I could get around 3x. I open a direct account with IB under IB pro

No I dont.
I will open a bank account later for withdrawal and if possible I will open a bank account in HK rather than SG since I trade HK share too. leave this decision for future as I understand the challenge to open a bank in either HK or SG consider I am non-resident.

Hi everyone,

Am looking to fund my Tradestation account that has to go through IB. Is this the correct procedure?

Another thing is other than using transferwise & instrarem to fund the account which i read thru the thread here has to be in EUR. Anyone tried using BigPay to fund the account?

Would greatly appreciate your feedbacks all sifu sifu. =)

Correct. Need key in the details at the IBKR website.

You can fund any currency using Instarem except USD.
Haven't tried Transferwise and BigPay yet but should be ok. Someone can verify this please?
I'm guessing USD cannot.

Yeah....me also wanna know can fund through Transferwise or not. Anyone did it before?

oh I forgot I follow reg-t which is 2x

Interactive Brokers wants me to perform initial funding, before approving my trading account, as seen in the first screenshot. Alright, I am ok with that.


In the second screenshot (for creating a bank wire deposit for initial deposit),

a) If I transfer fund from my Maybank Singapore iSavvy Savings account, can I type 'Maybank Singapore Limited' (without quotation marks) in Sending Institution?


b) Can I type any name, in Nickname? It should be similar to the nickname in Favourite Recipient for Instant Transfer in Malaysian internet banking website, right?


c) Can I transfer SGD 1500 as the initial deposit, via FAST transfer to Singapore bank account of Interactive Brokers? If I am not mistaken, only USD 1000 (about SGD 1430) is required.


Thank you for your advice.








This post has been edited by kart: Mar 29 2020, 10:43 PM

Thanks for the feedback.

a. Don't know why make things so complicated. I don't know if it's berhad or sdn bhd, limited or private UN-limited....
If I use InstaRem, I just type InstaRem.
If I use Transferwise, I just type transferwise.
If I use Maybank, I just type Maybank.
If I use CIMB, I just type CIMB and nothing else.

b. Nickname is for your own reference. You can even type Ali, Abu, Ah Kau ....

c. Yes

Is it possible to withdraw funds from IB to a bank account in Malaysia without SG account?

Yes you pay more. Much more.
Not to mention if moat Malaysian banks block transferring money to interactive broker, you need to ask them if they accept incoming money from interactive brokers.

What about using instarem to transfer money from IB to my local bank account?

If using Maybank, need to fill up recipient's id/company id. But what is interactive brokers company id?

You cant use Instarem to transfer money back to your malaysian account. Reason
1. You need Instarem in that country you are attempting to withdraw money. Eg US, you need to have a Instarem US account. Instarem MY account give you access to trasnfer money out from Malaysia only.
2. You need a local bank account in that country before you can use instarem account. So if you have a US/EU bank account and you have instarem US/EU then yes you can use instarem to send money back to malaysia.

I'm not sure... I have never had this issue with CIMB.

why need a company ID and what's a company ID?

Deleted

This post has been edited by Dealus: Mar 31 2020, 10:27 PM

Morning guise,

I got the depositing funds, conversion within IBKR, purchase of shares part done.

My question is... the options that I have to withdraw funds (1) Malaysian bank (2) Singapore bank (I notice most of you use CIMB SG), Is there any 3rd options?

When i transfer to and from IBKR, I don't use any intermediaries. Basically, its like this:

Maybank -> IBKR account (Citi)
IBKR (Citi) -> Maybank

I honestly do not see what the fuss is about fees and such, and why you all go through the trouble of opening a SG account, AND using instarem. It just adds more variables to screw up.

The fees are so small anyway, might as well avoid so many mafan procedures.

This post has been edited by erizdagreat: Apr 1 2020, 01:25 AM

which currency?

Transfer to US: Maybank (MYR) -> IBKR (USD)

Transfer back to Malaysia: IBKR (USD) -> Maybank (MYR)

My bank account in Maybank is a normal MYR savings account

This post has been edited by erizdagreat: Apr 1 2020, 01:33 AM