done via internet banking?

how much was the charges?

Yes. Done via M2U

Transfer Maybank to IBKR US:
TT Fee RM10.00
Other charges USD23.00

Transfer IBKR US to Maybank:
Other charges USD22.00

Exchange rate ok?

Why did some forum users claim Maybank block wire transfer to IB

I think the rates are reasonable so far.

It's not really a block. They will ask for supporting documents from you for the transfer if you try to do it at the counter. They tell me it's a requirement from Bank Negara (not sure?) for them to get supporting documents for transfers of monies used for investments.

I argued that I still don't know what securities I am going to buy, so there aren't any documentation to speak of. Only after buying can I provide documentation. They tell me they can't do anything it's the rule. I told them it's a stupid rule.

Seems like if you do it online, you don't have to go through this process. No documentation needed. However, there is a limit to how much you can transfer TT everyday via M2U. So of you plan to transfer RM100k, you have to do it over a few days. That's the only real hassle.

How long does it take for the funds to reflect in your IB account?

Usually less than a day. At most the next day

I manage to fund my ibkr also through m2u, but i get charged usd25.

TT yesterday morning, amount shown in my ibkr acc in the afternoon. Quite fast

Rm25 is the part not hidden from you..Pull up xe.com and check their exchange rate and the amount you received. That's roughly how much hidden cost the bank does not show you.

Not worth the trouble. If I was so interested in gaining pocket change from forex, I would have done Forex trading instead.

I'd rather spend my time figuring how to make my investments better.

Your call. But you just let your bank earn about 3% free money from you. Best part is it is recurring every time you transfer.

I do both keep my cost low and make my investment better.

This post has been edited by Ramjade: Apr 1 2020, 09:17 AM

The usd25 is charged by the receipient bank as their admin/processing fees.

The 25 is part shown to you. How much they mark up the exchange rate, that's not shown.

I TT 1k, received 975

Kindly look at how much RM you pay vs same amount on xe.

I pay maybank as per their exchange rate on that day

What about through CIMB cross border trading? Any experience? What’s the exchange rate like?

Hi guys, if I have access to foreign ccy accounts here in Malaysia, with good exchange rate (not the ridic board rate bank charges), how would you suggest I fund my IB account? Direct TT from my FCY account here to IB? And for withdrawal can I do the same ie TT back from IB to my FCY account here?
And how much will the TT charges be if thats the case, barring any fx conversion fee.

Go compare vs xe.com and see how much you are you being charged secretly. The difference = hidden markup rates the bank take.
Banks will always have the lousiest rate.

This post has been edited by Ramjade: Apr 1 2020, 01:35 PM

Alright, I will do just as you ask, using a recent transfer i did:

Direct transfer IBKR USD to Maybank MYR on 19th Mar 2020:
XE.com rate: 4.37245
Actual rate: 4.33271264
Difference: (4.37245-4.33271264)/4.37245 = 0.9%

So there is a 0.9% loss by transferring directly to Maybank, hardly the 3% that you quoted.
Maybe this is an outlier, lets do another one:

Direct transfer IBKR USD to Maybank MYR on 4th Feb 2020:
XE.com rate: 4.11603
Actual rate: 4.068966
Difference: (4.11603-4.068966)/4.11603 = 1.1%

Opps, higher, but not by much. Though I think this hardly counts as the bank trying to gorge you on rates.

For the safety & convenience it brings, i would just stick to direct transfers and pay the bank its due reward for a good job.

So Mr. Ramjade, can we stop looking at XE.com now? =)

Hmm thanks for the info. I am very pleasantly surprised the difference is so little. I have been thinking how to move my usd in ibkr back maybe after 4 to 5 years time.

I could change to sgd at ibkr then either use cimb sg or those fintech to move back or ibkr usd direct to a usd account at HSBC or citibank. My rm claimed they can give me a good rate. The latter approach is better to me because I am not sure if transferring from sg to myr rate would be any much better than usd directly to myr. Also because my amount would be quite big, I don't want issues with tax people.

Anyway thanks for your information. Still very surprise rate is so good.