QUOTE(ntdote @ Nov 14 2020, 10:09 PM)
Thanks moosset and Gwynbleidd.
Im still confuse but from what i gather if I only have Maybank MY account:
1. Transferwise not available to malaysians as pointed out by Gwynbleidd. (sorry on a second reading, Gwyn meant for borderless account. That means we can still use transferwise to deposit to IB, right?)
2. I will incur additional transfer charge and forex charge from Maybank for deposit into IB.
3. After deposit, all else will be the same while trading in IB.
I am currently trading US stock using Hong Leong. The USD exchange rate quite competitve most of the time, only about 0.5% difference between buy and sell rate. Then the minimum charge for buying stock is USD25 + some other small fees, which i thought is quite expensive.
If i transfer to IB using MBB, i wonder if it will be even costlier as if i remember correctly the exchange rate could be nearly 2.5% higher than actual rate.
Generally for funding into, its OK to transfer directly via transferwise as its the easiest way to do so.
To cash out from IBKR, most of us here utilise transit account of some sort from reputable country - Singapore, Hong Kong,.... Strongly suggest to open one SG account if you haven't already.
QUOTE(ntdote @ Nov 15 2020, 01:33 PM)
I just applied for an account with IB and transferred some money via TW.
I notice maximum transfer using TW is RM30k and the transfer charge is about 0.5% with no surcharge on forex.
In my IB page it is stated as IBKR PRO at the top of the page. I don't remember being offered to choose PRO or LITE. Wouldn't LITE be more suitable for retail investor?
Indeed TW have a soft daily cap, typically I won't look at forex rate or fees on instarem or transferwise or banks - I will only look at the end result (e.g with 10000 MYR, how much HKD / SGD / XXX will it give me?). Mainly because different fintech charges differently. Some have lower fees but unfavourable rates, and vice versa. Banks have it worst (bad fees and bad rates).
As for IBKR PRO / LITE: Lite is only available for US citizen at this stage (
sos) so if you apply directly with ibkr, or via tradestation global, it will be their PRO equivalent.