1. You need to fund it then only your account will be approved. Amount to fund = USD5k or equivalent in other currency.


2. Yes instarem is the cheapest but you cannot fund it in USD. So far only Eur works.
I use

Of course if you want to give free money to your banks by doing TT, it will also work. Expect a cut of about 3-5% that the bank will take. Free money for the banks.

I haven't tried with SGD, but InstaRem MYR > HKD > IBKR works!

For TSG, the minimum would be USD 1,000 right? Just to double confirm so no need transfer multiple times





Because it's first time using instarem here, do you mind to help me review some of the input here? Especially on the
SWIFT code = CIBBSGSGXXX,
payment method = FPX and
the transaction fee of RM 22.50 (Is this fixed for every single transfer?)

Next screen would prompt me to login bank FPX page?

By going through HKD means we need to open a HKD account somewhere ? Sorry, newbie here.

no ...

use instaRem, MYR > HKD. IBKR accepts HKD.

Care to share the sender bank for Instarem for HKD?

sender institution?? I wrote InstaRem. The same way I did for EUR.

I know it feels weird. I thought it had to be a bank's name.
Anyway, I still don't understand why IBKR can't accept USD from InstaRem. I tried to ask InstaRem the sending institution, they said OCBC (the same bank that accepts MYR). I was like, WTF?? That's not how FinTech works! There must be local bank in US that remits USD to IBKR.
He/she said no. It's OCBC (MY) that sends money to the US!

Maybe I have saved the chat log somewhere. If I can find it, I'll post it.

In the interactive broker page, there's a colum for you to fill up senders bank. You wrote sender bank ad instsrem on interactive broker?

Yes exactly! That's what I did. It works for EUR and HKD but not USD.

Need to fund for acc to be approved? I thought it is 0$ minimum deposit.

the acc is approved but to activate it, you need to fund it with 1k USD (tradestation global).

I'm not sure about IBKR.

Because it's first time using instarem here, do you mind to help me review some of the input here? Especially on the
SWIFT code = CIBBSGSGXXX,
payment method = FPX and
the transaction fee of RM 22.50 (Is this fixed for every single transfer?)

Next screen would prompt me to login bank FPX page?

Which one do you think is better if eventually I want to invest in US stocks?

This post has been edited by nbafans99: Nov 22 2019, 08:39 PM

I think it's correct, as long as you follow all the details provided by IBKR and add your reference in the note.

yeah, next page is FPX.

doesn't matter, really.

Doesn't matter as you still need to pay USD2.00 for USD conversion since they don't accept USD from instsrem.

The above is actually to send money from instaren to my CIMB SGD account.


You mean we can direct use this way?


If yes, I suppose it's easier and cheaper? Since there is one less leg to transfer from CIMB to IBKR? Sorry for the on-going questions. am trying to learn from sifu here.

This post has been edited by nbafans99: Nov 22 2019, 10:16 PM

Instarem (myr->hkd) -> ibkr (hkd->usd)

yes. Using InstaRem, MYR > HKD.

It's easier as it's one step shorter, but same price.

Hello All sifu,

I am planing to open an IB account.. I'm from malaysia.
My target is to fund around usd 3k for 1st & topup to max usd10k.

I need advice as following.
1) I saw there's a lot of comment on the past forum.. May I know in present, which is the chepaest way to fund into IB account.
2) I'm holding some usd notes with me, can I fund directly to IB via any bank or agent?
3) I saw comment, inactive account in IB charges usd10/mth.. Inactive means no transaction at all or there's minimum transaction to avoid this cost?
4) what's the cheapest way to get back money from IB in MYR?


Regards
William

What did you submit as your proof of verification? Our IC is not allowed