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 Interactive Brokers (IBKR), IBKR users, welcome!

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Medufsaid
post Nov 20 2023, 02:42 PM

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ewallet is local entitiy. IBKR is "unknown foreign" entity of "dubious source" whistling.gif
Medufsaid
post Nov 22 2023, 03:07 PM

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QUOTE(abcn1n @ Nov 21 2023, 06:28 PM)
2) If LSE commission is only 0.05%, then isn't it very cheap (cheaper than US0.35?) For eg: USD1000*0.05% =US0.5?
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LSE minimum is $1.70, or 0.05%, whichever is larger. NYSE pricing can be found here https://thepoorswiss.com/ib-fixed-or-tiered-pricing/

This post has been edited by Medufsaid: Nov 22 2023, 03:12 PM
Medufsaid
post Nov 22 2023, 06:37 PM

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that's why we use recurring investment to get us $0.35 fee for LSE etfs

This post has been edited by Medufsaid: Nov 22 2023, 06:37 PM
Medufsaid
post Dec 3 2023, 02:40 PM

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QUOTE(shawnme @ Dec 3 2023, 12:20 AM)
Does ibkr referral apply to a Malaysian application?

If yes, feel free to PM me. icon_rolleyes.gif *update: rcvd, tq
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just make sure your friend's also under IBKR LLC. someone in singaporefi reddit referred his friend but not qualified as one in IBKR SG while the other in IBKR LLC
Medufsaid
post Dec 8 2023, 09:35 AM

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QUOTE(TaiGoh @ Sep 22 2023, 12:49 AM)
Anyone managed to create recurring investment for CSPX? I tried it just now but it shows "You cannot create a recurring investment for CSPX at LSEETF.".
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QUOTE(Avangelice @ Oct 24 2023, 09:24 AM)
Did a little research on cspx and found out it reinvest dividends. This suits my needs for what I intend to do with the money which is my son's studies. So much to learn and discover
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good news, CSPX has fractional shares support now
Medufsaid
post Dec 20 2023, 10:40 AM

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QUOTE(TOS @ Nov 15 2023, 07:23 AM)
*To save on further FX charges, you can purchase stocks using RSP method once the money is in your IBKR cash account, but set to one time purchase only. In the case of US shares, your SGD will be exchanged to say USD at market rate without the usual 2 USD charges if you buy via the RSP method.
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if i decide to liquidate my stocks manually, will IBKR reconvert those auto-converted $$ back into SGD (with or without U$2 charge)? trying to find valid documentation online but there seems to be none
Medufsaid
post Jan 8 2024, 08:23 AM

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USD now is RM4.65, a drop of 5% (5% is the annual returns in RHB MCA I think) is RM4.42. If lower, then you'll actually start losing money.

So, normally ppl exchange into USD to buy US stocks

This post has been edited by Medufsaid: Jan 8 2024, 08:24 AM
Medufsaid
post Jan 11 2024, 10:39 PM

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kart there's another table called Interest. what data can be found there?
Medufsaid
post Jan 12 2024, 09:14 PM

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shawnme IBKR frowns upon SGD->convert to USD/AUD etc->direct withdraw USD/AUD etc

if you deposit SGD, convert to USD for stocks, convert back to SGD for withdrawal, is acceptable

so if you deposited SGD to IBKR via FAST, you can withdraw back in SGD no issues (free 1x per month). after your funds have been deposited into CIMB sg, use internal transfer to withdraw back to CIMB m'sia during office hours

CIMB sg rates are very good
QUOTE(Medufsaid @ Jan 4 2024, 05:39 PM)

Midvalley https://cashchanger.co/malaysia/mc/max-mone...ey-megamall/520 CIMB SG back to RM
user posted image user posted image
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This post has been edited by Medufsaid: Jan 12 2024, 09:25 PM
Medufsaid
post Jan 13 2024, 08:13 PM

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buffa CIMB my -> CIMB sg rate is bad. you check back the rates when you did S$1 e-KYC, market rate RM3.50 but CIMB MY wants RM3.54

and on an unrelated note..
QUOTE(Medufsaid @ Jan 13 2024, 08:49 PM)
good news, IBKR supports fractional shares for all 11 etfs
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This post has been edited by Medufsaid: Jan 31 2024, 11:05 PM
Medufsaid
post Jan 13 2024, 10:08 PM

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joeblow direct transfer from local bank (maybank) to SG via duitnow (phone number)
QUOTE(Medufsaid @ Jan 9 2024, 08:50 PM)

user posted image user posted image user posted image
user posted image user posted image
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This post has been edited by Medufsaid: Jan 14 2024, 09:44 AM
Medufsaid
post Jan 27 2024, 10:23 AM

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beware, according to singaporefi reddit thread, all of yesterday's RSP for LSE etfs is now back to $1.70. the $0.35 party could be over https://www.reddit.com/r/singaporefi/commen...ent_lseetf_fee/
QUOTE
I had two recurring in two consecutive days. It looked like this:
  • January 25, 2024 => Commission 0.35 USD for 500 USD of LSE.EIMI
  • January 26 , 2024 => Commission 1.70 USD for 500 USD of LSE.EIMI
Maybe they have fixed it. Cause it was supposed to be 0.35 USD for NYSE/NASDAQ stock markets according to their tiered pricing, and 1.70 USD for USD denominated LSE stocks.
QUOTE
Mine executed today (Friday midnight) and it’s $2. I think they might have changed it with effect from today to $2. It’s always been $0.38 for me previously.
(singaporean IBRK has GST charge)

