deposit 10k... use 10k...

Unfortunately the Direct ACH transfer option is not available for your first deposit. The option will only show up after you have funded your ibkr account for the first time. For first time deposit, you either have to fund your account via direct local bank wire or use the wise to sg bank account to ibkr method.

seems like what u did there was slightly different from Ziet's video.. upon closer look, after navigate to deposit page, he has additional option called 'Direct ACH Transfer from you Bank' but u don't have this based on ur screenshot (i've no idea why is this so, probably u've just joined ibkr while he's been using it for long)

it also seems like what u actually did was chosen 'Connect Your Bank via ACH' instead.. this option is no longer viable as it requires login to online banking of their US bank account for verification.. most of us here probably don't have a direct US bank account, so if u don't have one as well, this deposit option is basically not usable..

i guess what u can do instead, still following Ziet's video instruction, is to initiate the fund transfer in Wise.. after u have top-up ur USD wallet/balance there, do a 'Same currency' transfer to ibkr.. this is a local ACH transfer type as well.. the rest of the procedures will be exactly as shown in the video.. though it's compliance using this method, there are users who shared they received verification requirement email from ibkr after long using this deposit method (as the borderless account u're transferring from is not actually under ur own name).. i guess if u keep ur fund transfer documentation in proper, shouldn't be a problem in case they asked

this account connect option where they make small deposit and withdrawal for verification is no longer possible i think.. eversince they refreshed their deposit option to require login to online banking, newer users are not able to connect their Wise account with ibkr anymore unfortunately

thanks for update. looks like cannot find both banks used by wise... cannot proceed further...

Can I do something similar to my local CIMB iTrade brokerage, where I leverage the margin to place an order that gets filled, but I have T+2 (two days) to settle the outstanding balance. As long as I pump cash and contra off the outstanding before the balance is due, I won't get charged interest.

margin for USA different from Malaysia

Account must have cash/stocks... system will then calculate buying power... this will be how much you can buy

buying anything more than deposit/gains you get charge interests immediately

you cannot buy anything with zero balance

Yeah I mean if I have $10k worth of stocks in my account, I'll maybe have $5k margin to play with. You're saying as soon as I buy anything that uses that $5k margin, interest gets accrued on day 0?

iirc... yes calculated and accrued end of day 0...

edit: see here
https://www.interactivebrokers.com/en/tradi...ion-details.php

This post has been edited by dwRK: Jan 17 2022, 10:06 PM

Thanks bro. Looks like I’ll just stick to using it like a cash account and don’t go over 😅

yea.. since last year already cannot i think.. it was a bummer

since u had mentioned, i assume u would have already connect ur Wise with ibkr.. have to cherish it hehe.. i think it's an even more cost saving method than direct ACH transfer from Wise to ibkr.. plus only need to initiate deposit from ibkr side and it will auto deduct from ur Wise balance

Do you guys not have the upper option? That's what used in the video. I never linked mine but its available for me.

Also, just talked to customer support, seems like Malaysia regulations got in touch with IBKR and asked them to ban all cryto-related product access. No more crypto ETF access

This post has been edited by Hoshiyuu: Jan 18 2022, 09:28 AM

yes the upper option is the one used in Ziet's video if that's the video u meant.. the end of this navigation is just an instruction in how to ACH deposit USD into ur ibkr account.. there are no linkage of accounts or any sorts for this option..

speaking about linkage, do u mean the lower option in ur screenshot? if so, it's available to anyone with an ibkr account.. feel free to click on it to explore.. just that, for those that doesn't have US bank account, they wouldn't be able to proceed any further at the stage when prompted to login their respective US bank's online banking

Yeah, for the first option, the deposit action itself it the linkage. The next time you don't need to start an intent at IBKR - you can just remit from Wise directly and receive it. E.g. Wise's send again feature. You won't need to pay a Wire fee this way.

This post has been edited by Hoshiyuu: Jan 18 2022, 10:45 AM

ahh ok... first option is like wire... you get details from ibkr... you instruct wise to send $ to ibkr but using ach method... accounts are not linked up, but ibkr info is saved in wise for next xfer

just saw ziet's video... he still pays a fee to wise

This post has been edited by dwRK: Jan 18 2022, 11:16 AM

Its the standard Wise remittance fee, US bank wire fees are in the 15~30 USD range.

i connect my us bank with ibkr... and us bank with wise... did not connect wise with ibkr...

i dunwan irb to get any broker related info directly from wise...

i would term the first option as more like our local duitnow transfer but with fees hehe.. there are fees when sending fund from Wise to ibkr am i correct?

on the other hand, for those manage to link up their accounts, the mechanism is actually the other way round.. deposit is initiated in ibkr instead (don't have to do anything in Wise apart from making sure ur USD balance is sufficient).. fund will then be deduct from ur Wise balance.. there are no fee charges at all here

nice.. since u have US bank account, then all is good.. connect directly, less complication

Is CIMB MY -> Wise (SGD) -> CIMB SG -> FAST -> IBKR SG account -> convert to USD inside IBKR itself ($2 fee IIRC) the best way to get USD from local bank account to IBKR for trading?

This post has been edited by KingArthurVI: Jan 20 2022, 11:37 AM

for the Wise part, use any exchange which give u the most SGD, then it is good to go