Shd be ach. Works now. Ibkr had some error when that happened

FT Opinion: On Wall Street

Excesses of cheap money era are provoking ‘creditor-on-creditor violence’
Investors pay the price for flocking to so-called cov-lite leveraged loans with reckless abandon

by WILLIAM COHAN

(The writer is a former investment banker and author of ‘Power Failure: The Rise and Fall of an American Icon’)

https://archive.ph/Vse9X

TSMC 2Q results are out!

https://investor.tsmc.com/english/quarterly-results/2024/q2

Join the conference call before 2pm GMT/UTC +8 (usually ends at 3pm GMT/UTC +8):

https://investor.tsmc.com/english/form/qr-a...st-registration

Novartis results: https://www.novartis.com/investors

Roche and Nestle reporting next Thursday (25th July) around 2pm GMT/UTC +8.

This post has been edited by TOS: Jul 18 2024, 02:47 PM

Time to ask your kid to study law (in the UK lol )

FT The Big Read | Legal services

How US law firms shook up the UK’s ‘magic circle’
On the coat-tails of a private equity boom, American partnerships are bringing a long-hours, high-pay culture to the City

https://archive.ph/xfd2Z

Error: The min cashOrderQty for money market fund is 10000

I store idle USD at a money market fund. Returns should be similar to ETFs like BILL, SGOV or IB01. The benefit is you don't have to deal with transaction costs when buying/selling. Also, there are no withholding tax. I have made additional unit purchases as little as US$37 (yes, just thirty seven dollars).

But today I found that IBKR has imposed a purchase minimum of US$10,000. Here's a Reddit discussion on this subject.
https://www.reddit.com/r/interactivebrokers...market_fund_is/

Cash management is an important tool at a brokerage and IBKR has been weak at it. Today they have just made themselves that much worse.

You can still use BIL ETF for parking temporary funds no?

You don't need to buy/sell every month, the 30% WHT will be refunded to you the February of the subsequent year.

You can buy stuff like VMFXX. It's money market funds. I just found out about it.

This post has been edited by Ramjade: Jul 19 2024, 08:25 PM

Anyone facing IBKR issue today?

This week I have $139 left after a trade. I can probably buy 1 share of BIL but it'll incur $0.35.

Previously I can just buy $139 of my money market fund. No taxes and no transaction cost. If I receive $30 dividends, I can just add $30 to the fund. But now I can't because of the $10,000 minimum.



VMFXX appears to incur taxes. It doesn't look pretty after tax. See below. Anyway, IBKR now requires $10,000 for any money market buy transaction so it won't work.

I see. Thanks for the clarifications. Maybe they wanna bully retail investors...

hi guys, what's the cheapest way to deposit to IBKR to buy US stock?

I've been converting MYR to USD within Wise then transferring USD to IBKR

1. Is MYR > Fintech > SGD > SG Bank > IBKR > Convert USD cheaper ? If so, by how much

2. When transferring USD in Wise to IBKR, do you have to login to IBKR and initiate the transfer from IBKR, or can you after the 1st transfer, just transfer directly from within Wise (just click the link there)

This post has been edited by sthrowaway: Jul 21 2024, 09:59 PM

1. cheaper by half. so u save RM200-250 per RM100k
2. QUOTE(sthrowaway @ Jul 21 2024, 09:59 PM)
   When transferring USD in Wise to IBKR, do you have to login to IBKR and initiate the transfer from IBKR
   

   
   yes every time, this is the direct Wise way. you have to pull money from inside IBKR every time.
   QUOTE(sthrowaway @ Jul 21 2024, 09:59 PM)
   just transfer directly from within Wise

   
   you can push from Wise (cheaper but slower way) into IBKR using ACH. no need to login into IBKR

This post has been edited by Medufsaid: Jul 21 2024, 11:12 PM

1. The cheaper by half / rm200-250 per 100k is mostly from the lower rates of the Fintechs (MoneyMatch, SunwayMoney) as compared to Wise, right? Or from the other steps

2. "Push from Wise using ACH" - this means once inside the Wise app, after clicking Send, click on the "IBKR LLC USD account ending XYZ", right

Then use CSOP USD money market fund. Need access tiger or moomo sg. Not moomoo Malaysia.

Money match -> sg banks -> deposit SGD into IBKR -> concert SGD into USD using IBKR.

Did you all get requested for Proof of Source of Wealth-Individual-Income while opening account in IBKR?
Asking to provide either bank statement or pay slip in last 6 months.

Yep, just submit your bank documents, EPF and ASNB account statements together with other proof of wealth that you have. Explain to them what EPF and ASNB are since they may not be familiar with Malaysia's pension system and the "unique" fixed price unit trusts.

my experience.

i submitted my epf and asw statement, and they rejected me

wahhh so strict..
so what you submitted eventually? or you don't bother proceeding anymore ?