Mind sharing which bank and what is the reason for opening an account when they ask? What is the minimum deposit amount for a no-annual-fee bank account in the US? Thanks

You do realise that you need to go to US to open an account? This is because US law requires a person to be there in person to open an account.

These banks are more open towards non-residents: Bank of America, Well Fargo, Chase Bank, TD Bank, Capital One, Citibank, etc.
I was not asked the reason I need the account. Maybe I was lucky.
Minimum deposit for a checking account is usually $1K - $2K. You can check the website of those banks.

I used this blog post as my guide when I opened my account somewhere near New York: how-to-open-a-us-bank-account-as-a-tourist
Scroll through the comments until the end to follow more recent development. Bank policy might change over time.

This post has been edited by hyperzz: May 2 2019, 05:35 AM

saw service provider by Sunway which is called Sunway Money @@

https://send.sunwaymoney.com

can give it a shot ?

Interesting, a new player to keep the price war going. However for the amount that I normally change of SGD1-3k, Instarem is still cheaper.

ya i found out that also, this seem a little bit more expensive

Yup business trip soon

Thanks, I'll look through

You're welcome. Feel free to pm me if you have any questions. Good luck!

Hi guys, wanna ask what is the forex rate/charge

for converting SGD -> USD/EUR
in TradeStation/Captrader by buying the currency pair?

or it is live rate but only charging based on transaction fee? what is the transaction fee for each buying order?

This post has been edited by tadashi987: May 7 2019, 05:02 PM

Yes, buy USD.SGD or EUR.SGD.

You can buy at market or set as limit order if you can wait. Fee is US$2.

Live rate and they charge about USD2/ transaction.

Here you go if you'd like a bookmarkable step by step guide, just sub USD with EUR if you're doing SGD->EUR and ignore the part about the IWDA:
https://forums.hardwarezone.com.sg/119895805-post5420.html

If you don't already have USD, you'll get charged in your base currency (converted from USD2)

Special note: Use FXCONV instead of IDEALPRO if you don't want to see a SGDxxx currency virtual position

haha just so happened I am planning to invest in IWDA

thanks dude for the steps reference

btw I researched on justetf found out that IWDA can be purchased through LSE (traded with USD) or Amsterdam listing (traded with EUR)



1) Anyone here know does Ireland-domiciled ETF subjects to Dirt, or exit tax?

I read from some online article that Irish-domiciled ETF is liable to Dirt, or exit tax, at a rate of 41 per cent.

reference: Don’t invest in an ETF until you understand the tax

2) both IWDA Amsterdam listing and IWDA LSE listing are same subjected to 15% withholding tax? just that traded in different currency?

1) On Dirt - not that I know of, at least not for a non US and non Irish person
2) Yeah about 15% (or specifically sum of 15% from 62% of S&P500 that IWDA holds + whatever withholding tax if any is applicable for Japan, Germany, Australia, etc). Assuming brokerage charge for USD and EUR denominated funds are about the same, I'd lean towards the one listed on LSE as it has higher volume

I use this as pricing guide since I don't subscribe to live market date:
https://www.investing.com/etfs/ishares-msci-world---acc
https://finance.yahoo.com/quote/IWDA.L/

This post has been edited by roarus: May 7 2019, 11:30 PM

What if I proceed to buy shares in other currencies with SGD without converting? Would Captrader convert my SGD at the current forex rate?

My base currency is set to USD although my fund is in SGD. As such Captrader indicates my current cash holding (SGD) in USD equivalent.

I don't think your transaction can go through.

It should go through actually - with IB at least as long as your margin can cover it ... you can have any amount of negative currency balance.

If you don't use margin?

As answered by rjb123 for margin account and Ramjade for cash account.
IB will never do auto currency conversion like some brokers.
According to some, it is better to choose margin account even if you do not intend to use broker financing/leverage.

Thanks all for your replies. Now I know I can't use the USD indicative sum if I don't perform the actual conversion.

I have checked with Captrader via live chat just a short while ago and they confirmed the same

This post has been edited by markedestiny: May 8 2019, 04:36 PM