Yup to my bank account. Not IBKR.

Ok. Thanks for the info, Ramjade and dwRK.

same position as Ramjade. I open everything I see, as long as it's free.
You'll never know. Maybe in the future, it costs money to sign up. Maybe one will be more expensive, one will be cheaper.

while it's free, open everything!
InstaRem, Transferwise, MoneyMatch, Revolut, BigPay, CIMB SG, Maybank SG .....

While instarem and transferwise are possible for me, are you sure a uni student like me can open an SG bank account? I don't have any work document/proof of residence in Singapore.

Anyway, I have come to appreciate the importance of having a bank account in IFCs like HK and Singapore. Someone reminded me not to close my HK bank account last time in another thread. Now that my broker does not accept deposits in MYR (no local IBKR account), one's bank account in SG and HK prove really useful.

Can open if you open with banks that have presence in Singapore such as Maybank SG or CIMB SG. You don't need Singaporean address or work permit to do this. Just need Malaysian account. E.g. Malaysian Maybank account to open Singaporean Maybank account.

Hi all sifu, I registered IB via au side, I could not log in via UK IB. Any idea how to overcome this as it seems account from au could link with Tradestation global

Need some help linking my IBKR account to TSG here.
I created my IBKR account first, and then I am trying to link it to TSG in order to save the USD10/month for inactive trade.

Below are the steps required to link:
Sign in to manage your account at Interactive Brokers by clicking Here
Click Go to settings on the menu > account settings > Create, Move, Link or Partition an Account
Choose ‘Move my entire account’ as shown Here
Use Account ID I2093204 and Account Title TradeStation International Ltd in the fields provided.
Click Continue.
Sign the relevant agreements
You will be emailed a confirmation number. Enter that number on the Confirmation Number page, then click Continue.
We will accept your request within 24h and be in contact to set up your TradeStation platform

But I obtained error in IBKR site saying myuserID-> newuserID: The broker account is of a different entity.

Do anyone know where i did it wrongly?

This post has been edited by kenloh7: Apr 24 2020, 09:28 AM

everything is correct except ........



and why are you showing us your ID? Not afraid of data leaking / identity theft?

This post has been edited by moosset: Apr 24 2020, 12:00 PM

Click Sell. And you can select a Stop or Stop Limit Order

Is there any difference, say:
MYR->EUR->USD
MYR->SGD->USD
MYR->GBP->USD etc, assuming all conducted at the same time?
I assume they should all give the same amount of USD?

Anyone ever transferred bank from IBKR? Not possible to use Instarem/TW right. Direct wire to your name, so easiest would be a SG bank account, or a Malaysian foreign currency account? What are the bank charges involved & the forex spread?

No difference.

Not really. Depending on the middle currency.

Yes been there done that. IBKR-> SG bank account. Free of charge as it's considered local transaction. SGD->SGD
IBKR give you one free withdrawal a month. If you exceed that you pay I think USD25/withdrawal.

I don't transfer back to RM. For what? My RM once transferred out is considered one way ticket. It's never coming back to Malaysia (I don't intend to bring money back to mslaysia)

I thought that is a common ID for TSG, turns out its my unique ID
It's ok, i will create a new one in TSG then, thanks!

So pessimistic on MYR / Malaysia future.. haha.
Ok, Need to figure out a way to open SG account.

bringing usd back... hope 4.5 and above soon... huat ahh....

This might sounds dumb, but does anyone here know IB can withdraw money to Instarem, and then transfer to Malaysia banks?

You cannot use instarem to bring back money. Theoretically you can. You need to have bank account in that country. Then you need to open instarem in that country. That is if instarem service exist in that country. There are better rates products then instarem but for malaysia they are more or less what we got.

Summary eg (USD)
IB (USD) -> US local bank account (USD) -> Instarem (US) -> Malaysian banks

Yes possible. If you don't have overseas bank account, and don't have overseas instarem account, forgot about it.

Nvm, thanks Ramjade

***I just got brain f a little

MCO got to all of us

This post has been edited by VincentCS: Apr 24 2020, 09:23 PM

Hi, I have succeeded in transferring funds via Instarem using the SGD method.

But how do I withdraw the USD in my IB account to my maybank (RM) bank account?

Select Malaysia as your receiving country. Just prepare to pay more and received less than what's stated.
Reason
1. Intermediate bank will take a cut
2. Maybank will take a cut.
3. Fees.

So example if you are expecting RM10k, you might received only rm9700. Which is normal. The only way to receive the full RM10k is withdraw to overseas local bank account. Then use fintech to bring money back.

With fintech you lose only like RM50. Instead of rm300. This is just an example an day not be accurate. But from experience that's what happened.

This post has been edited by Ramjade: Apr 25 2020, 12:38 PM

Thanks for the reply. By that do you mean I select transfer funds -> make a withdrawal -> select bank wire -> choose Malaysia as bank country - > fill in bank details?

Just out of curiosity, I cant transfer from maybank to IB directly but I can transfer from IB to my Maybank directly?

Yes. That's right. There will be overseas wiring charges from IB, incoming charges from Maybank + banks will increase the exchange rate slightly (hidden, not shown to you). So you received less then that what you expect.

Theoretically you can. Maybe because last time done via counter bank straight reject. But now can be done online (cannot nego for discount) so it can pass through.
It up to bank to approve the transaction.
IBKR -> maybank usually no issue.

Again if you use banks just prepare to give banks more money and you have less money for yourself. Outgoing wiring fees, intermediate bank fees, Maybank incoming fees, markup exchange rate by maybank.

That's why I never use the bank way. More convenient but more charges. Long term it eats into my money. Cost is something I can control myself.

This post has been edited by Ramjade: Apr 25 2020, 03:00 PM