IBKR is now trying to act like a market maker...

Poor Nestle...

https://www.reuters.com/business/retail-con...out-2023-10-06/

Takudan still holding? 

Hi friends, just to share some info from my experiment:

I've set up recurring investment for VWRA, a LSE listed ETF denominated in USD.



Contrary to the information provided by IBKR:

1. If you don't have enough USD, it will convert from your other currency balances. This conversion is free.
2. It trades at the end of the trading day.
3. It charges minimal commission where possible. (0.35 USD instead of the usual 1.70+ USD) The ongoing theory is that it's an internal trade within IBKR where possible and it saves cost.

The cheapest route to invest at any amount now for me is:

1. Remit SGD to SG Bank. (MoneyMatch -> CIMB SG, <2 hour during working hours)
2. Deposit from SG Bank to IBKR SG (CIMB SG -> IBKR, <2 hour before funds are made tradable)
3. Set up recurring investment, it's possible to set to buy for exactly 1 time to mimic normal buying.
4. SGD automatically converted to USD without 2USD commission on trade with IBKR's great spot rate.
5. Trade is done at cheapest possible broker commissions.

Not only this makes weekly DCA viable, it also basically eliminates my minimum investment amount per trade. (Used to be RM3000+ for better rates on SunwayMoney and keeping TX cost at around 0.5%)
Obviously, if your stock has shit spread, do not do this. But this is a great boon for investors like me.

hello everyone, newbie here.

I have an IBKR account. I usually deposit USD using Wise after i convert them from myr.

My question is, let's say i wan to trade sg stocks, can i deposit sgd into IBKR and trade using sgd?

Or do I need to deposit USD as usual, and upon trading sg stocks, IB will auto convert USD to sgd?

thankssss

By the way, I am coming to Subang area on the first week of March to visit old friends (and possibly someone special...  )

Let me know if you guys wanna meet. In particular, pinging Ramjade dwRK Takudan MasBoleh!

I let winners run in general.

good thing Ramjade moved the reply here.

melondance actually the new Wise rates is cheaper if you moved bigger amounts of USD into IBKR

• variable rate dropped from 0.6% to 0.5%
  
  
• the fixed rate increased from $0.39 to $1.13
  
  

so if the amount u moved is small, you'll feel the pinch from the fixed rate. but if you increase, it'll be cushioned by the 0.1% discount

Takudan wow you are back. i thought you abandoned the excel

--edit--

someone asked me if moneymatch USD remittance was good a while ago. slightly disappointed to realise it's identical to wise (same as your finding)

one of the reason why i wanna use sunway money or moneymatch for funding usd into ibkr.. but unsure whther can transfer into wise usd or sgd account balance then move into ibkr. i do noted that IBKR still charge fee for transferring usd but it was very affordable like less than 1 usd

pic show i converted myr to usd into USD in wise then transfer to IBKR via wise and charges me the fee for the USD transfer.

maybe Wise see your post and reduce fees
just got an email from them

Thank you. Yes, I'm currently using the Sunway Money, SG Bank method to fund IBKR.
But I also have USD bank account.

As @Takudan included USD view, I was wondering if she have the knowledge of the fees of receiving into a USD bank account and I can try the Sunway Money => USD account => IBKR method if it's cheaper.

Anyone suddenly getting all their trading permissions removed? The annual review came up and besides some unfilled fields in the Experience section, everything was as before. Hit Next and got a screen telling me I no longer qualify to trade: everything.

I'm pretty sick of IBKR. There'll be long moments of quiet where nothing happens and suddenly you have random bullshit like this or Compliance bugging you for documents and you have to do the tango, wasting everyone's time.

It's not true that Moneymatch gives the best rate all the time. It's best to compare Sunway Money, Wise & Moneymatch rates by opening all 3 Google tabs simultaneously. That way, we can shop for the best rates.

Foreign transfer rate comparison: ⚖️