since you're new to how these work, do note that remittance usually have

• fixed fee, and
• marked up MYRSGD rates

in this case, there's a fixed fee of RM10. then, you should take note of what Maybank MY is selling you. take the MYRSGD rate they give, and compare against the real mid-market rate https://wise.com/my/pricing/hold-fees?sourc...SGD&track=false

you are sending local bank transfer from MBB sg to IBKR's Citibank SG bank account. you are familiar with depositing cash to local malaysian brokers' bank account right? same thing, no fees

Waitaminute - IBKR has a Citibank SG bank account number? I didn't know that!!

So, I have to go IBKR, set up a transfer in IBKR and choose to transfer from Singapore to get their SG banking details?
Is that where I should get them?

OMG! To think I have been using SWIFT for the past 2 years and paid high fees

that RM30 is one time charge or everytime u deposit to cimb?

I am still kinda blur.
Wise SGD > CIMB SG> IBKR CITIBANK SG?
or
WISE SGD > MBB SG > CIMB SG > IBKR CITIBANK SG?

how was it ? missed it.

Any summary?

activating CIMB SG

• via CIMB MY -> activate by one-time deposit of S$1k from CIMB MY to CIMB SG. pay expensive forex fee of RM30 for 1 time
• via deposit of S$1k from other singapore bank account - open MBB sg bank account (no initial deposit required, very quick) and do transfer S$1k from MBB sg to CIMB sg after MBB sg activation

from any malaysian banks

use remittance companies like sunwaymoney moneymatch duitnow overseas transfer wise bigpay

to convert MYR to SGD and send over to

MBB sg acct like ar-rihla CIMB sg fast savers

to do FAST transfer to IBKR sg

thank you, can use mbb sg transfer to ibkr sg?

watermineral can. we normally open CIMB sg for their cheap SGDMYR rates https://www.cimb.com.sg/en/personal/promoti...sfer-promo.html

ok i am clear now.. thank you sifu for all the info..

Is your IBKR base currency in SGD or USD? If it's in SGD, should be easy: no fees!

My IBKR base currency is USD at this moment.

I would suggest you change yr base currency to SGD. If you have a Spore bank account, transfer funds in SGD to IBKR. If you need USD for trading, then use the internal IBKR conversion mechanism. I used this method since I opened my account 4 years ago. I am quite sure IBKR internal conversion rates are the best: this I learnt from the sifu who started the lowyat IBKR forum.

Btw, I like to find out from fellow traders here whether they prefer to use Trader Workstation Live Trading or the Client portal website when they access IBKR? Personally, I never use the Trader Workstation but I like to find out from traders here who do. Your insights/tips would be very much appreciated. TQ!

This post has been edited by swiss228: Jan 21 2025, 11:20 PM

no need to change base currencies from USD to SGD... mine is in USD. was never charged any extra fees when i deposit SGD and withdraw SGD. just currency conversion fees or other miscellaneous will be billed to you in USD

if one day when i want to exit IBKR for good, only then will i switch base currency to SGD (easier for fees to be calculated when i convert back into SGD)

This post has been edited by Medufsaid: Jan 21 2025, 11:23 PM

I prefer IBKR mobile. Otherwise, IBKR via web browser.
TWS is too complicated. Need a lot of set up. Unless you are doing Day Trading, I think simplicity is the best.

Thanks Medufsaid. You are always very informative and helpful. Since we are at the topic of SGD, I would like to invest in some SG Banks like DBS or UOB, just to diversify, and enjoy better dividend yield. I don't think I can invest through MBB SG, which I have. In MBB SG, I can do Unit Trust only. So, the other idea is to do it via IBKR. Is there a better way or IBKR is still the easiest (since I already have IBKR for a few years)

I use IBKR mobile too. I agree; simplicity is the best
Why not buy EWS in IBKR, instead of individual stocks? Ever since I started using IBKR, I have become a firm believer in ETFs, esp those listed in US as trading fees are low.
The only thing I worried about using IBKR is what will happen to my funds if I die unexpectedly. I access IBKR with face recognition so....

I am just thinking of diversifying. Here a bit, there a bit.

you can actually open a joint IBKR acct with your spouse. Or transfer stocks position back to Moomoo Malaysia. Now there's promo in moomoo MY for free iPad if stock transfers exceeds RM200k

Thanks. Will consider it.

Has anyone withdraw large amount like rm30k or even rm100k from IBKR before? How did u do it? Wise only allow to store rm20k inside, what happen to the balance if I withdraw more than rm20k from IBKR to Wise?