Make lots of money from IBKR?

So it means I have to open another account? I don't have have an address in Singapore, only passport and CIMB SG account. How oh?

I'm confused... you're trying to send MYR using InstaRem to your CIMB (SG) acc right?

then you need to create a new acc (with a different email address) with Malaysia as your country of residence (from the very beginning). Then you can send MYR via InstaRem.

Yes.

I'm quite sure I selected Malaysia.
In fact, my profile says my address and nationality is Malaysian.

But Malaysia is missing.

I see. You are talking about this part.
If you can choose to send MYR, then you've selected Malaysia. You're on the right track.
No need to re-start.

Just choose any country. I know it sounds stupid... but it works.

This post has been edited by moosset: Dec 10 2019, 08:34 PM

Alright then. Just afraid that my money get forfeited by SG authorities for suspicion of money laundering/terrorism financing.

Thanks.

This is just my opinion, and I could be wrong. But, I did transfer some money to my Singapore savings account, without any issue, and it should work.

From Instarem Malaysia's point of view, you are a "Singaporean staying in Singapore", who owns CIMB Singapore FastSaver savings account under your name. So, just choose Singapore, as the country of residence of the recipient, and it should work.


I am wondering whether we, as Malaysians, can open Instarem Singapore account, so that we can send SGD, to our savings account in other countries (other than Malaysia and Singapore).

Let's assume that a Malaysian already has a Instarem Malaysia account, is working and staying (renting a room) in Singapore, with employment pass.

With the employment pass and an address in Singapore, can this Malaysian open Instarem Singapore account? In other words, Instarem Malaysia account and Instarem Singapore account coexist under the same person.

This post has been edited by kart: Dec 11 2019, 09:40 AM

Can. If you are working there. Have SG address.
No must use different email address.
If you are like me without any business in SG, no cannot have instsrem account.

yeah, as Ramjade pointed out, if you've a residence permit / employment pass, definitely no problem!
just open another acc with another email address.

but then, last time InstaRem emailed me that, one person can only have one active acc. So as long as they don't know and don't check, it should be fine.

So, a Malaysian with Singapore employment pass can register an Instarem Singapore account, using another e-mail address. During Instarem Singapore account registration, that Malaysian can submit a photocopy of Singapore employment pass, to be verified by Instarem Singapore, right? That is good.

Yeah, I am same as you, and are not working in Singapore. However, it is good to know how to register for an Instarem Singapore account, in order to transfer SGD to savings accounts in other countries.


Then again, Instarem should be aware that we Malaysians cannot use Instarem Malaysia account, to transfer SGD.

Back to my example, the person is a Malaysian citizen, so the person is qualified to have an Instarem Malaysia account. And, this person is working in Singapore. So, with Singapore employment pass and Singapore address, this person is also eligible to get an Instarem Singapore account.

Having an Instarem Singapore account is needed to transfer SGD.

Otherwise, without Instarem Singapore account, how can a Malaysian working in Singapore transfer SGD? For this example, let's assume that we do not use Transferwise. Let's try to get everything done, within Instarem.

Instarem PTE Limited (the holding company of InstaReM subsidiaries such as Instarem Malaysia and Instarem Singapore) should give Malaysians the ability to transfer MYR and SGD, within single unified Instarem account, provided that these Malaysians have the necessary identifications in both countries. The same goes for any nationalities who have identifications in two countries.

This single unified Instarem account can be used either as Instarem Malaysia account, or as a Instarem Singapore account.

This post has been edited by kart: Dec 11 2019, 04:43 PM

Since they want to impose such restriction, simple je. I find another fintech without such restrictions. Lots of fintech in Singapore vs Malaysia.
But so far only one company can accept Malaysian without any restriction.

If you don't have transferwisw, Cimb is a good options. Rates are not bad.

I understand your point on the restriction imposed by Instarem, Ramjade.

Yes, I do have TransferWise account.

That example I am using is just a hypothetical scenario.

Yeah, I just heed your advice. I should compare the conversion rate from SGD to MYR, between TransferWise and CIMB Singapore, and choose the cheapest rate.

Also, I do have the same thinking as you. Whatever MYR converted to SGD are meant only for investment in share market, and should stay in Singapore. I try not to convert SGD back to MYR.

I converted HKD to USD and now that transaction still shows in my portfolio USD/HKD. How to remove it?

Cannot remove. Need to use program TWS. Select fxconv. By default they use ideal pro.

Normally how long would it take to get TSG account approved ya?
My application and my funding was done around 28 Nov, until now it's pending status...

Did you fund it?
If yes how did you fund it? Local transfer or TT?

Yes funded. Via instarem -> CIMB (SG) -> FAST to TSG Citibank NA account

Check your email. Sometimes they need more documents from you like payslip.

Just dropped an email to them..Hopefully no problem

How much did you put in btw? I think if you do not put in enough, your account will not be activated. Not mistaken you need $500 or something. Have you tried buying any stock?