What's the exchange rebate?

They are all op in. You can youtube to see how to subscribe to these additional services.

Yes. You can straight transfer out but it's going to be expensive.

Go check xe.com. Make a tranafer back and you will know your answer. Minus how much you received vs what's shown on xe.com is how much the bank takes.

If you have USD100K worth of cash or stock IB. Even then need to make sure your stock value is say 50-100% more for margin of safety.

If you don't have use TSG. Build up money overtime and once you hit >USD100k, transfer over to IB.

Keep in mind there is some submarine cable having problem. Can bypass it y using vpn to Europe countries.

https://www.tradestation-international.com/global/
From here click the link. It will redirect you to the interactive broker website closest to your IP adddress.

If you use transferwise or instarem, no hidden cost. What you see in transferwise and instarem is the final amount you will receive. Why go 2 steps
1. IBKR does not allow USD transfer from fintech. They only allow it if you have a bank account in US.
2. When you transferred EUR to USD in IBKR, you are using spot rate. There's no markup rates. You pay only USD2.00

Read slowly and re read what moosset have to say.
To summarise what he said
MY Bank -> Transferwise/Instarem (valid EUR, SGD, HKD,) -> IBKR EUR, SGD, HKD account. You will get either EUR, SGD, HKD (whichever currency you choose to put into IBKR when you transfer money using transferwise or instarem)

From the EUR, SGD, HKD you deposited into IBKR, you convert into USD on IBKR platform for USD. Reason is IBKR does not accept USD from 3rd party (fintech). They only accept USD from US banks in your name (if you Want to have USD)

IBKR exchange rate = real time = cheaper than any fintech. No hidden charges. Pay USD2.00 to exchange how much money you want.

This post has been edited by Ramjade: Apr 23 2020, 12:36 AM

There's no better ones. I use all 4.
Bigpay - the slowest takes 1-2 days
Moneymatch
Instsrem
Transferwise

Depending which one is the cheapest at that time. I used it to transfer money to my SG bank account. Not IBKR.

This post has been edited by Ramjade: Apr 23 2020, 11:18 AM

Yup to my bank account. Not IBKR.

No difference.

Not really. Depending on the middle currency.

Yes been there done that. IBKR-> SG bank account. Free of charge as it's considered local transaction. SGD->SGD
IBKR give you one free withdrawal a month. If you exceed that you pay I think USD25/withdrawal.

I don't transfer back to RM. For what? My RM once transferred out is considered one way ticket. It's never coming back to Malaysia (I don't intend to bring money back to mslaysia)

You cannot use instarem to bring back money. Theoretically you can. You need to have bank account in that country. Then you need to open instarem in that country. That is if instarem service exist in that country. There are better rates products then instarem but for malaysia they are more or less what we got.

Summary eg (USD)
IB (USD) -> US local bank account (USD) -> Instarem (US) -> Malaysian banks

Yes possible. If you don't have overseas bank account, and don't have overseas instarem account, forgot about it.

Select Malaysia as your receiving country. Just prepare to pay more and received less than what's stated.
Reason
1. Intermediate bank will take a cut
2. Maybank will take a cut.
3. Fees.

So example if you are expecting RM10k, you might received only rm9700. Which is normal. The only way to receive the full RM10k is withdraw to overseas local bank account. Then use fintech to bring money back.

With fintech you lose only like RM50. Instead of rm300. This is just an example an day not be accurate. But from experience that's what happened.

This post has been edited by Ramjade: Apr 25 2020, 12:38 PM

Yes. That's right. There will be overseas wiring charges from IB, incoming charges from Maybank + banks will increase the exchange rate slightly (hidden, not shown to you). So you received less then that what you expect.

Theoretically you can. Maybe because last time done via counter bank straight reject. But now can be done online (cannot nego for discount) so it can pass through.
It up to bank to approve the transaction.
IBKR -> maybank usually no issue.

Again if you use banks just prepare to give banks more money and you have less money for yourself. Outgoing wiring fees, intermediate bank fees, Maybank incoming fees, markup exchange rate by maybank.

That's why I never use the bank way. More convenient but more charges. Long term it eats into my money. Cost is something I can control myself.

This post has been edited by Ramjade: Apr 25 2020, 03:00 PM

Is not fear. Is facts. Yup fees is OK but it's the rate bank gives which is the main killer. How much they markup.

Use what you are comfortable with.
I use tws only for converting currency (fxconv)
Then I put in my buy order.

If my money already converted before I use webtrader, client portal.

Cash if you want to sleep well at night. Pros is you need to add money before you can buy
Margin if you want to borrow money from interactive broker. You don't need to topup before you buy. Buy there are charges. Get ready for margin call and forced sell if the price of stock fall below the needed value. More stressful.
Don't know what portfolio margin. Don't care for me.

Can. There is option to change later on inside interactive broker.

Can. Just that you use more RM/foreign currency that you wish to remit = paying extra money/unnecessary money to maybank.
Login into interactive broker client portal to transfer money. Select the sending bank, foreign currency you want, amount you want. Create this transaction under transfer funds. Login maybank and initiate the transfer as you input into interactive broker when you create the transaction

Log back into interactive broker 2-3 days later. Yes 2-3 days later. See your money under your portfolio should increase. If you see lesser, don't panic. It's correct. It just means maybank eat up some money

Why so slow? Because you are not doing a local transfer. A local transfer takes like 1-2h to be completed. (same currency interbank transfer. Eg My bank account -> MY bank account).
This is because interactive broker does not support local transfer from Malaysia bank.
You can only wire your money to interactive broker and it takes time for wiring.

Can you do a local transfer?
Yes if you have foreign currency in another country like SG, HK, AU, US, EU.
Alternatively can use instarem to transfer all currency except USD. Instarem is cheaper and faster than Maybank.