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 Interactive Brokers (IBKR), IBKR users, welcome!

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Medufsaid
post Jan 5 2025, 04:11 PM

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QUOTE(kanasai @ Jan 5 2025, 03:36 PM)
Just wondering, after conversion to MYR, am I able to transfer the MYR to other local bank account just like the  usual DuitNow transfer?
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Wise will charge you RM1.91 for Malaysia bank transfer

If other currencies like SGD to sg bank acct, it'll be free

This post has been edited by Medufsaid: Jan 6 2025, 09:19 AM
Medufsaid
post Jan 7 2025, 08:06 PM

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video on how to buy $SPYL and not get charged Swiss clearing fees
buy via recurring investment, or force it to route $SPYL to LSE. go to 6:40 for the chart. ignore the extra fees in his chart as IBKR sg has to pay GST to sg govt
QUOTE(Medufsaid @ Mar 12 2024, 08:39 AM)
tested LSE fares by buying
  • 1st batch manually @ $xxx.00
    Was charged $1.91, so tallies with my excel calculations (commission + exchange fees + clearing fees)
  • 2nd batch via RSP @ same price
    Only charged $1.70, so I guess exchange and clearing weren't charged
both same ETF
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This post has been edited by Medufsaid: Jan 7 2025, 08:12 PM
Medufsaid
post Jan 9 2025, 10:28 AM

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watermineral min $0.01 means it can be more. I was charged $0.35 for 0.4162 of NVDA. even if u decide to buy 0.01 of NVDA, that's $1.081 worth of shares. being charged $0.01 for $1.081 of shares is 1%

user posted image

for LSE stocks it's min $1.70-1.91. CSPX is LSE

This post has been edited by Medufsaid: Jan 9 2025, 10:47 AM
Medufsaid
post Jan 9 2025, 12:25 PM

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watermineral estimates are not accurate, to get accurate fees you have to generate the daily statement PDF file the day after.

We use IBKR bcos it's cheap, other brokers are more comprehensive

This post has been edited by Medufsaid: Jan 9 2025, 12:51 PM
Medufsaid
post Jan 16 2025, 01:10 PM

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JusticeLeagueMY relevant news updates for ppl who are interested in IBKR. if anyone else disagree, can also voice out and state their disagreement
Medufsaid
post Jan 16 2025, 08:29 PM

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QUOTE(brokenbomb @ Jan 16 2025, 07:00 PM)
so if im not mistaken, as a malaysian, cheapest way to deposit IBKR is by using Wise?
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open CIMB sg acct and send SGD via sunwaymoney (there are various other SGD remittance method but tl;dr version is use sunwaymoney)
QUOTE(brokenbomb @ Jan 16 2025, 07:00 PM)
and for withdrawal. CIMB SG?
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correct

i only use Wise for backup plan (i.e., suddenly singapore ban malaysians from having offshore SGD bank acct). Wise can't earn a single sen from me bcos it's a lot more expensive. the day wise lower their fees is the day i can be loyal to wise

This post has been edited by Medufsaid: Jan 16 2025, 08:33 PM
Medufsaid
post Jan 17 2025, 08:02 PM

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JusticeLeagueMY

MYR->wise->USD->ibkr 0.54% in fee + additional USD1.13 Wise to IBKR transfer fee
MYR->SGD->sg bank->ibkr->USD0.28% in fee + 0.03% fee when you convert to USD

if u are unable to open SG bank account, deposit MYR into wise, convert to EUR (0.52% in fee) & deposit into IBKR (€0 transfer fee), and pay 0.03% fee to convert to USD.

if you are transacting more than RM15k-16k, only then would it be cheaper to convert to USD directly (0.03% of RM15-16k is more than USD1.13), rather than MYR->Wise->EUR->IBKR->USD

In all scenarios, still cannot beat using local remittance companies to send SGD to sg bank.

