Ahh...ok got it. Thanks!

Hi all, im trying withdraw money from IB to my CIMB account, but it asked me to select the intermediary bank for CIMB. It seems like CIMB customer support is not even sure of this. Anyone has idea what this intermediary bank is about and what is the intermediary bank for CIMB?

kanasai CIMB Malaysia? Why not open a Wise account? Can withdraw USD, convert to RM inside Wise, then transfer out to TnG ewallet

IBKR to CIMB SG or CIMB MY, and in which currency?

Direct telegraphic transfer is very expensive, 10-20 USD fee + 2% FX markup... use SGD intermediary route is a lot cheaper

I’m trying to withdraw to CIMB Malaysia. I’m aware of the higher cost though. Since I need to do this rather urgently, hence I didn’t bother to check out other options for now.

I’ll check out Wise later on.

kanasai wise very fast to open and validate acct. That's why I suggested that rather than open Cimb sg

If you opened yesterday, can already withdraw yesterday

This post has been edited by Medufsaid: Dec 31 2024, 12:54 PM

Eh, I did a different way than you and Duckies mentioned but not sure if it's cheaper or more expensive.

Cause converting MYR to EUR in wise already has charges about ~10 MYR. Then transfer to IBKR should be FOC. Then in IBKR EUR to USD will be charged 0.03% again?

I tried this way, topup MYR in Wise and then transfer to IBKR as USD. The fees is about ~10 MYR also for Wise transfer. Then after that should be no more additional charges?

But when I bought 2 units of VUAA it has USD 1.7 as commission not sure why but could it be from the left over Swiss Franc (CHF) conversion cause I think the MYR -> USD I transferred is not enough.

NothinUnusual you'll notice that beside 0.54% fee, there's additional USD1.13 deducted (haven't factor in the 5.5% that IBKR will charge you) https://wise.com/my/pricing/hold-fees?sourc...getCurrency=USD "2 units of VUAA it has USD 1.7" yes it's correct as you are buying LSE stocks where min charge is USD1.70-1.90

to get charged more that that you need to buy more than USD3k worth of stocks

This post has been edited by Medufsaid: Jan 1 2025, 11:28 AM

Wow thank you so much for spending time to explain it slowly and thoroughly. With this example, seems like the difference is negligible right? 4330.12 vs 4331.3993

But the 1.7 USD commission is something that I didn't expect...

Thanks for letting me know also

NothinUnusual you are paying USD1.13 extra bro. that's RM5. USD100 becomes USD101.13, USD1,000 becomes USD1001.13 (you'll still only get USD100 and USD1,000 respectively). if you send EUR, you only need to send EUR1,000. not EUR1,001.13

This post has been edited by Medufsaid: Jan 1 2025, 11:57 AM

The ACH method can transfer directly from local bank? Or need CIMB SG?

I will try the EUR method next time. Btw, the conversion rate + fees I see in my Wise app is better than the one on the website..any idea why?





This post has been edited by NothinUnusual: Jan 1 2025, 12:38 PM

I have been using IBKR for 3 years. I transfer money from Maybank Malaysia to IBKR, then trade. After 3 years, I am thinking of withdrawing some money. I do have an account in Singapore. I want to send some money to the Singapore account for the children study/living cost. Is it a good idea to withdraw from IBKR to account in Singapore or will this be flagged out (maybe IBKR will only let me withdraw back into the same Malaysia bank which I transfer money into)? Has anyone done this before?

JusticeLeagueMY as long as the account holder name is identical, no issues if withdraw to Singapore bank.

you'll receive a warning if you used IBKR purely to exchange money (i.e., deposit to IBKR, straightaway change currency, straightaway withdraw). if you've been trading for some time, then convert from USD to SGD & withdraw, it's fine

Thanks. Have you done it before though? I am being careful because I don't want IBKR to flag me as misused of their platform to exchange currencies and some Reddit user had their account banned and stopped because of this. It will be silly to risk my account for some banking fees unless this is something that has been experienced by other people. Sorry, not trying to doubt your statement, just wanting to be sure.

JusticeLeagueMY deposited via wise, withdraw to SG bank account. no issues, and not direct forex convert+withdraw

Thank you @Medufsaid

This post has been edited by JusticeLeagueMY: Jan 2 2025, 09:20 PM

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Now that I’ve opened a Wise account and verified it, when I withdraw from IBKR, I should still choose the Bank located in Malaysia or US?

kanasai follow these steps

1. make sure you already have a USD balance in your wise account, if not, create USD balance by adding
   
   
   
   
2. click to make sure you have USD bank details
   
   
   
   
   do not proceed if there are still no active details yet
   
   
3. go to IBKR site, select withdrawal, and pick USD, and transfer to wise balance. You should be asked to link wise with IBKR
   
   
   
   
4. you should be able to see your wise USD bank details here. This will prove that wise+IBKR is successfully linked
   
   

once you successfully withdrawn USD to wise account (might take 1-2 business days), you can convert to MYR and then topup your tng ewallet via Wise debit card

This post has been edited by Medufsaid: Jan 5 2025, 02:49 PM

Medufsaid

Thank you so much for the detail walk through. Really appreciate your help on this. Will try this when I get home tonight.

Just wondering, after conversion to MYR, am I able to transfer the MYR to other local bank account just like the usual DuitNow transfer? Or I can only withdraw through my TnG eWallet?