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[DIY] S&P 500 Index w/ 0.07% Annual Fee, Buy the best companies in the world
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frenziedbrujah P
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 Jan 2 2022, 04:02 PM
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New Member
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Looking for advice from sifus. I want to start buying foreign ETFs and since IBKR has removed the inactive fees, I intend to use it.
From what I’ve read here, the best way seems to be open a SG bank account. Probably CIMB would be the easiest since it can be done from MY.
Then open a IBKR account with the SG bank info. In IBKR, use tiered pricing to purchase the ETF. If I understand correctly, with the funds, I should be able to buy in multiple stock exchanges across the globe.
Is my understanding correct? Also, should I have the SG bank account remunerated in USD to minimise forex charges when transferring into IBKR?
Thanks for any help.
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frenziedbrujah P
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Jan 2 2022, 08:53 PM
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New Member
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QUOTE(Ramjade @ Jan 2 2022, 07:12 PM) Why do you need to remunerated? I never brin my money out form Ibkr. I reinvest it. Only bring money out if you really need it. Each time you bring money back to Malaysia, you will lose some money in foreign exchange. Oh, referring to moving money into IBKR, not withdrawing. I thought the reason for the SG account is to transfer cash into it? MY acc (RM) -> SG acc (USD) -> IBKR? Or can still use wise to do MY acc -> IBKR (via transfer wise)? |
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frenziedbrujah P
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Jan 5 2022, 09:19 AM
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New Member
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QUOTE(Ramjade @ Jan 4 2022, 12:36 AM) The purpose of cimb SG is two purpose. 1) to received your converted sgd and to deposit it into IBKR via FAST (local transfer) MY bank account -> fintech - SGD into Cimb SG -> IBKR (SGD) -> USD 2) to send back MYR at the cheapest rate. Thank you so much sifu. /bow |
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