Hi all. Need your help.

I don't have sg account. All my banks are in Malaysia at the moment.

My IB account has been activated, so is it best for me to approach local bank to do transfer wise to IB? But where's the details for me to send fund?

I don't trade often. Maybe once a month. And I hate monthly charges purely for maintanence.

Appreciate your help in this matter. Thanks

Yes. I've tried reading the thread but at 75 pages and for newcomers, it gets a little tough.

This post has been edited by gashout: Jul 10 2020, 11:24 PM

how you activate your IB account? it is exact same way to transfer money to your IB account.

Sg account is to ease withdrawal not a must for transfer to IB.

if you are investing at low amount, use white label, i.e. tradestation global. no monthly fee

please read the past few posts. it has been discussing what you are asking too.

This post has been edited by ProxMatoR: Jul 10 2020, 11:27 PM

They just activated it for me and stated now it's best I transfer some fund. Though not compulsory.

Sorry. All I have been reading is sg sg sg sg. Nothing about pure transactions based in Malaysia.

I'll look for white label hopefully soon. The lost ones are very lost. Not intentional. Apologize

Open one then. It's very easy. You don't need to be a priority banking customer. Can be done online. Reason for using SG is it's cheaper than using Malaysian banks.
if you go through Malaysian banks you pay more in the long run.
If you like giving banks free money and have less money to invest be my guest.

For me I don't like to give free money to banks and I would like to have more for myself.

If you insist on using Malaysian banks only, and you only need US market and not Canada market, can consider trading212. It's cheaper than IB. Trading212 have access to US, UK and Europe market.

This post has been edited by Ramjade: Jul 10 2020, 11:41 PM

A quick question guys, do they offer any options trade via IB?

The one you've mentioned is cimb. And honestly i have 6 bank accounts in Malaysia for various purposes but no cimb. And I dread to maintain one more.

Do you recommend Maybank sg. I have a maybank 🌟

I noted on your concern on the higher charges if insisting on using malaysian bank.

I will check out trading212. Thanks a lot.

But may I ask. Why do you prefer IB than trading 212 if the latter is cheaper. Just a simple few reasons will do.

Cheers!

This post has been edited by gashout: Jul 11 2020, 10:47 AM

Close some bank account in Malaysia. If they don't serve any purpose you are wasting time with 6 bank accounts. Keep in mind most banks in Malaysia have charges for bank accounts from RM8-15/year. Nowadays everything can be paid/transfer instantly with IBFT/DuitNOW and JomPay.

Reason for recommending Cimb SG:
1. Very favorable exchange rate to bring back money to Malaysia almost money changer rates if you need (it's a promo not a permanent feature but they have been extending every time)
2. No fall below fees. In SG if your bank account falls below SGD500/1000/3000, you will be charged SGD2-5/month (depending on account)

Reasons for picking IB
1. When I opened my IB, I never hear about Trading 212.
2. No local UK bank account which makes transferring money over long time expensive unlike IB where I can just use SG bank account to do a local transfer (forced to use Malaysian banks). Which means over long time I pay more and have less to invest.
3. No access to HK and Canada market.

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

Yes you need to enable in your trading permission.

Thanks, Ram, you have been very helpful.

The current ones are there for various reasons, somehow that's just the situation. Yes, definitely will find ways to trim my accounts.

Thanks, I will figure out CIMB. But you did say you won't convert is back to MYR one day, does it mean when you sell your stock one day, you will keep it as SGD?

Thanks also for the reasons given. I will have a look at trading 212- maybe more suitable for me.

Superb many thanks for the reply

Regarding Trading 212, those with TW Borderless Account should be able to use it without dealing with the high transaction costs/fees of local banks right?

Yes I won't convert back. My money which I transfer overseas are basically one way ticket. The reason is simple. Ringgit is a a depreciating asset and I won't hold onto a depreciating asset.
That way I can maintain my purchasing power.

Theoretically yes but I don't think anyone tested yet. If you have tested, kindly let us know.

This post has been edited by Ramjade: Jul 11 2020, 12:30 PM

Too bad I don't have the TW Borderless Account. I signed up only after they removed Malaysians eligibility.

My account still having the borderless account. I think they reinstate it back.

yes, that's cause SGD has been stable compared to MYR. in long term, we may see 1:4 and keeping SGD will be much favorable

I have both the TW account and trading212. Will try and update you all...but not so soon.

Thanks. If it work is a good alternative.

Hello Sifu,

Is it free if we use spore bank fast transfer to interactive brokers spore citibank acc?

Read from a blog article stated we can try transfer sgd100 first to check whether we got it right.
Thank you.

If use SG bank acc transfer to IBKR SG account should be free these days. (Banks don't charge for online transfers usually.)

I tried twice in HK (own HK bank account -> HK IBKR account) and it's free, as least for my bank, Hang Seng Bank.

Yes free if use FAST transfer.
Keep in mind it must be in SGD, second make sure your bank doesn't have fall below fees (amount must be above certain amount or not else banks will start charging you money unless you are using CIMB which does not have fall below fees.)