This post has been edited by Medufsaid: Jan 27 2024, 01:46 PM
Medufsaid
post Jan 27 2024, 08:03 PM

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you can also transfer a fixed amount of MYR with option 2.
e.g., convert from RM to USD inside wise, key in the round numbers u want in RM. take note of the calculated USD. in this case, it's U$210.05

user posted image

when you want to transfer into IBKR, just key in the amt minus 39 cents (aka U$209.66), wise will automatically add on the 39 cents
QUOTE(mastermindsos @ Jan 27 2024, 07:18 PM)
Can you advise what is the best practice if I want to dca monthly (fixed amount of MYR) into IBKR etf?
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currently the best practice would be to open a sg bank acct and use DuitNow/MoneyMatch to convert RM->SGD. and inside IBKR, convert SGD to USD. main reason being 0.65% fee is too expensive

This post has been edited by Medufsaid: Jan 27 2024, 08:20 PM
Medufsaid
post Jan 27 2024, 09:21 PM

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QUOTE(mastermindsos @ Jan 27 2024, 08:50 PM)
The second option has an interest rate of 0.68%.
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user posted image

change to wise account transfer. you'll see 0.65%
btw, if you haven't claim, can transfer the first RM2,500 in Wise for free
QUOTE(mastermindsos @ Jan 27 2024, 08:50 PM)
I couldn't find the IBKR fee for the currency conversion.
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U$2 fee per U$100k converted, or simplified, flat rate of U$2 (but using recurring investment feature, SGDUSD conversion is FOC) https://www.interactivebrokers.com/en/prici...-currencies.php

This post has been edited by Medufsaid: Jan 27 2024, 09:27 PM
Medufsaid
post Jan 27 2024, 11:20 PM

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QUOTE(mastermindsos @ Jan 27 2024, 10:53 PM)
Hope you can shed some light over this matter.
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my last DCA was on monday, so i know what i saw. i cannot make any comments on his findings unless he really posts his daily statement

here's an old screenshot of mine

user posted image

This post has been edited by Medufsaid: Jan 27 2024, 11:36 PM
Medufsaid
post Jan 31 2024, 02:49 PM

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IBKR has increased the rsp fees for LSE stocks, is it still worth buying CSPX over VOO?
QUOTE
» Click to show Spoiler - click again to hide... «
People here can get too focused on all the one-time fees like currency conversion, bid-ask spread and transaction fees, but in the grand scheme of things they don't matter as much as ongoing charges like dividend tax and total expense ratio which are much more important.
https://www.reddit.com/r/singaporefi/comments/1af30l3/ibkr_has_increased_the_rsp_fees_for_lse_stocks_is/
Medufsaid
post Feb 13 2024, 06:13 PM

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QUOTE(cybermaster98 @ Feb 13 2024, 05:26 PM)
How do you transfer from USD in IBKR to a Malaysian bank account?
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QUOTE(cybermaster98 @ Oct 17 2023, 10:09 AM)
QUOTE(earshore @ Oct 16 2023, 10:23 PM)
make cimb my account
next make cimb sg account
How to open SG bank account when im not residing or working in SG? Plus later still need to transfer to Malaysia.
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QUOTE(Medufsaid @ Oct 17 2023, 11:12 AM)
CIMB sg allows u to open without leaving malaysia.
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every one's been telling you how to do it since months ago



QUOTE(sp3d2 @ Feb 13 2024, 05:32 PM)
Convert USD in IBKR to SGD, then transfer to CIMB Singapore, then to Malaysia using Wise
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for some reasons, internal CIMB SG->MY rates are actually better than midvalley rates, just remember to transfer during office hours. click below for forex rates comparison
» Click to show Spoiler - click again to hide... «
satisfied with SGD->MYR since it's on par or better than midvalley. only thing is i'm still on the lookout for MYR->SGD that can provide rates on par with midvalley

This post has been edited by Medufsaid: Feb 14 2024, 11:28 AM
Medufsaid
post Feb 13 2024, 10:56 PM

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cybermaster98 can you elaborate? there's 3 ways to open an SG bank acct without stepping foot into singapore
  1. CIMB SG - what's the issue? you tried but CIMB sg disallowed you?
  2. MBB sg?
  3. OCBC sg?
the last resort is to transfer USD out from IBKR into TransferWise, then convert back to RM -> topup to ewallet -> malaysian bank

This post has been edited by Medufsaid: Feb 13 2024, 11:07 PM
Medufsaid
post Feb 14 2024, 01:05 AM

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box spread (with american style options) is how 1r0nyman blew up his robinhood account
QUOTE
First, you need to understand that options are either American Style (can be assigned early at any time) or European Style (can NOT be assigned early, only at the expiration date). You want to make sure you are using a European style option to set up your box spreads. If you don’t, you run the risk of getting assigned on part of your spread and the whole thing blowing up. You don’t want to do that.
https://www.reddit.com/r/PMTraders/comments...ow_to_use_them/
Medufsaid
post Feb 14 2024, 01:29 PM

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at least you succeeded with ocbc, and furthermore your issue is with cimb Malaysia and not cimb sg

This post has been edited by Medufsaid: Feb 14 2024, 01:32 PM
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