IBKR is close to XE.com rates correct? I made that assumption.
Then I looked at the rates CIMB SG provided me to convert SGD to MYR and yes there is a saving (quite big difference).
I'll screenshot the numbers when I'm free.

ah, then good. Even better.

I thought initially you said, CIMB (USD) to CIMB (MYR)? I was confused by your initial post.

Yes correct. Because I have a USD account with CIMB SG also. But it seems cannot transfer USD to CIMB MY.

then that acc got what use?

can transfer usd to IBKR?

This post has been edited by moosset: Mar 19 2020, 06:22 PM

Cannot. Didn't know at first hahaha. But I think can receive USD.

I have my IB account open and have opened a request to wire funds. However I'm a bit confused on which platform to purchase the ETFs.

Can I buy them from the IB portal through the IB portal? Just click the 'Trade' button and make a buy order?

Does that mean it goes through Tradestation?

If you applied your account using Tradestation Global website, then you enjoy Tradestation Global fees but use IBKR to make trades.
You can use Tradestation Global too but it's not user friendly.

I suggest downloading IBKR app on your phone and trade there. It's easier.

Has anyone successfully withdrawn from IBKR (USD) using Transferwise?

IBKR (USD) - Transferwise - MYR Bank Account

How long does it take for the funds to appear in our Malaysian bank account? I don't have a SG bank account hence I'm looking for a way to bring back some funds.

moosset I double checked. CIMB SG gave better rates than TransferWise. But maybe it is just a coincidence.

Hi sifus here, Ikan bills here wanna ask if use whitelabel (Tradestation global) , do I trade on the tws platform itself? Also wanna ask if in the future can I switch to pure IBKR when reach 100k equity to avoid the account monthly fee?

Can for both

Good!! Even better!

by the way, how to open the USD acc? I didn't see any options on the cimbclicks.

you can use two platforms once you signed up with TSG.
Either TWS or TSG (only on windows).

I'm not sure how to withdraw USD to transferwise.... because IBKR only transfers to your own bank acc, I think.
but I guess the only way with TW is, IBKR > TW borderless account (USD) > MYR??
but there are charges to withdraw money out of the borderless account, something I despise!
Really don't understand why you pay extra charges to withdraw from the borderless account.

You cannot withdraw out USD to transferwise. They already mentioned somewhere in their terms and conditions they don't support transfer or incoming transfer from transferwise.

Just go open. Not that hard.

That's normal. One of the cheapest ways to bring back money from SG is using Cimb SG. There is another fintech. I haven't test yet which is cheaper than Cimb.

You cannot withdraw USD to transferwise.
They already mentioned. Seriously no one read the terms and conditions?

Of course there are charges. Transferwise needs to survive. Is not a charity body. Again it's clearly mentioned in their fees, there's a charge for moving money out of borderless account. All clear cut and written.
https://transferwise.com/help/17/borderless...account-pricing

The charges is nothing compare to amount you need to spend to travel to US to open bank account. I use that account for receiving USD from my US cashback shopping.

This post has been edited by Ramjade: Mar 21 2020, 11:28 AM

Go to your CIMB SG phone app and apply for Foreign Currency Savings Account (USD).
It should be approved immediately.

But I feel it's useless because you cannot send out USD except to other Singaporean banks.
Cannot send USD to Malaysia or IBKR also.
I learnt it the hard way and have to convert using the bank rate just to get my USD out.

Hi guys, require some clarification based on your personal experiences.
I am in the midst of preparing to open an IBKR account. As for Malaysians, we can either do Spot currency exchange from SGD to IBKR or deposit USD via digital banks: Transferwise or Revolut?
Your thoughts on digital banks, & their legitimacy, deeply appreciated.

Can i also clarify that with @Ramjade that https://www.tradestation-international.com/global/ is a Whitelabel of IBKR and that after registering with them, anything else (support wise), can be dealt directly with IBKR?

none of us have managed to deposit USD to IBKR .... fintech or otherwise.

if you made it, please let us know.

Last time, I managed to deposit EUR via Transferwise. I've checked my past transactions. I did it in Dec 2019.

but I never use TW ever since because InstaRem is miles better (except it doesn't have a debit card).

Two reasons why I'm unhappy with charges:
1) they already charge a fee when I transfer money into the account (with currency conversion);
2) I've USD in the borderless acc. I converted it to another currency ABC (with a fee). I used the debit card and spent ABC. That's fine! But then when I needed to withdraw ABC currency to a local bank, there was a charge. It'd be cheaper if I had just convert USD and moved it directly to a local bank account in one transaction. Yes, it's written in the T&C, but doesn't mean I'm happy with it.

Anyway, that's all over now. I don't need to deal with similar transactions in the foreseeable future.

but yes, in your case, it's definitely worth the fees since you don't have a local bank acc.

Concerning money memang need to pay. So what I do is pay once only. I transferred the money striaght. I don't have their card. Nor intend to apply for it. For card wise, I use bigpay and will use revolut if they open shop in Malaysia

Main purpose of transferwuse is transfer back sgd and in case I need as Cimb is a promo. Is not permanent.