Multi-Currency Account
Multi-currency Account

Advantages


The multi-currency account is the key to make our multi-market trading platform so powerful that, even different markets need different currencies, all MONEX BOOM's clients can seamlessly trade across all 12 markets.

Support 6 Currencies

MONEX BOOM's multi-currency account supports balances in HKD, USD, RMB, SGD, AUD and JPY at the same time.

Trade in 12 Markets with Any Currency

No need to convert currencies before placing an order. Every currency in your account can be used as the fund for executing trades in any market. It smoothes your way through capturing investment opportunities promptly without worrying about the settlement currency.

For details, please visit "How It Works"

Conversion Done Automatically

Your fund will be converted automatically into the settlement currency (if required) after the buy order is executed. While the proceeds from sales will be kept in such currency for further purchase to minimise risk in exchange rates fluctuation.

For all unexecuted orders, the system will not carry out any currencies conversion. You are assured you do not need to bear any unnecessary conversion cost.

Full Control on Conversion Setting

Under the currencies conversion setting, you can decide the priorities of the currencies to be converted automatically when necessary. You can also give us instruction to convert a particular currency as your wish. These operations can easily be done via the online trading platform anytime.

How it Works


Example below shows you how MONEX BOOM's multi-currency account facilitates you in trading securities across markets at ease.

Mr. Wang from China opens an MONEX BOOM account for investing Hong Kong and U.S. stocks. He funds his account initially with RMB 1,000,000.
(The exchange rates for the example below: 1 RMB = 1.2 HKD; 1 USD = 7.8 HKD; 1 USD = 7 RMB)

  1. Buy Hong Kong stocks even your account holds RMB only; no daily limit for converting RMB
    Although Mr. Wang only holds RMB in his MONEX BOOM account, our multi-currency account is ready for him to trade in Hong Kong stock market. He then buys Hong Kong stocks that worth HKD 600,000 (worth app. RMB 500,000).

    • Our currencies conversion feature is not subject to the daily limit of RMB 20,000 per day per person.

  1. The sale proceeds will be kept in its own settlement currency; multiple currencies can be held simultaneously
    The value of Mr. Wang's Hong Kong stocks holdings has increaseed 5% and he decides to lock the profit. He sells all the Hong Kong stocks holdings and receives HKD 630,000 value of sale proceeds.

    • The sale proceeds of Hong Kong stocks will be kept in HKD in the multi-currency account.

    Before the Hong Kong market close, Mr. Wang notices that the European markets are performing well. He believes the market sentiment is good for the U.S. market, as such he decides to buy some U.S. stocks at that night.

    • Even the trades of Hong Kong stocks are not settled yet, the sale proceeds are already available in the account to buy U.S. stocks.

  1. Any currencies can be used to fund trades in all markets
    Mr. Wang decides to invest in an U.S. stock and places an USD 100,000 buy order. Even there is no USD balance in his account and the HKD or RMB balance alone is not enough to convert USD 100,000, Mr. Wang is still able to place that U.S. stock buy order.

    • All currencies in the account can be converted into the required settlement currency for a buy order.

Multi-Currency FAQs


    General Questions
  1. No. You can buy stocks in all the markets offered by MONEX BOOM with any of the currencies in your account. For details, please visit "Markets Available in MONEX BOOM".

    The six currencies that you can deposit and/or keep in your MONEX BOOM account are HKD, USD, RMB, SGD, AUD and JPY.

    In addition, trades for Taiwan, Thailand, Indonesia, Philippines, Malaysia and Korea stocks are settled in USD. For all other markets, settlement currencies are same as the trading currencies. For details, please visit "Settlement Currencies of Different Stock Markets".
  2. The Portfolio page shows your "Total Fund Available" in the currency you selected for viewing only. It does not perform any currency conversion in your account.

    Besides, the exchange rate(s) used to calculate your "Total Fund Available" is indicative only.

    If you want to give an instruction to convert any currency, please login to your MONEX BOOM account, then go to the "FX Instructions" under "Currencies Conversion" of the "Funds & Account" section.
  3. Auto Conversion
  4. No. There is no need to convert your funds into the settlement currency before placing an order. Any currency conversion will be done for you after your buy order is executed.
  5. For your cash account, if there is insufficient fund in the settlement currency to cover the executed trades, we will arrange currencies conversion to cover the deficit currencies on the next business day.

