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?

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.

Thank you @Medufsaid

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

I thought this thread is discussing anything to do with IBKR. How come so many market news posts by TO2?

No issues with news. I’m just curious because I was notified, clicked and was surprised that it ended up being news related, not IBKR platform related discussion. I can unsubscribed, no problem.

Assuming you want USD in IBKR, wouldn’t this way caused you to exchange twice: MYR to SGD and SGD to USD? You’d have lost to exchange rate.

My friend suggest to open Maybank SG. Maybank MY to SG transfer is just RM10 fee.
Slightly cheaper than CIMB.
I have not tried Maybank SG to IBKR though - dare not try in case fees is high as I am now exploring Wise as a possible channel.

Yesterday there was a conference by Piranha Profits aka Adam Khoo. Did anyone here attend? I see that he use IBKR. Very reassuring!

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

My IBKR base currency is USD at this moment.

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

I want to explore DBS Bank stock as dividend stock. Is it better to open a CIMB Securities to buy DBS Bank or, to put all eggs into IBKR? And, is it easy for Malaysian living in Malaysia to open CIMB Securities (I have a Maybank SG account). Maybe easier to open Maybank Securities in SG? I am not sure.