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 Interactive Brokers (IBKR), IBKR users, welcome!

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Gwynbleidd
post Nov 14 2020, 09:14 PM

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QUOTE(ntdote @ Nov 14 2020, 08:41 PM)
Then how do malaysians withdraw from IB?

Can we even deposit from msia account in the first place?
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Yes, you can but it will be expensive as mentioned few posts back. That is why we open a Singapore bank account for withdrawal or deposit. For deposit you could use fintech to directly deposit to IB from MY account.
TSmoosset
post Nov 14 2020, 09:39 PM

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QUOTE(dwRK @ Nov 14 2020, 12:16 PM)
ABA is bank routing system in US

ACH is payment xfer in US... something like our FPX

should pop up only with usd deposits...ACH need to link to US Bank account
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by the way, I think I could connect ACH with TW's borderless USD bank account, but I haven't tried transferring money out yet.

QUOTE(AnasM @ Nov 14 2020, 05:14 PM)
6. BigPay (to deposit SGD) but can't enter your own reference number.

If cannot put the reference, then how IB know the transfer is from me?
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Some users just took the risk and hoping that IB will be able to match it. laugh.gif

QUOTE(ntdote @ Nov 14 2020, 08:04 PM)
Updated 02 Jun 2020
For withdrawal, you can withdraw to your bank account in any developed country like Australia, UK, Singapore, HK etc.

Alternatively, you can also open an account with Transferwise and get a borderless account. It's possible to withdraw EUR from IBKR to TW Borderless account. I haven't tried other currencies yet but will keep this post updated as more info comes in from other users.

The above quoted from front page, seems no option for withdrawal for malaysia?
*
well, Malaysia is ........ Malaysia. laugh.gif

If you really want it the easy / expensive way, message IBKR and ask them to transfer money to Malaysia manually.

What we stated above is simply cheaper and without going through the CSO.
ntdote
post Nov 14 2020, 10:09 PM

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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.

This post has been edited by ntdote: Nov 14 2020, 10:23 PM
TSmoosset
post Nov 14 2020, 10:30 PM

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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.
*
1. Transferwise is available for all; Transferwise Borderless account is not.
TW is the money transfer service. TW borderless account is one of their many services.
So ppl here use Transferwise to fund their IBKR acc.

So generally when it comes to withdrawal,
a) For ppl with the borderless account, they can withdraw money from IBKR to TW borderless account.
b) If you don't have borderless account, then you have to find alternatives like direct transfer to Maybank, or via CIMB SG.

I cannot comment on HLB as I'm not familiar. I just know all in all, international brokers are cheaper. smile.gif
Your per trade is $25, but tradestation it's only $1.50. If you use pure IBKR, it's only $0.35.
ntdote
post Nov 14 2020, 10:33 PM

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QUOTE(moosset @ Nov 14 2020, 10:30 PM)
1. Transferwise is available for all; Transferwise Borderless account is not.
TW is the money transfer service. TW borderless account is one of their many services.
So ppl here use Transferwise to fund their IBKR acc.

So generally when it comes to withdrawal,
a) For ppl with the borderless account, they can withdraw money from IBKR to TW borderless account.
b) If you don't have borderless account, then you have to find alternatives like direct transfer to Maybank, or via CIMB SG.

I cannot comment on HLB as I'm not familiar. I just know all in all, international brokers are cheaper.  smile.gif
Your per trade is $25, but tradestation it's only $1.50. If you use pure IBKR, it's only $0.35.
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Ahh it is clear to me now. Thanks again.
dwRK
post Nov 14 2020, 10:45 PM

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QUOTE(moosset @ Nov 14 2020, 09:39 PM)
by the way, I think I could connect ACH with TW's borderless USD bank account, but I haven't tried transferring money out yet.
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yes tw has ach... wire is cheaper for me hence I don't use ach... ach is also slower
TSmoosset
post Nov 14 2020, 10:48 PM

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QUOTE(dwRK @ Nov 14 2020, 10:45 PM)
yes tw has ach... wire is cheaper for me hence I don't use ach... ach is also slower
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wire from IBKR to bank acc in US?
dwRK
post Nov 14 2020, 10:53 PM

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QUOTE(moosset @ Nov 14 2020, 10:48 PM)
wire from IBKR to bank acc in US?
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xfer USD to MYR... tw's fee is cheaper using wire to fund
ntdote
post Nov 15 2020, 01:33 PM

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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?
polarzbearz
post Nov 15 2020, 02:23 PM

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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.
ntdote
post Nov 15 2020, 02:39 PM

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QUOTE(polarzbearz @ Nov 15 2020, 02:23 PM)
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.
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.
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Could malaysians open sg account so easily?
I always have presumption that not possible unless staying or working in sg.