This post has been edited by Medufsaid: Jan 18 2025, 03:56 PM
Medufsaid
post Jan 19 2025, 10:04 AM

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watermineral can do as per my suggestion
QUOTE(Medufsaid @ May 31 2024, 08:23 AM)
buy USA etfs using recurring investment, then once a year, liquidate that ETF and buy CSPX
» Click to show Spoiler - click again to hide... «
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This post has been edited by Medufsaid: Jan 19 2025, 10:05 AM
Medufsaid
post Jan 19 2025, 10:42 AM

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Schd annual dividend yield is 3.7%. You are donating extra 0.5% to uncle Sam annually https://www.nasdaq.com/market-activity/etf/...ividend-history

Schg is ok
Medufsaid
post Jan 19 2025, 11:58 AM

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watermineral ach is local USA Banks. If Singapore, will be using FAST to transfer SGD.

Local Malaysian MCA can't send USD using ACH. Will have to use swift

Wise/ach (normally malaysians convert to USD inside wise and ACH to IBKR) differences is pennies. But SGD can cut your fees by almost half

This post has been edited by Medufsaid: Jan 19 2025, 02:17 PM
Medufsaid
post Jan 19 2025, 02:28 PM

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watermineral nowadays CIMB SG requires you to send S$1k from CIMB MY (additional costs of RM30)

if u don't mind having a second sg bank account, open MBB sg ar-rihla (minimum balance S$200 required else there's S$2 monthly fee) first https://www.maybank2u.com.sg/en/personal/cr...casa/index.page , then only open CIMB sg. this will avoid that greedy RM30 surcharge that CIMB wants

This post has been edited by Medufsaid: Jul 18 2025, 04:34 PM
Medufsaid
post Jan 19 2025, 05:09 PM

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QUOTE(JusticeLeagueMY @ Jan 19 2025, 05:01 PM)
My friend suggest to open Maybank SG. Maybank MY to SG transfer is just RM10 fee.
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since you're new to how these work, do note that remittance usually have
  • fixed fee, and
  • marked up MYRSGD rates
in this case, there's a fixed fee of RM10. then, you should take note of what Maybank MY is selling you. take the MYRSGD rate they give, and compare against the real mid-market rate https://wise.com/my/pricing/hold-fees?sourc...SGD&track=false

user posted image
QUOTE(JusticeLeagueMY @ Jan 19 2025, 05:01 PM)
I have not tried Maybank SG to IBKR though - dare not try in case fees is high as I am now exploring Wise as a possible channel.
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you are sending local bank transfer from MBB sg to IBKR's Citibank SG bank account. you are familiar with depositing cash to local malaysian brokers' bank account right? same thing, no fees
Medufsaid
post Jan 19 2025, 09:32 PM

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QUOTE(watermineral @ Jan 19 2025, 06:48 PM)
that RM30 is one time charge or everytime u deposit to cimb?
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activating CIMB SG
  • via CIMB MY -> activate by one-time deposit of S$1k from CIMB MY to CIMB SG. pay expensive forex fee of RM30 for 1 time
  • via deposit of S$1k from other singapore bank account - open MBB sg bank account (no initial deposit required, very quick) and do transfer S$1k from MBB sg to CIMB sg after MBB sg activation



QUOTE(watermineral @ Jan 19 2025, 06:51 PM)
I am still kinda blur.
Wise SGD > CIMB SG> IBKR CITIBANK SG?
or
WISE SGD > MBB SG > CIMB SG > IBKR CITIBANK SG?
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from any malaysian banks use remittance companies like
  • sunwaymoney
  • moneymatch
  • duitnow overseas transfer
  • wise
  • bigpay
 to convert MYR to SGD and send over to
  • MBB sg acct like ar-rihla
  • CIMB sg fast savers
 to do FAST transfer to IBKR sg
Medufsaid
post Jan 20 2025, 09:00 AM

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watermineral can. we normally open CIMB sg for their cheap SGDMYR rates https://www.cimb.com.sg/en/personal/promoti...sfer-promo.html
Medufsaid
post Jan 21 2025, 11:21 PM

