Yup landed with the page today. Also login using 2FA TAC. No issues for me. Received the code and login successfully!

How come I withdraw 500 SGD from IBKR but only get 490 SGD?

What is going on?



This post has been edited by TOS: Sep 14 2020, 01:29 PM

So, I want to transfer some extra money using Instarem and country of residence is...



How do you guys transfer cash to SG bank account using Instarem? Pretend not to be a Malaysian? Which country to use then?

mbb sg charges sgd10

Use wire to bank in IB. Make sure you withdraw in SGD. Don't pick USD.
I use wire to bank and use my CIMB account. No charge

Malaysia. You have to set up your recipient before using instarem.
When you are setting up the recipient be sure to click everything Singapore.

I think it is this:

https://www.maybank2u.com.sg/en/bank-charge...remittance.page?



No wonder 10 SGD. Terrible. Should have read their charges table before remittance.

I regret opening a Maybank SG account, should have opened CIMB SG account instead. Damn it.

Now evaluating whether need to close Maybank SG and open CIMB SG instead. I am not sure how much does it cost to transfer money from CIMB SG to IBKR? Any transaction cost invovled?

yeah

inward receiving std fee sgd10...some banks like cimb waived it

But from what I see, CIMB SG remittance outward is 10 sgd minimum + 30 SGD cable fee + agent fee, so they recoup the cost lost from inward remittance from their outward remittance service.

This post has been edited by TOS: Sep 14 2020, 03:47 PM

yeah they whack you outbound...

maybank SG outward remitance also got charges yes?

https://www.maybank2u.com.sg/en/bank-charge...remittance.page

This post has been edited by jayb2: Sep 14 2020, 03:59 PM

Now I am thinking of closing my account. The cost is just not justified for small-cap investors like me. The charges and transaction costs can easily offset the interest earned from putting money in the bank. Might as well forgo the charges/transaction costs and let IBKR earned interest from my "small" leftover money.

Previously, I was thinking that for online transfers no transaction costs, the interest earned is greater than leaving the money idle in IBKR. Now, one single transfer can take up circa 40-50 SGD. If I buy 2-3 lots of stocks, around 400-700 SGD (assume share price of 2-3 SGD/share. That's already 7-10% of cost for me. Too great to bear.

I guess will wait for 6 months, then close the account. Haven't done detailed cost-benefit analysis. Hope to learn more from gurus here.

You guys must have large capitals!

for deposit, if u transfer SGD to to IBKR SG Banks, there is no charge regardless Maybank SG/CIMB SG, because it is not "outward remittance" , it is merely local bank to local bank.

but for withdrawal from IBKR to SG banks, yes, it is considered as inward remittance, because i think it is because IBKR is not using local bank to process your withdrawal, your withdrawal theoretically is coming outside the "boundary", so in shorts, use CIMB SG to receive your withdrawal, not Maybank SG

that's the reason i closed my MBB SG account also

just leave cash standby with the brokers... moving $ cost $...

So, you recommend opening CIMB SG account? 1k SGD is still okay, but already the maximum I can fork out. (That's already 3k MYR, a month's salary for a fresh grad in M'sia.)

Lesson learnt:

1. Don't be too greedy. A few cents of interest can be forgone.
2. Look before you leap. Always do homework first! Check bank rates and charges before you apply for an account.

This post has been edited by TOS: Sep 14 2020, 04:52 PM

yeah I only use CIMB SG

Good. Let me wait for other sifus for second opinion.

overall zero sum game lah...

if lots of incoming...cimb for now better because fee waived, but until when dunno.

if lots of outgoing... looks like mbb better...

now you think cimb better maybe down the road mbb better...or vice versa... who knows man... don't sweat the small stuff ah

grow account to 1 mil... then all these fees inconsequential... can pay runner do all the shits for you...

whack you outbound does apply for below?

1) transfer to IBKR SG CITIBANK
2) Transfer back to CIMB MY

AFAIK, (1) is not outbound so there is no fee being charged
and for (2)?

not sure because i have never transfer back MYR before

(2) got promo... no fees

I mentioned in ibkr thread long ago...lowest cost to get funds back is ibkr sgd to cimb sg...then cimb sg to cimb myr... good fx rates zero fees