Any currency is fine. I transferred 10K HKD and left it there without converting (was meant for HK purchases) and still got approved / met minimum deposit requirement.

Once your account is setup and activated (~2 days after being able to login into dashboard), you'll notice that they, anyway, automatically convert everything into USD(or other base currency you choose) for REPORTING PURPOSES. Sample attached.


P/S not my account paper trading

This post has been edited by polarzbearz: Nov 16 2020, 11:08 PM

Not so much idea on this topic but I guess it'll take time to go through the probate process.

https://guides.interactivebrokers.com/am/De...tm#search-death

Yeah few members had it in the past (1 - 2 pages back) but takes 1 to 2 weeks to clear the payment.

I usually go with HKD route (via HSBC HK).
Fund made available within 1 hour (2 hours max)

I never used passport throughout my registration process, only National IC + Bank/Credit Card Statement (HSBC MY).

Didn't want to deal with expiry issues in the future (had this problem with FSM HK)

The initial linkage is to grant you access to view Singapore account, from Malaysia's CIMB Clicks. This allows you to do internal transfers without FOREX fees (though exchange rate are still marked up). Your Malaysia account is still there as the primary one, Singapore account is for your visibility only. You cannot do Singapore transactions via Malaysia clicks.

At this point your Singapore account hasn't been approved yet - as they'll be waiting for your internal transfer (at least 1 SGD) for E-KYC verification process.

Once you completed ekyc and have 1k SGD, your Singapore account will be reviewed, and typically approved within 2-3 days. Once approved, you will receive SMS containing login details to CIMB CLICKS Singapore. In cimb clicks sg, you can only perform Singapore transactions (FAST transfer etc.)

1-3 WORKING hours for me typically. Irregardless HK route or SG route.

1k total portfolio worth - can be made up by cash or stock or combinations like your example.

Tho honestly I'm not sure how they calculate whether if you meet monthly minimum 1k portfolio or not in case if there's a temporary dip in stock value so maybe it's safer if you have holdings (cash or stocks or combined) worth above 1.5k usd

3rd method cost the most because of high exchange rate markups and high fees.

First method and second method almost the same. Maybe about 0.5-2 usd difference MAX.

For 6 digit I won't even do CIMB internal transfer (my to SG). Losing so much unnecessarily to exchange rate

Transferwise/Instarem per day is 30k, not 4 digit. Typically I use this route to bank in from Malaysia to Singapore or Hong Kong (because better exchange rate)

SG bank I'm not sure on the daily limit but I am guessing you can change daily limit (just like all online banking)

I think only can find out when "kena" audit from lhdn
Personally I try to keep usage of transferwise / instarem for own-account transfer only and use always fund my investment via own-named accounts to reduce the risk, tho in the end if you have all paper trails, nothing to worry about I believe.

On legacy planning, I haven't poked in too much but I saw some ideas like joint account, or estate / trust planning.

Yeah honestly that's why I'm very worried when the in / out doesn't come from my bank account. Because from BNM perspective the may 'think' this additional pool of money came out of nowhere.

That's why I always leave money trail via my bank accounts (in or out) because this way at least if money comes in BNM / other agencies will know the money previously left / came out from my own acc also.

Example:

Malaysia bank 100k myr
Singapore bank 0 sgd

1. Transact -100000myr from Malaysia bank but +33000 in sgd in Singapore bank
2.transact -33000sgd from Sg bank, but +33000sgd in ibkr

3. Very long later, incl capital gains, -50000sgd from ibkr but +50000sgd in sg bank
4. -50000sgd in sg bank +150000myr in Malaysia bank. Then I only have to prove the end to end paper trail (Sender / receiver can be different entity, but always under my personal name's custodian) and also the capital gain (via ibkr reports)


Tho again I've never been thru the process so I don't know if these even help or not, but at least it gives me a peace of mind.

This post has been edited by polarzbearz: Nov 24 2020, 12:05 PM

Imagine this.

(transferwise to own foreign account then transfer to IBKR)
Tx1. Malaysia MYNAME > Malaysia TransferWise
Tx2. Singapore TransferWise > Singapore MYNAME
Tx3. Singapore MYNAME > Singapore IBKR ||||| end.

(transferwise directly to ibkr account)
Tx1. Malaysia MYNAME > Malaysia TransferWise
Tx2. Singapore TransferWise > Singapore IBKR ||||| end. Replace Singapore with whatever currency of your choice

TSG is more suitable for long term buy and forget.

Active trading I still prefer those 0 commissions but not much reputable / ease of deposit + withdrawal that I can find

Yeah I'm test-using it with small sums. Still didn't like that withdrawal concept (must be withdrawn to same deposit source). While BigPay rates are good (spot rate), I'd prefer to have flexibility to withdraw back into EUR borderless account directly.

Did try to fund my account (at least once) via EU Borderless but not recognised as a withdrawal source

This post has been edited by polarzbearz: Nov 27 2020, 11:31 AM

Cannot. T212 have strict policy where withdrawal must be done to your LAST DEPOSIT's account. Unless IBKR allows "withdrawal into T212 accounts" (a deposit into T212) then maybe can withdraw from T212 to IBKR (deposit into IBKR).

But from what I tested with TransferWise EU Borderless - I don't think they recognise those third-party bank accounts (I tried depositing into T212 account via EU borderless account. the funds went in but not recognised as withdrawal destination).

Minimum for IBKR.. depends if you open directly with them or via partners like tradestation global.

If via tradestation global, min. 1k usd portfolio (cssh/stock).
If IBKR directly, monthly fee usd10 applies unless if you have portfolio above 100k usd.

As for transferring stock - need to check if your broker charges anything when doing outbound transfer or not. Also if they have restrictions. Certain brokers require physical presence before you can transfer stocks (example fundsupermart Hong Kong)

Yeah once you open ibkr via TSG, you can use ibkr directly. Most of us here do that since ibkr platforms are just.. Better IMO.

There's some "inbound transfer" that you have to fill up in ibkr Web portal under "deposits" sections also.

Depends on your previous brokers honestly. Mine wouldn't allow me to transfer position OUT without physically presenting myself in their office and fill up / sign forms. Their office is in Hong Kong so I decided its just not worth it.

Did a "creative" transfer (buy in ibkr while stock is steadily rising) then sell it in my old brokerage the mini profits were sufficient to cover fees on both end (selling in my old broker also incurs fee.... )

This post has been edited by polarzbearz: Nov 28 2020, 11:30 AM

Suggest to cross check with local brokers on transfer out process / fees.

If process / fees is not worth it (example mine requires physical presence in Hong Kong), can always dump and buy (with profits to cover transactions fee).

I decided flying to Hong Kong doesn't make any sense so I slowly dumped my HK stocks (in fundsupermart Hong Kong) and repurchased it in IBKR

Yup. IBKR side is just a simple "inbound transfer notification".

Most of the leg works are with your current broker

Short & simple but well summarised indeed! Mine is grandmother story edition


Literally fresh from oven there's a video (post above) and also written guide (below):
Step-by-step to getting started via TradeStation Global (Interactive Brokers)