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QUOTE(JusticeLeagueMY @ Jan 21 2025, 07:32 PM)
My IBKR base currency is USD at this moment.
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no need to change base currencies from USD to SGD... mine is in USD. was never charged any extra fees when i deposit SGD and withdraw SGD. just currency conversion fees or other miscellaneous will be billed to you in USD

if one day when i want to exit IBKR for good, only then will i switch base currency to SGD (easier for fees to be calculated when i convert back into SGD)

This post has been edited by Medufsaid: Jan 21 2025, 11:23 PM
Medufsaid
post Jan 31 2025, 12:56 PM

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QUOTE(swiss228 @ Jan 22 2025, 01:09 PM)
The only thing I worried about using IBKR is what will happen to my funds if I die unexpectedly.  bye.gif I access IBKR with face recognition so....
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you can actually open a joint IBKR acct with your spouse. Or transfer stocks position back to Moomoo Malaysia. Now there's promo in moomoo MY for free iPad if stock transfers exceeds RM200k
Medufsaid
post Feb 3 2025, 11:13 PM

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QUOTE(annoymous1234 @ Feb 3 2025, 11:03 PM)
Has anyone withdraw large amount like rm30k or even rm100k from IBKR before? How did u do it? Wise only allow to store rm20k inside, what happen to the balance if I withdraw more than rm20k from IBKR to Wise?
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that's why we open CIMB SG
QUOTE(Medufsaid @ Oct 24 2024, 11:48 PM)
user posted image
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Medufsaid
post Feb 5 2025, 02:58 PM

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JusticeLeagueMY Moomoo SG can buy DBS bank stock. commission fees cheaper than IBKR (for SG stocks). wait i forgot, you cannot withdraw from Moomoo SG to MBB SG as MBB doesn't have e-statement to prove account ownership.

Moomoo MY can also buy SG stocks, but you'll have to pay Malaysian 0.1% stamp duty

This post has been edited by Medufsaid: Feb 5 2025, 03:01 PM
Medufsaid
post Feb 6 2025, 09:10 AM

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tropik ok so if ar-rihla sends you monthly PDF with your physical home address then you are good to go. previously mbb sg users say it's not possible. better setup your MBB sg acct as a valid bank acct for Moomoo SG now
QUOTE
Hello guys! Just wanted to ask anyone who opened an Ar-Rihla Savings account in Maybank Singapore, did you all manage to download eStatement? It's been more than 1 month since I opened the account, so I believe Maybank Singapore should have a savings statement out.

But instead, I didn't receive any eStatement, and when go to Settings, it says "Your account is not eligible for eStatement"  So I'm confused, does Ar-Rihla Savings account there's no eStatement services? confused.gif
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QUOTE
I think all Maybank SG accounts don't have estatements. Last time I used Maybank iSavvy account also no estatement as well, have to use CIMB SG's statement for opening DBS account back then...
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This post has been edited by Medufsaid: Feb 6 2025, 09:12 AM
Medufsaid
post Feb 16 2025, 02:15 PM

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QUOTE(fuzzy @ Feb 16 2025, 12:13 PM)
1) I do purchase ETFs like VUAA on a regular basis, can someone advise me on the fees as I seem to get different answers via Google.
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QUOTE(Medufsaid @ May 31 2024, 08:23 AM)
use this to calculate in excel

A B C
1 Amount Tiered Fixed
2 <<Enter your amount here>> =min(max(1.7, A2 * 0.0005),39)+max(0.13, A2 * 0.000045)+0.08 =max(4, A2 * 0.0005)
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QUOTE(fuzzy @ Feb 16 2025, 12:13 PM)
2) Does it make sense to transfer all my current holdings to IBKR, or just leave things as it and just start to buy shares in IBKR moving forward. Anyone has any idea if the fees they charge?
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if your broker doesn't charge you monthly fees to maintain your current holdings, just let it be. SG brokers charge you an arm and a leg to transfer out

QUOTE
In other countries, charging those fees is illegal. TIL that's not the case in Singapore...
QUOTE
It is illegal in Europe. They do it to improve competition between platforms, by making the platforms compete on lower fees rather than just increase the exit fees (walled garden)


This post has been edited by Medufsaid: Feb 16 2025, 02:54 PM
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