It takes less than 24 hours. Limit is USD5 million. One free withdrawal per month. Next withdrawal in that month incurs small fee. No max withdrawal per month.

If the account is in USD, then your bank will deposit USD.

Unker Ramjade's info is outdated. Last time he withdrew was in 2008

Hi sifus, newbie here,

Has anyone gotten trading permission for "complex or leveraged products (CLP)"? It seems like the requirement is quite high.

I configured my account to include trading CLP and it says to wait 24 hrs.
24 hrs has passed and I'm still barred from trading CLPs. How do I know it's been approved/not approved?

Thanks!

Sifu here. I'll help answer your question.

Before you apply for trading permission on an additional security/product, make sure you have met the requirements needed. For CLPs, the requirements according to IBKR are:

"In the case of Complex & Leveraged Products, you must have a Good or Extensive Knowledge Level for stocks and options, or stocks and futures, or take a test."

Additionally, they require you to have a certain amount of liquid net worth and income according to your age. For age 31 to 40, liquid net worth should be at least $50k and income at least $45k.

Once you have submitted the permission request, on the account permissions main page, the link "request for permission" next to the product should have been replaced with a greyed out "global". That means it's pending. If it still shows "request for trading permission", then you have not submitted the request yet.

It usually takes less than 24 hrs on a weekday, but because of the influx of noobs like you to platforms like IBKR and robinhood, there might be delays.

Good luck, boy!

Back when I asked the question, I was still noob. Now that I am older and have gained years of experience, I have become sifu. Of course, I will help answer noob questions, including my own.

Come, come noobs. Unker help answer your questions.

Shhhh..don't tell pepul.

Thank you, sifu!

I followed your teachings and notice that indeed the text next to CLP on the trading permissions page was showing "Request for Permission". How dumb I am! I obviously didn't finish the application process. Once I requested again, it took about 8 hours to get the trading permission. Now I'm trading CLPs like a full fledge WSB autist!

Thanks again!

The status in your picture seems to indicate the date 31 December 4712 as the expected completion date. So slow, that's why I just use bank transfer instead.

Perhaps resident instarem expert Ramjade can help you out.

It matters because your transaction was flagged under their anti-money laundering controls. You should try sending smaller amounts (below $1million) first. Just curious, have you ever been convicted of money laundering or financial fraud prior to this?

I am sifu and I disapprove Instarem and TransferWise. Direct bank transfer is the best.

This is wrong. AFAIK, Malaysia is one of the 39 members of FATF. All banks in Malaysia follows the AML/CFT framework put forth by Bank Negara, making all of them FATF compliant. Therefore CIMB being "non-FATF" is just silly.

On the other hand, IBKR just agreed on a $38 million settlement last week with the SEC, FINRA, and CFTC over a number of anti-money laundering breaches, including failing to file suspicious activity reports (SARs) on international money transfers. I think this is what their panties in bunch and is now asking every transfer for supporting docs.

Yes they do. I send USD directly to IBKR via Maybank.

Hello, I am sifu.

Use direct bank transfer. So rich already, surely you can afford the fees.

Ohwaii

Mine usually takes 8 to 24 hours

I was once called by my bank's branch manager due to the increased amounts flowing between IBKR and my account. Because I didn't want to discuss it on the phone, I told her I would visit the branch and see her personally. She told me that the reason is due to KYC requirements. We went through some of the recent transactions in my account and I explained that it's all due to stock investments. I'm guessing that my transactions was probably flagged for unusual activity by Tiger Bank HQ, and asked her to check. It only took about 10 mins and the bank has never bothered me about it again since.

I have a trusted friend who has the password to my account, but is unable to access because of two factor authentication. So I suppose if needed he can help access the account using my fingerprint from my dead hands when I'm gone. Hahaha. However, I do move funds out of IBKR from time to time as the fees are inconsequential.

This post has been edited by erizdagreat: Nov 24 2020, 06:08 AM

Im using a normal savings account that I've had for ages. I believe the issue is that my transactions were large and frequent. Nowadays I try to limit the frequency of these large transactions.

I only do direct transfers because my transactions are substantial and the security/certainty it offers by the bank. The savings I might get from using instarem/TransferWise are negligible compared to the risk of it being lost/stuck en-route.

I know you might be wondering how much is 'substantial'? Let's just say it's in the 6 digits range

12k is small enough to not be a problem if you want to bring back in one go. The others here have transferred back larger amounts without problems.

If you withdraw using your free monthly withdrawal, then there are no other charges. If your Maybank account is in MYR, Maybank will automatically convert the USD amount to MYR using their rates. This conversion is slightly less favourable than spot rate. The whole process from initiating withdrawal to having the amount in your account takes around 12 hours or shorter.

BTW, This is the only withdrawal method I use

It's not 12 hours exactly. I usually withdraw during US trading hours (9.30pm to 4am) and before noon Malaysian time it would be in already. I say "noon" because I've never checked before 12pm, but it could have gone in earlier in the morning while I was dead asleep.

Im paying $14.50 per month to get live options on IBKR. Can also see market depth

I'm using pure IBKR because I wanted better brokerage/commission rates compared to whitelables. Since I don't have to pay the $10 monthly fee, I can essentially hold my investments for long-term without incurring any fees, which suits my investing style. Get best of both

This post has been edited by erizdagreat: Feb 8 2021, 12:32 AM