Why need to go through Wise? Just convert to SGD in IBKR then send back to CIMB SG then CIMB MY.
Yeah if you do direct, only god knows what shitty rate they give you especially if you withdraw foreign currency direct to an MYR account.

Some of you may realize that Wise has added Multi Currency account for us Malaysians again (finally..)

I've experimented with deposits, here's what I have confirmed, and what I recommend to do for the cheapest route:

1) USD ACH is allowed. No need to go thru wire. Confirmed with transactions made yesterday and went thru.

2) If you need USD in IB, convert directly to USD in TW and send via ACH. For other currencies needed to buy stuff in IBKR, refer below for cheapest:

- EUR, AUD, GBP, SEK, DKK, CAD, NZD, SGD, CZK - convert MYR in TW and send directly to IBKR

- HUF - (>28.2K RM) convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR
            (else) convert MYR in TW and send direct

- NOK - (>27.1K RM) convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR
            (else) convert MYR in TW and send direct

- CHF - (>19.1K RM) convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR
            (else) convert MYR in TW and send direct

- PLN - (>18.7K RM) convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR
            (else) convert MYR in TW and send direct

- HKD - (>17.3K RM) convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR
            (else) convert MYR in TW and send direct

- JPY  - (>2.8K RM) convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR
            (else) convert MYR in TW and send direct

- MXN  - (>2K RM) convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR
            (else) convert MYR in TW and send direct

- TRY, CNY, RUB, ZAR  - convert MYR to EUR in TW, send to IBKR, convert to wanted currency in IBKR (converting directly if below 1k for TRY CNY and RUB is cheaper but I don't think it's useful info)

3) To spend MYR locally buy rice, convert into GBP in IBKR and send to TW. Then convert into MYR within TW, and withdraw to local bank account (not tested, but should work). Total fee is 2USD(IBKR) + 0.44% (TW) + 1RM (local account withdraw). This is the cheapest route as far as I'm aware of

Numbers above is based on Wise fees as of 16th Dec 2021, and USDMYR of 4.2

To compare the fees, if you should convert in TW and send directly, or convert to EUR in TW and then exchange to wanted currency in IBKR, you can compare using:
TW fees (wanted currency) vs TW fees (EUR) + 8.4 OR amount threshold = (9.93- fixed fee of wanted currency in TW)/(variable fee of wanted currency in TW - 0.0045)

Can't convert to MYR in IBKR. Ringgit is not traded there. If you want to convert to SGD and withdraw, can directly transfer to Wise SGD balance instead then convert to MYR. No need for CIMB anymore. Only reason why I suggested GBP is because the conversion fees is slightly lower than SGD (.44% vs .53%)

Hi all,

I just created my ibkr acct and approved last week. Today received this email
'while sufficient to subscribe to real-time quotes this month, is projected to be below the minimum threshold necessary to subscribe the following month. Should the equity in your account remain below the minimum threshold requirement, your subscriptions will be terminated at the end of next month.

There is no requirement that you subscribe to real-time data through IBKR to trade. However, we recommend that you take the steps necessary now to deposit funds in order to prevent any future potential interruptions in service.'

Do we need to transact ASAP? Didn't subscribe to any real time data though just the non professional default subscription which I don't see any fees associated.

Anyone have the same email or any advice what does it means?

Update: According to the response, it is just a general system generated message sent out.

after procrastinated for half a year, I finally opened an IBKR and CIMB Singapore account. Transferring from Wise to CIMB Singapore has a fee, then currency conversion from SGD to USD in IBKR also got a fee, this is normal right?

Wise fee is ok, but the currency conversion in IBKR from SGD to USD is really pain, I lost like around 3 usd for a 490 SGD conversion to USD, is there a better way to convert to usd?

Just to share my experience. Max 20k per day. It takes almost 1 day ibkr to update account.

