What's the best / easiest way to open a Sg bank account, without having to physically go there? I thought it was quite difficult to open an Sg bank account unless you're a PR / have a long term resident visa? Is it possible to open ask our Malaysian Maybank / CIMB branch to open a corresponding account with their Sg counterpart?

use to be easy but not any more. one way is CIMB or Maybank. but I think u still need to be there. its different "country" anyway.

you like to strike fear into noobs...lol

actually bank fees are low but rugi much from their high forex spread...

Is not fear. Is facts. Yup fees is OK but it's the rate bank gives which is the main killer. How much they markup.

Just wondering which IBKR platform do you all mostly use? TWS, Webtrader or Mobile? I think most serious investors use TWS? But to me it seems so complicated and the UI looks like its was created in the DOS age. I mostly use Webtrader / Mobile only. I think TWS is more powerful and gives you more options as well, but every time I try to use it I'm at a total loss.

Use what you are comfortable with.
I use tws only for converting currency (fxconv)
Then I put in my buy order.

If my money already converted before I use webtrader, client portal.

Hi, anyone has applied a margin ac with IBkR? Can share application procedure (any docs required) and how long it takes to get one approved?

Many thanks

Hi, I want to start buying US Stock. But i'm confused on the commission charge by TSG. Can any sifu help to elaborate it? let say stock A price is USD100. I'm buying 10 units =USD1000. So how much the commision charge by TSG? when I sell it whats the charges? let say sell at USD110 for 10 units.
whats the total cost of this buy n sell?

Any sifu wanna share sign up promo code?

Thanks.

This post has been edited by francistcc: Apr 30 2020, 11:20 AM

I use TWS all the time. I don't like to look at a small screen for a long period of time.

There are many different views. DOS age? I think you're referring to the classic view, which many IBKR examples are based on?
I think the Bloomberg terminal is even more ancient.
Anyway, TWS has many different layout and design. The most commonly used is mosaic nowadays. You can customise, drag and adjust in any way you see fit.

In your example, $1 comm to buy and $1 to sell.
There's no promo code / referral code for TSG / IBKR (or actually there is but it's complicated).

This post has been edited by moosset: Apr 30 2020, 01:24 PM

Thanks.
I'm in the mid of account opening with TSG. it directed me to Interactive Broker page for application. what kind of account type and base currency should I choose? Cash, margin, or portfolio margin?

Cash if you want to sleep well at night. Pros is you need to add money before you can buy
Margin if you want to borrow money from interactive broker. You don't need to topup before you buy. Buy there are charges. Get ready for margin call and forced sell if the price of stock fall below the needed value. More stressful.
Don't know what portfolio margin. Don't care for me.

can i setup as cash account first then later change to margin?
or if i setup as margin account but i add money first to my account then the trade wont be consider as margin trade right?

Can. There is option to change later on inside interactive broker.

What is the best option to withdraw funds from IBKR? I have read using Transferwise back to local bank account is one way?

I'll be using Euro as my ibkr currency.

This post has been edited by Syncing: Apr 30 2020, 06:31 PM

Thanks.

Hi all,
I am new here. Appreciate if someone can advise whether can remit funds online by Maybank to Interacctive brokers.

How do we know the funds would be credited to our account. TQvm

Can. Just that you use more RM/foreign currency that you wish to remit = paying extra money/unnecessary money to maybank.
Login into interactive broker client portal to transfer money. Select the sending bank, foreign currency you want, amount you want. Create this transaction under transfer funds. Login maybank and initiate the transfer as you input into interactive broker when you create the transaction

Log back into interactive broker 2-3 days later. Yes 2-3 days later. See your money under your portfolio should increase. If you see lesser, don't panic. It's correct. It just means maybank eat up some money

Why so slow? Because you are not doing a local transfer. A local transfer takes like 1-2h to be completed. (same currency interbank transfer. Eg My bank account -> MY bank account).
This is because interactive broker does not support local transfer from Malaysia bank.
You can only wire your money to interactive broker and it takes time for wiring.

Can you do a local transfer?
Yes if you have foreign currency in another country like SG, HK, AU, US, EU.
Alternatively can use instarem to transfer all currency except USD. Instarem is cheaper and faster than Maybank.

It doesn't take 2-3 days, Ramjade. It's not 1996 anymore. Stop spreading false information. Transfers usually complete within 24 hours.

Here's an obligatory smiley face

Few years back I did a TT it was about 5 days. That was 5 years ago. I don't think it take 24h. Cause
1. Need to clear maybank
2. Need to clear intermediate bank
3. Need to clear with interactive broker.

Clearing process takes time.

This post has been edited by Ramjade: Apr 30 2020, 11:24 PM

Sigh. If you insist. My last transfer was a few months ago and it was fast. Mine was probably a fluke because I wasn't aware clearing was supposed to take so long.

Apologies, everyone.