can.

Thanks!

If you manage to do it, please report back here and let us know the charges etc.

sending fees depend on ori broker

receiving ibkr foc

Currently checking.

My situation is such:
1) I do not own the shares. The share certificate belongs to my father.
2) I am checking the possibility of transferring the ownership to me.
3) And then transferring it to a broker (of my choice). Or if whether it is even necessary if it's just for holding purpose.

I'm not sure if anyone faced a similar situation.

Hi guys, having gone thru this thread, the most popular way to transfer funds to IBKR seems to be:

instarem(MYR) -> SG CIMB FastSaver(SGD) -> IBKR (SGD) -> IBKR (convert USD/HKD)

A couple of questions:

a) must it only be SG CIMB Fastsaver? Would SG M2U account work in this case?

b) What if I already have my funds in USD account in MY, what you reckon wld be the best way to transfer it into IBKR US? At first I though of doing MY bank (USD Acc)>TransferWise>IBKR (I have encountered problems in the past when trying to transfer direct from MY bank to IBKR). Then I thought this would not save me any money coz the cost to transfer to TransferWise would be the same if I transfer directly into IBKR.

This post has been edited by sukhwin79: Feb 13 2020, 12:59 AM

a) I think it works too. It's just easier for us to open CIMB(SG) than MBB(SG). You can also use instrarem (MY) > IBKR(SGD) without a Singaporean acc.

b) IBKR can't receive USD from Transferwise. I tried before but failed. If you managed to do it, please report back.

Cause most people have Cimb sg? If you have maybank SG, by all means go ahead. Only don't use Malaysian banks to try to deposit your money. Reasons.
1. Most Malaysia banks interactive broker. There's like an unofficial law to block it because it deal with forex.
2. Even if you can get past the blockage, you already lose min 3% to Malaysian banks.

IBKR does not accept transferwise in USD. Only way is instarem them EUR. They accept that.

Do u know if they accept TransferWise in any other currency if not USD? Because their FAQ states;

"While it is possible to deposit funds from this money transmitter, the transfer would need to meet the following conditions:

The funds would need to originate from an account titled the same as the IBKR account;
The deposit payment details would need to include your account ID and title.

Based upon prior experience, Transferwise generally does not include the required information in the payment details and, if this is the case, the funds will be returned as unidentified."

So far only instsrem via EUR works. Others not tested.

Thank u for the info.

I am now thinking of how to utilize fintech to transfer my USD from Malaysian bank to IBKR to minimise transfer fee and fx rates. Going the instarem route seems to be counter productive . I have to do USD to MYR at bank (since Instarem ony can deposit in MYR) -> MYR to EUR at Instarem -> EUR to USD at IBKR.

Personally tested and it worked!
Transferwise EUR
InstaRem EUR, SGD, HKD.

Personally tested but it failed!
Transferwise USD
InstaRem USD

I've not tested this but maybe open a USD acc in SG, then bank transfer from SG (in USD) to IBKR?

Invaluable info. Thank you very much. This does save me a lot of trouble.

OK, will find out if this is a viable option. Need to find out if can open USD acc in SG. I have SGD acc with Maybank. Will enquire with them first.

You can forget about using USD account in Singapore. Is totally useless. You can't move or transfer USD unless you do it physically at the branch.

but you're welcome to try the USD transfer. Maybe I entered some details wrongly....

you've Transferwise's borderless account right? The one with virtual US bank details. Then can transfer from MY to Transferwise USD bank acc. Then maybe change to EUR??

Yes, I do have the TWise Borderless acc. Perhaps better to direct transfer USD from MY bank to USD TWise in my case, since my funds already in USD.

USD MY -> USD Twise, then convert to EUR > IBKR, then convert EUR back to USD.

Sigh, sounds so mahfan.

what US stocks do you want to buy? There may be equivalent in the European stock market.

Haven't explore this option.
I'm normally into US index ETFs & US/China technology stocks. For ETFs, i buy Irish domiciled.