FPX. I was told to use FPX by Instarem.

Not sure what issues are you referring to but others including me have funded our IB account it via cheaper method compared to our Malaysian banks' TT. You can look for the method in this thread.

Cheers.

You might as well do MYR->USD via Instarem to your TransferWise USD account then transfer to IB's US bank account. Less one conversion.

For how much you stand to lose, that's for you to calculate on your own. Feel free to share with us here.

Cheers

I've done a couple of transfers from MYR->SGD (IB account) via Instarem with accounts all under my own name with no issue. I've also done a few transfer from MYR->USD (TransferWise account) via Instarem then USD->EUR (IB account) via TW also with no issue . As long all accounts under your own name, you should have no issue except for a call from Instarem to confirm your transfer purpose.

Well, if I were you, I would trust no one and just do a minimum amount transfer on your own to verify the optimal route like what I did.

Cheers

You can try either CapTrader or ZacksTrade; they both use IB as backend. No monthly fees if you got some small sum of money in it.

If you're worried about witholding tax (WTH), go for Ireland-domiciled ETF which you can buy from LSE (London Stock Exchange). Though I think the CapTrader fee for LSE is quite high, consider Euro based SE like Amsterdam.

See here for details:
https://www.bogleheads.org/wiki/Nonresident..._%26_Irish_ETFs

My case, I bought Vanguard FTSE All-World UCITS ETF (VWRL) via Amsterdam (EUR). You may incur slightly higher transactions fee compared to buying US-domiciled ETF directly due to the currency hopping like me (MYR-SGD-EUR) but you save from lower WTH in the long term as your portfolio gets bigger.


Cheers

Moneymatch didn't allow my transaction to go through to TW account due to reasons which they did not disclose to me (ignored my questions) last time. Screw their compliance team for not being transparent and clear.

Instarem basically just sends someone to your location to check your IC details in person. Not really an interview. It's more like to fulfill the regulation requirements. Haha.

Regarding the withdrawal from IB, I haven't done it myself yet. Anyone can share their knowledge?

Thanks

This post has been edited by wt_vinci: Jan 19 2019, 09:58 AM

I just checked TW and it looks like it is possible to send money back to your own Malaysian bank account directly. The cost is about 0.84% for EUR to MYR. Should be similar with other currencies. Just get IB to transfer to TW's account.

Yup, use Instarem (MYR) and convert to SGD then transfer to IB's Citibank account in Singapore. You will get it in SGD currency in your IB/CapTrader account. For me, I just convert the SGD to EUR to buy ETF in Amsterdam Exchange. Instarem charges about 0.5% for MYR->SGD while IB charges EUR 2 for forex conversion if I remembered correctly.


While I haven't tried withdrawal yet but I think I have to use TransferWise to get back my money. This is how I figured:

CapTrader/IB (EUR) -> TransferWise (MYR) -> Malaysian bank in MYR.

From TW's website, they charge 0.5% for that which seems pretty reasonable.

Okay guys, here is the result of my experiment of bringing back monies from CapTrader (EUR) to Maybank account (MYR).

Used CapTrader to transfer my EUR cash (leftover after buying VWRL in AEB) to TransferWise's EUR account. Transaction fee is zero.

Transferred EUR to my MBB account from TW, total transaction fee about 0.973% which includes TW's fee of EUR 8.21 (0.821% out of EUR 1000) and forex loss of 0.152% (TW's 4.60484 vs 4.61183 EUR-MYR rate).

Received my money in my MBB account within 3 days from CapTrader. I compared with converting other currencies (SGD and USD) in TW to MYR and they differ quite a lot, with EUR-MYR being the cheapest.


What do you think of the cost to bring back the monies from IB/CapTrader? Is 1% too much? Do you have cheaper ways?


PS: I found that my Ireland-domiciled ETF, VWRL bought in AEB (EUR currency) gives me the dividend in USD. Since my shares are still little thus my dividend is very little, converting USD to EUR to buy back the ETF is too expensive (EUR 4 in IB). Jokes on me.

hyperzz has said it. Not possible for IB -> TW in USD.

Last I tried, Instarem can't do MYR->EUR directly as they do not support it. That's why I need to do MYR->Instarem->SGD->CapTrader->EUR

This post has been edited by wt_vinci: May 19 2019, 11:20 AM

I tried it last November and Instarem sent me an email saying they do not remit Euro from Malaysia. Since you guys got it to work then I shall try it again, probably Instarem started to remit Euro now which is great news for me! Thanks for the info!