Krv23490
post Nov 15 2020, 02:52 PM

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QUOTE(ntdote @ Nov 15 2020, 02:39 PM)
Could malaysians open sg account so easily?
I always have presumption that not possible unless staying or working in sg.
*
CIMB SG quite easy.. all online
polarzbearz
post Nov 15 2020, 03:53 PM

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QUOTE(ntdote @ Nov 15 2020, 02:39 PM)
Could malaysians open sg account so easily?
I always have presumption that not possible unless staying or working in sg.
*
QUOTE(Krv23490 @ Nov 15 2020, 02:52 PM)
CIMB SG quite easy.. all online
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Very easy, most others I've seen got it within 5-7 working days and it's all online (except if you don't have CIMB Malaysia or if your CIMB Malaysia was dormant like me...)
I was one of the few unlucky batch whom applied during CIMB MY/SG new hiring and they screwed up with my application procedure (rejecting my linkage laugh.gif)

For opening sg account you can read more in this thread or this step by step guide I compiled
TOS
post Nov 15 2020, 09:32 PM

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QUOTE(ntdote @ Nov 15 2020, 02:39 PM)
Could malaysians open sg account so easily?
I always have presumption that not possible unless staying or working in sg.
*
Warm reminder. Don't open Maybank SG. Open CIMB SG account. tongue.gif

Most forumers here open either one, but the former has a minimum daily balance requirement of 500 SGD, and interest rate is very low. The later does not have any minimum balance requirement but only pays interest (higher than Maybank SG) for balance above 1000 SGD.

Either one would work technically, but Maybank SG will incur charges for SGD transactions out of IBKR whereas CIMB SG waives the fees currently (only TT allowed for both, not FAST, which is why charges are incurred). So, strongly suggest CIMB SG.
Pewufod
post Nov 16 2020, 12:38 AM

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how to include currency pairs into my watchlist ?
is there a ticker symbol for each pair ? like USD JPY etc
polarzbearz
post Nov 16 2020, 12:48 AM

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QUOTE(Pewufod @ Nov 16 2020, 12:38 AM)
how to include currency pairs into my watchlist ?
is there a ticker symbol for each pair ? like USD JPY etc
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Target Currency. Quote Currency

Example to buy USD with SGD = USD.SGD

to buy USD with HKD = USD.HKD

Or just use their currency converter market order with no frillz

QUOTE(TOS @ Nov 15 2020, 09:32 PM)
Warm reminder. Don't open Maybank SG. Open CIMB SG account. tongue.gif

Most forumers here open either one, but the former has a minimum daily balance requirement of 500 SGD, and interest rate is very low. The later does not have any minimum balance requirement but only pays interest (higher than Maybank SG) for balance above 1000 SGD.

Either one would work technically, but Maybank SG will incur charges for SGD transactions out of IBKR whereas CIMB SG waives the fees currently (only TT allowed for both, not FAST, which is why charges are incurred). So, strongly suggest CIMB SG.
*
Yeah this is a good point. Always forgot about this laugh.gif

But really find it weird that IBKR chooses TT as their transfer method since they already have virtual Singapore account hmm.gif rclxub.gif

This post has been edited by polarzbearz: Nov 16 2020, 12:50 AM
Pewufod
post Nov 16 2020, 12:51 AM

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QUOTE(polarzbearz @ Nov 16 2020, 12:48 AM)
Target Currency. Quote Currency

Example to buy USD with SGD = USD.SGD

to buy USD with HKD = USD.HKD

Or just use their currency converter market order with no frillz
Yeah this is a good point. Always forgot about this laugh.gif

But really find it weird that IBKR chooses TT as their transfer method since they already have virtual Singapore account hmm.gif rclxub.gif
*
thanks for the reply

but what do i type in the ticker ? for monitoring purpose only not for conversion
polarzbearz
post Nov 16 2020, 01:02 AM

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QUOTE(Pewufod @ Nov 16 2020, 12:51 AM)
thanks for the reply

but what do i type in the ticker ? for monitoring purpose only not for conversion
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Those examples are the ticker. Sometimes it may not appear when attempting to search (in TWS at least), one consistent workaround I always do is, go to your watchlist and type there directly "USD.HKD" / "USD.SGD"
Pewufod
post Nov 16 2020, 01:07 AM

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QUOTE(polarzbearz @ Nov 16 2020, 01:02 AM)
Those examples are the ticker. Sometimes it may not appear when attempting to search (in TWS at least), one consistent workaround I always do is, go to your watchlist and type there directly "USD.HKD" / "USD.SGD"
*
ohh you have to type the specific pairs and not just the either one of the price/base pair

thank you !
dwRK
post Nov 16 2020, 10:05 AM

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QUOTE(polarzbearz @ Nov 16 2020, 01:02 AM)
Those examples are the ticker. Sometimes it may not appear when attempting to search (in TWS at least), one consistent workaround I always do is, go to your watchlist and type there directly "USD.HKD" / "USD.SGD"
*
you'll have to know the currency conventions...ie., which comes first... EUR.USD is ok... USD.EUR won't work... fyi

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