I followed the guide below. The reason why we need CIMB SG is to keep the money trail clean and to prevent audit right? Though I am wondering isn't it the same through Wise > IBKR because Wise has KYC , it is licensed in Malaysia and the name in Wise and my IBKR is the same.

Also I read somewhere USD transfer from Wise > IBKR does not work, not sure it this is still case.

https://ringgitfreedom.com/investing/beginn...-from-malaysia/

If you are using TransferWise to transfer instead of their borderless account, Interactive broker will send you an email 6-7 months later asking you to proof source of money.

If you use wise, the money comes from wise and not in your name. If you use banks, the money comes with your name. Unless it's their borderless account.

If you cannot prove it, account will be closed. Real story from some user in Interactive broker sg telegram group.

Hence I use sg banks. Avoid the above problem. No email form interactive broker to prove anything so far.

last time, we use [MY bank acc - cimb sg - ibkr sgd - convert to usd]

now we can directly register usd ach at wise, then [MY bank acc - top up usd in wise - ibkr usd] ?

Well here you go if you insist   

I don't have a borderless account. Previously, I've done transfers without issues.
However, lately they have been asking questions and sent the warning to me as well.
Now I send to my SG bank account first then send to IBKR.
At least it's under my name.

Cimb sg -> Ibkr using FAST transfer (sg version of duitnow/ibft) of SGD then convert inside Ibkr for usd2.00. IBKR gives you spot exchange rate (real time market rates without any markup). Ibkr rates > TransferWise rates anytime, anyday.

Got. You need usd25k for margin I believed.  Rates is currently 1.5%p.a.  Sure to increase next once fed increase interest rate.

Finteh is basically giving you money changer ratr already which is cheaper than banks. Ibkr on the other hand give you real time market rates.

Ibkr not popular for Forex cause I think they strict with their margin.
Cheap. For someone who regularly transfer RM12-15k per transaction.

how long since account is approved?

I have done everything including fund my account.

all that left is waiting for my account being approved by IBKR

I done a test last night at around 10pm of sending USD from Wise directly to IBKR, received in IBKR this morning. Is this the recommended way? Hope they won't audit me in the future 

ChatSys: This chat is associated with ticket #337089. Please record this number for use in future inquiries. You are currently in room 'Funds And Banking'.

davidtcf85: how long do I have to keep my Transferwise deposit receipts?

Alfred L: Hello, this is 'Alfred L'. Please allow me a moment to read the question you submitted to iBot and I'll respond to you shortly.

Hello, this is 'Alfred L'. Could you please explain more?

davidtcf85: I would like to know how long do I have to keep my Transferwise deposit receipts into IBKR? I have known others that have been audited by IBKR via email asking for more documents to prove that the fund is theirs? Hence would like to know how long do I have to keep the receipts, is it 1 year, 3 years, 5 years, or indefinitely? Thanks.

Transferwise website: https://wise.com/

Alfred L: You should keep the receipts until you receive the fund

ChatSys: ATTACHED FILE : audit1.jpg

davidtcf85: ^the audit looks like this

ChatSys: ATTACHED FILE : audit1.jpg
ATTACHED FILE : audit2.jpg

Alfred L: do you receive the fund in IB?

davidtcf85: yea I received

so far transferred many times, will receive next day

Alfred L: so it should be fine.

davidtcf85: i just concern of being audited one day

ChatSys: ATTACHED FILE : chat in whatsapp group IBKR - usine Wise transfer.pdf

davidtcf85: ^ i combined all 3 pics into one

if there's any info u have on IBKR's audit for such deposits do let me know

cant find it anywhere in the FAQ about such audit also

this one someone posted in whatsapp group chat for IBKR

Alfred L: there may be some review of your account only when compliance think the fund is suspicious (eg. third party)

US stock trading on Rakuten will go live Jan 2022, no info on fees/details yet 

yep it will be good but doubt it will be as competitive as IBKR, for the tax side still remain unclear how the implementation will be