    When we perform the currencies conversion, MONEX BOOM will follow the "Currencies Conversion Sequence" of your MONEX BOOM account. MONEX BOOM will firstly sell the currencies at the top of the sequence, if exhausted, then move down to the next currency.

    To define the "Currencies Conversion Sequence", please login to your MONEX BOOM account, then go to the "Currencies Conversion Setting" under "Currencies Conversion" of the "Funds & Account" section.

    Besides, simply click "FX Instructions" on the "Currencies Conversion" page to give MONEX BOOM any specific instruction to convert a currency to another.
  6. Same as cash account, if your margin account does not have sufficient fund in the settlement currency to cover the executed trades, we will arrange currencies conversion to cover the deficit currencies on the next business day.

    When we perform the currencies conversion, MONEX BOOM will follow the "Currencies Conversion Sequence" of your MONEX BOOM account. MONEX BOOM will firstly sell the currencies at the top of the sequence, if exhausted, then move down to the next currency.

    To define the "Currencies Conversion Sequence", please login to your MONEX BOOM account, then go to the "Currencies Conversion Setting" under "Currencies Conversion" of the "Funds & Account" section.

    However, if you want to borrow HKD or USD so that you can keep the cash balance in other currencies, you can change your "Conversion Preference" to "NOT cover the negative cash balances(s) in HKD/USD". Therefore, MONEX BOOM will NOT convert currenc(ies) to cover your HKD or USD deficit in your Margin Account.

    Example 1: If you have positive cash balance in AUD but negative in HKD, MONEX BOOM will convert your "surplus" AUD to cover your shortage in HKD. However, if you would like to keep the "surplus" AUD for the coming buy orders on Australian stocks, you can change your "Conversion Preference" to "NOT cover the negative cash balances(s) in HKD/USD". Then, MONEX BOOM will not change your AUD into HKD, but will lend you margin loan in HKD.

    Example 2: If you only have positive cash balance in SGD, but the amount is not enough to cover the negative in JPY, MONEX BOOM will convert all your "surplus" balance (i.e. SGD) into JPY. Then, for the remaining balance of JPY in short, MONEX BOOM will follow the "Currencies Conversion Sequence" of your account and lend you either HKD or USD to cover the shortage in JPY.

    In addition to letting MONEX BOOM arranges currencies conversion for you, you can give MONEX BOOM any specific instruction to convert a currency to another. You can do it by simply clicking "FX Instructions" on the "Currencies Conversion" page of the "Funds & Account" section.
  7. Specific FX Instructions
  8. Simply login to your MONEX BOOM account, then go to the "FX Instructions" under "Currencies Conversion" of the "Funds & Account" section. You can then input your instruction to MONEX BOOM to convert specific currencies.

    A specific FX Instruction can be placed, changed or cancelled anytime except 10:30am to 12:00pm HKT.
  9. Those FX instructions that is placed or changed before the cut-off time of 10:30am HKT will be executed on the same day.

    If you placed the FX instruction after 12:00 noon HKT, it will be handled on the next business day.
  10. Other Questions
  11. The exchange rate is based on the rate from banks plus a small handling fee. After the currencies conversion is done, the all-in exchange rate of the will be shown in your "Fund Movement History" under the "Account History" section.

    Kindly note that currencies conversion for Chinese Renminbi (CNY) is based on the banks' offshore rate, which may be deviated from the "official rate" quoted by the People of Bank of China.
  12. Below are the three important points you should know when converting Chinese Renminbi (CNY or RMB) in your MONEX BOOM account:
    1. MONEX BOOM will convert Chinese Renminbi (CNY or RMB) for its clients in Hong Kong's RMB Offshore Market, which is not subject to the daily limit of CNY 20,000 per day per person.
    2. Currency conversion for Chinese Renminbi (CNY or RMB) is based on the banks' offshore rate, which may be deviated from the "official rate" quoted by the People of Bank of China.
    3. If there is lack of market supply of Chinese Renminbi (CNY or RMB), MONEX BOOM might not be able to execute your instruction to buy Chinese Renminbi (CNY or RMB) and as such the respective FX instruction will be cancelled.

Last Update: July 2017.