IBKR Is listed in the US but trading212 is not. i would be worry of my funds safety despite they are FIDC insured if the company is us based.
Per transaction London Stock Exchange thru maybank is horrandeous it cost me 600 gbp per trip of in and out. unless you have good volume you are likely to lose money

That's why I said use sg banks. Easy. No problem. No expensive transaction fees involved.

kindly elaborate abit here. how to use singapore banks?
do you mean i need to open up uob ocbc or dbs in singapore and transfer funds from malaysia to singapore 1st before sending them to IBKR?

This post has been edited by normanTE: Jul 12 2020, 10:20 PM

our malaysia banking industry is like a vampire, sucking us dry.
now worse still bank negara want to intervene of what you can do with your money and decide for you of what you can buy or not.
sooner or later we are the 2nd venezuela or greece. your excess funds in the bank will exchange for the respective banks stock that plunging every day. this is insane.

had you ever try to trasnfer usd or gbp from hk account to IBKR?
To my experience most hk account is integrated (mean they are single numbered multicurrency account even their credit card is coming with choices of dual currency and the popular one is hkd + cny
is this statement correct?

From previous post, you can open maybank SG or cimb SG while here in malaysia as long as you have account with them. Cimb sg suppose to be easier, can do online. I haven't tried. Then of course you need to deposit sg into the account, can use bigpay, transferwise, instarem.

i use to think that since 2000 been sending hkd and remembered that good old day 1 rm can exchange 2.55 hkd.
those fund become a problem when they ballooned as i swing traded some bank shares and china mobile back them from transfered 600,000 hkd it swelled to hkd 5 million in 10 yr. ( traded hsbc and sold at 140 hkd, after that position trade china mobile and banking stock) they give fat dividend and potential upswing when you buy them right.
problem really start when you have huge funds outside malaysia in 2016 they started something call oecd or crs common reporting system where by all account start to ask you TIN tax identification numbers. last year alone i know more people been invited to Lhdn to explain the source of funds you need to keep the bank statement ready back to genesis. most bank singpore bank dont have such details and they are charging 50sgd permonth. where as most hk and us bank account statement is given out free.
Honestly singapore account is not the best but they are ease if you live in malaysia.

here come the multiple fees loses. i need to convert MYR to SGD and then deposit sgd or convert sgd to usd in IBKR this is nuisance
singapore had a very limited options of stock. my expereince is all discount brokers dont survive except IBKR. it been around since 1980's
others just dont survive the time.

before you make a dime you will generally loss around 2% in fees and commission from converting rm to usd ( worse still if you go thru sgd then usd)

here is my suggestion by pass singapore options.
consider hsbc malaysia premier banking services and thru their global transfers. you can set up account in china hk us uk australia. and from there you send them out to ibkr.
(hsbc having a product call everyday bank account it come in multiple currency but conversion rate isnt favorable. )
Because i been disposing the rm since last aud drop to 2.6 and gbp at 5.05 remember last christmas gbp drop like stone. so i am transfering gbp aud to ibkr not rm.
this become complicated when you go to sg. i dont like sg sucking us as a middle man

This post has been edited by normanTE: Jul 12 2020, 11:09 PM

Yes. Open account with them. Pick one.
You can open from Malaysia. Don't even need to travel there.
No need to be priority customer.

Malaysian banks -> Instarem/bigpay/TransferWise-> Sg bank > IBKR Sg Bank account (local transfer in SGD) -> convert at spot rate inside IBKR. I am basically using money changer rates or close to money changer rates using those fintech.

As long you have proof everything and you paid your tax you are free to invest.
Only scared if you got no proof.

What nonsense are you talking about sgd50/month?
I am not paying anything for my sg bank account. It's basically free.
Only need to watch out for fall below fees if you are using Maybank. Heard latest one must keep min sgd1k or will be charged sgd2.00/month. My account minimal amount to maintained is sgd500.00

This post has been edited by Ramjade: Jul 12 2020, 10:55 PM

Well, alternatively, you use transferwise direct to gbp or eur or aud or hkd ibkr. Either way inside ibkr you still need to convert to usd spot rate + $2. Unless you want to direct TT to ibkr usd, which will cost a lot.

Have you tried transferwise direct into ibkr recently (eur/gbp/aud/hkd/sgd)? Read some where rumours ibkr will query since 3rd party. I didn't encounter any issue last month myr to gbp but haven't tried since.

yes 50sgd per month if you want to trace back all the bank statement from uob singpore. meaning sgd 600 for 1 year of bank statement. and 6000 sgd for 10 yr of statement.
imagine my account opened since 1987. having offshore account back then is peace of mind. in today it give you nothing but trouble.

Nope for what? I just direct transfer from SG bank into IBKR sg bank account.

Now all bank got online statement. Times change. Thanks to FATCA.

Thank you for the suggestion and advices.

Honestly I havent heard of transferwise direct.
so who should I approach? maybank?

Transfewise/instarem.

Want to ask something about stock transfer. If I transfer out my shares to other broker, does all the cost gets transferred as well? Will I still be able to see an accurate portfolio for the unrealized profit/loss?

I doubt anyone here transfer before. Best is to ask your broker because the receiving institution may charge fees and differs according to the exchange.

Probably it will be recorded as a sale at fair value and recorded as a purchase in the receiving account.

i will probably try when i needed later.but not anytime soon
Ya off course it works on spread (no commision). what i noticed it spread is slightly lower than etoro..