Yeah, I just want to know whether USD 2500 minimum net liquidation value is applicable to us current account owners as well. I guess that the best way for me is to ask TSG Customer Service directly.

The price of the shares that I want to buy is still too high for me, so I just stay on the sideline for now.

Nevertheless, I should look at the list of shares recommended by you, and try to buy some of them via IBKR.

Thanks for the advice.

This post has been edited by kart: Dec 11 2020, 10:28 AM

In short, USD 2500 is meant for only minimum deposit requirement for account opening via TradeStation Global - IBKR, and is not for minimum liquidation value maintained to avoid inactivity fee, right?

We all know that USD 2 is the fee charged by Interactive Broker / Tradestation Global, for currency conversion. And, we have only one-time free monthly withdrawal of our money, from our Tradestation Global trading account.


Let's assume that a person buys and sells share denominated in various currencies, in various stock exchanges around the world. What should that person do, regarding the money in various currencies in Tradestation Global trading account (due to dividend, buying and selling shares)?


For example, the money in Tradestation Global trading account is: GBP 200, Euro 40, USD 1200, SGD 50, and so on.


It will cost another USD 2 to convert the currency back to base currency. And, we are allowed one-time free monthly withdrawal of our money, from our Tradestation Global trading account, back to our Singapore Savings account.


There is no interest given by Interactive Broker / Tradestation Global, for our money in Tradestation Global trading account. Then again, very little interest is given for the money in our Singapore Savings account.


Thank you very much for your advice.

This post has been edited by kart: Mar 14 2021, 09:34 AM

Thank you very much for your good advices, Yggdrasil, polarzbearz and Ramjade.


Alright, I will just leave the cash from dividend and share selling, in various currencies as it is. As you advised, I will only convert the cash back to base currency, when the cash is in large amount.

The InstaReM receipt (showing the original amount in MYR and the converted amount in foreign currency) can also be sent to IBKR as a supporting document, right?


So, is it possible now to use TransferWise to convert MYR into EUR which will be remitted directly into our IBKR account, and EUR is ready to be used a few hours later on a working day? And, IBKR will not hold the EUR (remitted by TransferWise) for a few days due to additional checking, right?

That would be good for us, since we do not need to pay USD 2 to IBKR, to convert our base currency into EUR.

Did you open your trading account via TradeStation Global, or Interactive Brokers?


I opened my trading account via TradeStation Global. Each time when I use customer support in IBKR web portal, IBKR Customer Executive will refuse to entertain me, and requests me to directly contact TradeStation Global.


Maybe, most of you all who opened my trading account via TradeStation Global are lucky to get assistance from Interactive Brokers.

Alright, it makes sense, since you are currently under IBKR.


Even though some of us are still under TradeStation Global, we still deposit money to IBKR's Banking Accounts. Our share transactions are handled by IBKR.


As an introducing Broker to IBKR, TradeStation Global has no control over how IBKR processes our share transactions. I have no problem that the fee structure for TSG is understandably higher, because the fee is split between TSG and IBKR.


Sometimes, TSG is unable to answer some of our questions, and may have to forward the questions to IBKR. That is why I initially thought to directly contact IBKR, to speed up the response time.


Anyway, I just admit that it is my misconception. Nowadays, I will directly contact TSG, as per the proper procedure, in TSG Support Ticket website (https://www.tradestation-international.com/...ubmit-a-ticket/).

For you, do you obtain more Euro when you use TransferWise to convert from MYR to Euro which is directly credited to your IBKR account, compared to using TransferWise to convert from MYR to SGD, and then use IBKR to convert from SGD to Euro at spot rate and pay USD 2.00 to IBKR for conversion fee?

Thank you for your answer.

LostAndFound

In Portfolio in IBKR web portal, there should be a button to disable Virtual FX (on the right side). Press it, and the currency pair is hidden from view.

moosset

Did you close and then reopen your Wise Borderless USD Account?


So, the act of reopening your Wise Borderless USD Account allows you to have a newer Wise Borderless USD Account which supports Direct Debit, right?

This post has been edited by kart: Apr 28 2021, 09:51 PM

a16791

What is the name of USD account that you have in that bank? How did you manage to open that account?

Thank you for your information.

Nope.

I asked a16791, because other than Maybank Singapore and CIMB Singapore, the banks in Singapore do not generally allow Malaysians who do not work or reside in Singapore to open a Singapore savings account.


a16791 explained that a16791 opened the account, with an Singapore employment pass. So, it is quite clear for us now.

Is DBS Remit considered as Telegraphic Transfer (with the usual fees for Telegraphic Transfer), right? So, when you use DBS Remit to transfer your USD from your DBS My Account, is your USD transferred to Interactive Brokers' USD bank account in America?


If I am not mistaken, you mentioned that you use FSM SG to invest in S-REITs. Basically, you instruct FSM SG to transfer dividend denominated in USD, into your DBS My Account, right?


Thank you for your information.

This post has been edited by kart: May 19 2021, 05:20 AM

Ramjade

Thanks for your explanation. It is clear now.


If I am not mistaken, last time, you used DBS Internet Banking website, to request to close your DBS Multiplier Account (DBS Multi-Currency Account). Then, you requested to convert your account to POSB Savings Account.


So, recently, how did you open DBS My Account? Also via DBS Internet Banking website?


DBS My Account may well be an alternative to Wise Borderless USD Account, whereby we can keep our money in USD, and avoid double currency exchange conversion.

This post has been edited by kart: May 19 2021, 09:20 AM

There is no need to upload the photo of our current MyKad in DBS Internet Banking Website, right? We opened our DBS / POSB accounts many years ago.

If we want to return to TSG, is there a relink form that we can submit to TSG?

When I try to enable the trading permission for options in IBKR website, I encounter such error.

So, which choice should I select?



Thank you very much for your advice.

This post has been edited by kart: Oct 9 2021, 10:37 PM

Thank you for your suggestion.

For me, even after I change my portfolio to include speculation and state 2 years of trading options, I still need to trade stocks a few more times, in order to achieve 10 prior trades in stocks. It is tough for a buy-and-hold person like me, but I need to follow the rule set by IBKR.

I guess that no one of us will take Options Teaching Exam.

This post has been edited by kart: Oct 10 2021, 09:57 PM

I am not sure how it works. If I cannot achieve certain passing rate in the exam, IBKR may block me for trading options for unspecified duration.

I think that it is best for me to read more about options, and make a small amount of trade in options. Do not be greedy.

dwRK

Thank you for sharing your opinion on options.

Do you also trade options?