Do not use TSG. Login to IB using the username and password provided. You get access to IB exchange rate.

If you are asking if you login to IB or TSG website which is the cheaper rate. I only login to IB. Never TSG.

I will suggest trading212. Cheaper and better.

Yes and no. They have stocks and cfd. Just use the stocks section and avoid the CFD.

You should have tested with sgd100. You basically paid 100% in fees.

Are you by chance Singaporean?

There you go. As long as got anything Singapore, automatically gets rejected.

TSG funding is USD1k

OK. Just don't tell them

Because singaporean cannot use IB to buy from SGX. Something about it being govt rules. SO to make their life easier, just blanket everyone with connection to Singapore.

Any is fine. Just use xe.com and check the currency in foreign currency in terms of USD. Make sure to send extra usd50-100 for insurance.

Yes normal. IB will send you to the nearest server from your IP address.

Don't look at fees. They can give you zero fees buy you will still received less foreign currency per ringgit. This is because HSBC already mark up the exchange rate. All banks do that. Difference between the spot rate and the rate they quote you = profit for the bank.

One way around it is to use IB account. Once you reached overseas, faster open a local bank account in that country. That way you can convert money at spot rate using IB and withdraw to your local bank account in that country. Cost only USD2.00/transaction.

See above. Do not look at fees. Look at final amount that you will received in foreign currency

If you are going overseas for study or work, might as well open an account there.

Ok.

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

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.

Just change in settings. No need email them.

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

For me bank account is very important. If I go overseas say Europe or UK, I will want to opena free account upon landing. After using sg bank account I come to appreciate how important overseas bank account is.

TransferWise is the only one which allow you to open account. If you have Singapore sunglass, can try singx, instarem sg, world first. I know they have some of the company best rate. Cheaper than ttansferwise.

CIMB sg and TW is more or less on par with CIMB sg sometimes being cheaper (the cheap rates is a promo not a permanent feature but they keep extending the promo)

Read this
https://forum.lowyat.net/index.php?act=findpost&pid=92207301

Go watch YouTube. They have few tutorial on how to use IB on YouTube.

This post has been edited by Ramjade: Jun 1 2020, 08:09 AM

No need open SG bank account. Don't waste your money. Just donate free money to banks. Of course banks will be telling you thank you but without any show of appreciation

Anyway my money overseas is one way ticket. I won't bring money back to malaysia.

Nope because if I bring back RM it will depreciate. Just use my EPF.

Forget about using IB to get a extra money. The most you can do is buy a money market fund.

For me I keep in CIMB fastsaver.