using an intermediary like Revolut might allow you to create more flexible (e.g. daily) transfers, fund your deposits using credit card top ups, and make cheap foreign currency transactions from your other overseas currencies.
However, you lose out on interest on idle cash in Revolut compared to bank accounts.
If you’re using standing instructions for bank transfer, you have the highest control of your cash balances in the bank, but you might always need to check whether your deposit has been received by StashAway.
Using StashAway Simple keeps your cash in the StashAway platform, your cash is always earning a high yield when on Simple. When you want to initiate the transfer, the recurring transfer process is very hands-off – you don’t have to worry about it. You get notifications about the status of the transfer.
That’s it! I hope you found this post useful.
StashAway Simple is free to use and there’s no management fees, no set up or exit fee, no minimum balance, no restrictions on withdrawals etc. However, investment portfolios under StashAway will have management fees of between 0.2% to 0.8% per year.
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