Small 'trick' to set-up regular DCA efficiently

Some of us may be aware that we can arrange Standing Instructions (eg: DBS ibanking) to set-up automatic recurring fixed amount of fund transfers.

Such recurring transfers are useful if you need to give fixed monthly allowance to parents, fund your certain bank accounts for scheduled GIRO deductions, or to fund your robo investments.

However, standing instructions are usually only available on a monthly basis, for example on the 10th of every month (or quarterly basis, annually basis etc).

This means DAILY (or weekly) standing instructions is currently unavailable for most banks, or within robo advisors' platform (eg: using your robo's cash management account to transfer recurring amounts to your portfolios/goals).


[Small 'trick'/solution]

If you intend to fund your robo investment account(or brokerage accounts) very regularly, for example, every EVEN days, then simply set-up MULTIPLE standing instructions:

(1) 2nd of every month

(2) 4th of every month

(3) 6th of every month

(4) 8th of every month

(5) 10th of every month

(6) 12th of every month , & so on...

This can be tedious & time consuming, but it is just a one-time effort to set-up.

Note: For month-end dates, such as 31st, this can be tricky, as the banks/robos may "push" it to the "1st", or may ignore it if there isn't a 31st. So perhaps, avoid month-end dates (even 29th, 30th can be problematic because of February).

@TigerStars

# My Investment Experience

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

  • Top
  • Latest
  • skythelimit
    ·2022-04-11
    Haha! You suggestion is useful. I will put it into practice when I deposit my money into banks next time.
    Reply
    Report
  • moonzo
    ·2022-04-11
    This is a great feature because it saves a lot of hassle.
    Reply
    Report
  • limnorth
    ·2022-04-12
    I usually just do monthly or fortnightly DCA.
    Reply
    Report
    Fold Replies
    • Zeniv
      nice
      2022-04-12
      Reply
      Report
  • Kyesu
    ·2022-04-11
    Read and thanks
    Reply
    Report
  • sunshineboy
    ·2022-04-11
    Yeah! I agree with you. It's reasonable to avoid month-end dates and save you time.
    Reply
    Report
  • cheezzy
    ·2022-04-11
    I also have this operation, which is on the 15th of the month.
    Reply
    Report
  • cozyzi
    ·2022-04-11
    Thank you for sharing the tips, it helped me a lot.
    Reply
    Report
  • kherlou
    ·2022-04-12

    Share

    Reply
    Report
  • whitewolf69
    ·2022-04-12
    thanks 👍
    Reply
    Report
  • Zeniv
    ·2022-04-12
    thanks
    Reply
    Report
  • G3113
    ·2022-04-11
    😆
    Reply
    Report
  • Sky好
    ·2022-04-11
    😀
    Reply
    Report
  • munmunmia
    ·2022-04-11
    G
    Reply
    Report
  • JianWei666
    ·2022-04-11
    Qq
    Reply
    Report
  • yongjie1995
    ·2022-04-11
    Good
    Reply
    Report
  • DaTide
    ·2022-04-11
    Ok
    Reply
    Report
  • Kaisiang92
    ·2022-04-11
    K
    Reply
    Report
  • 极痛黑魂
    ·2022-04-11
    good
    Reply
    Report
  • Lin_H
    ·2022-04-11
    Ok
    Reply
    Report
  • KLMY
    ·2022-04-11
    good
    Reply
    Report