Just checked, took them 1 day.
Sent request IBKR to withdraw on 19.3.2020, funds received by CIMB SG on 20.3.2020.

Ok.

Hi all, I'm new to IBKR. My IBKR account was activated before I found this post. Good news to you all. I didn't transfer fund into IBKR account but only attached all required documents, my account was successfully activated in few hours. Fyi, I pick one product only: stock.

I'm interested in trading US & HK stocks. Which money transfer is the best for me in term of the lowest exchange fees and hassel-free?

fyi, Maybank is offering free service fee during the Campaign Period: 18 March 2020 - 9 June 2020. See here>> https://www.maybank2u.com.my/maybank2u/mala...c_transfer.page

Appreciate your good advice

Do not get caught with free fees marketing. See above.
Just use instarem or bigpay. You cannot send USD.

The first initial deposit to CIMB SG $1000 amount must transfer from CIMB MY? Can I use like bigpay/instarem? Coz the bank rate is higher compare to others.

Preferably bank as they need to verify your identity. I have done mine with instarem though. Need to do subsequent deposit to verify again.

This post has been edited by solstice818: May 28 2020, 03:56 PM

Is IBKR approved by BNM? Do you guys worry about the IBKR out-of-sudden blacklisted by the BNM? What can we do if IBKR being blacklisted by BNM?

Of course not. They don't have office in malaysia and have no license to operate on Malaysia soil. The reason they have no license is something to do with BNM with forex. Is old legacy from mahathir. He lost to George Soros in Forex hence he banned Forex.

So what if BNM blacklist IBKR? I don't care what BNM thinks. It will be business as usual for me (BAU). IBKR is regulated by few countries worldwide. Other global central monetary authority have already granted them license and that's good enough for me. Because it is not easy to get one license but getting multiple of it is something

There's nothing you can do. Maybe cannot direct deposit money or received money from IBKR. That's all. Which won't affect me.

They are perfectly legal. They are just a brokerage. Not some MLM or some shadowy company.

If you are uncomfortable using IBKR just because it's not approved by BNM, then don't. Use Malaysian based brokerage and pay higher commission fee, higher exchange rate, platform fees, dividend fees. I am sticking with IBKR

End of the day is your own money. For me I am not going to give free money to Malaysian brokerage by paying more.

Instructions on their website says you have to transfer using CIMB MY. Not sure if they accept others e.g. Instarem. It's just a one off transaction to verify identity. Once your account is open, you can transfer using other methods. I did mine using CIMB too for first time.

I heard Maybank allows Instarem for account opening although I did mine using Maybank directly.

Don't say other countries like US and Australia, closer to home IBKR is licensed by MAS. Who do you trust more? BNM or MAS?


https://eservices.mas.gov.sg/fid/institutio...NGAPORE-PTE-LTD

finally got my account approved. everything to be done in IB is it?

i deposited 5 sgd and got 3.54 usd in my account. looks good

i need email them to change it to cash account?

Just change in settings. No need email them.

Can just remain margin account but dont use any margin, nice to have when you more comfortable with it. I been selling some options but have not touched the margin portion as i have enough cash in the account

i see. i only have margin and portfolio thingy in the drop down. will see if there's cash settings.

thanks all

IB whats the max margin ? 2x ?

Few months ago it was 3x. Not sure if they lowered it

I have the same issue as well. So far have you found any solution?

I found the below website that details how to bank in money into IBKR via InstaREM. I think it's great coz I do wanna try avoiding opening a bank account in SG. Is anyone here funding your IBKR via this method? i.e. MY Bank -> InstaREM (SGD/EUR) -> IBKR?

If so, I'd like to ask you guys, how do you guys withdraw the money? Is it as simple as IBKR -> InstaREM (SGD/EUR) -> MY Bank?

I did try to look for the answer in this forum but to no success. I see most of the answer is to withdraw into SG bank account then InstaREM back to MY.


Link to website: https://medium.com/@ngshiheng/investing-in-...sd-9f78c61f26cf

You cannot use Instsrem to withdraw money. Instarem function is only to send money iverses.s. The only way is
IBKR -> Malaysian bank account
- using this method is expensive. You will be charged TT fees, markup exchange rate by Malaysian banks

Having a sg bank account is not only for keeping money. But for receiving direct SGD from IBKR. Then use a sg fintech or CIMB sg to bring back money at moneychanger rate.

This post has been edited by Ramjade: May 31 2020, 09:44 PM