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 Interactive Brokers (IBKR), IBKR users, welcome!

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TOS
post Apr 22 2020, 10:57 PM

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Is it possible to use instarem/transferwise to transfer my MYR (convert into SGD) and goes straight into my IBKR account? I will deposit the SGD converted into IBKR's Singapore bank account.

Thanks for the info.
TOS
post Apr 23 2020, 08:57 AM

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Thanks everyone. Got it!

Now the questions is, which one is better? Instarem vs transferwise Or there are other better alternatives?

Hope to learn more from the gurus here.

This post has been edited by TOS: Apr 23 2020, 08:59 AM
TOS
post Apr 23 2020, 12:12 PM

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Ok. Thanks for the info, Ramjade and dwRK.
TOS
post Apr 23 2020, 08:38 PM

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QUOTE(moosset @ Apr 23 2020, 03:01 PM)
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 .....
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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.
TOS
post May 14 2020, 08:56 PM

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Need some help here. Tried transferring MYR to SGD to SG IBKR account. But Transferwise require 9 or 10-digit account number.

The VAN comes with IBKR is 11 digit. So, can''t proceed with transferwise.

Anyone encountered this issue before?

Instarem is okay but about 2 SGD more expensive than transferwise. tongue.gif
TOS
post May 15 2020, 11:48 AM

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QUOTE(powerlinkers @ May 15 2020, 11:30 AM)
TransferWise MYR to HK IBKR. 3-4 hours only. Cheap.
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Thanks, but not into HK shares at the moment. Converting from HKD to SGD in IBKR would add to some more commissions. Would be better off using Instarem if this is the case, no?

That said, is there no way to transfer funds to IBKR SG account directly (from MY) using transferwise? Can't find any posts where members report such issue in the forum.
TOS
post May 15 2020, 04:21 PM

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QUOTE(mr_tuzki @ May 15 2020, 02:25 PM)
You can transfer directly MYR to SGD. The only problem is transfer wise the account length somehow doesn't match their Citibank N.A. account. So I use Instarem which is fine
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I see. Thanks for the confirmation. I thought I was the only one facing this issue. Still waiting for Instarem to approve my account.

Indeed IBKR acts very fast in confirmation of money transferred. I once used my HK bank account to fund my brokerage account and the money is available for trade under an hour or so.
TOS
post May 20 2020, 09:50 PM

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moosset

Regarding the first page. The part on transfer of funds to IBKR through transferwise in SGD from Malaysia doesn't work anymore due to the 11-VAN restriction issue. (Transferwise only accepts 9/10-digit account number.)

You may want to update that.
TOS
post May 21 2020, 10:53 PM

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QUOTE(PrincZe @ May 21 2020, 10:27 PM)
user posted image

i registered under TSG. but said like this . how ah
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Are you sure you registered here? https://www.tradestation-international.com/...pen-an-account/
TOS
post May 22 2020, 09:13 AM

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QUOTE(Ramjade @ May 22 2020, 02:24 AM)
There you go. As long as got anything Singapore, automatically gets rejected.
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Mind sharing why?

Singapore should be okay, no? I thought it's US persons who are more likely to get rejected due to the FATCA regulation (of course not in this case).

I must be very lucky to open this account in Malaysia.
TOS
post May 22 2020, 02:31 PM

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QUOTE(Ramjade @ May 22 2020, 02:20 PM)
Because singaporean cannot use IB to buy from SGX. Something about it being govt rules. SO to make their life easier, just blanket everyone with connection to Singapore. biggrin.gif
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Thanks.
TOS
post May 31 2020, 08:40 PM

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QUOTE(Ramjade @ May 31 2020, 06:29 PM)
You cannot use Instsrem to withdraw money. Instarem function is only to send money iverses.s. The only way is
IBKR -> Malaysian bank account
- using this method is expensive. You will be charged TT fees, markup to change rate by Malaysian banks

Having a sg bank account is not only for keeping money. But for receiving direct SGD from IBKR. Then use a sg fintech or CIMB sg to bring back money at moneychanger rate.
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Hah! Now I know why you suggested to open an SG bank account earlier. Which SG fintech to use if transfer money back from Maybank SG isavvy account to Maybank Malaysia account?

(A bit off-topic, but just 1 question.)
TOS
post Jun 22 2020, 05:28 PM

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QUOTE(frozendreamsky @ Jun 22 2020, 11:21 AM)
This is due to Transferwise refused to transfer SGD to 11-digit account number or IBKR rejected Transferwise SGD transfer? Apparently Transferwise proceeded my transfer, but it is not in IBKR yet, so I am not sure if it will be rejected.
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Ok, an update guys. Transferring to SG is now possible. The 11-account number restriction has been lifted.

user posted image

moosset Please update the 1st page again. biggrin.gif

This post has been edited by TOS: Jun 22 2020, 05:31 PM
TOS
post Jun 22 2020, 06:46 PM

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QUOTE(tadashi987 @ Jun 22 2020, 06:08 PM)
blink.gif  now can fund IBKR with SGD directly using Transferwise?
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Should be possible with the account number length restriction lifted. Wait for frozendreamsky to confirm this.
TOS
post Jul 8 2020, 02:41 PM

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Good news for those who work in SG, I presume.

https://www.businesstimes.com.sg/banking-fi...to-local-stocks
TOS
post Jul 11 2020, 03:46 PM

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QUOTE(willylwl @ Jul 11 2020, 03:41 PM)
Hello Sifu,

Is it free if we use spore bank fast transfer to interactive brokers spore citibank acc?

Read from a blog article stated we can try transfer sgd100 first to check whether we got it right.
Thank you.
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If use SG bank acc transfer to IBKR SG account should be free these days. (Banks don't charge for online transfers usually.)

I tried twice in HK (own HK bank account -> HK IBKR account) and it's free, as least for my bank, Hang Seng Bank.
TOS
post Jul 12 2020, 11:56 AM

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QUOTE(Ramjade @ Jul 12 2020, 11:49 AM)
No live data?
Of course. Cannot run away

Only way
1. If you are buying etf buy Ireland fund from LSE
2. Throw away your IC and become citizen if another country that have tax treaty.
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For the records, Ireland UCITS still has 15% dividend withholding tax per US-Ireland tax treaty, but the tax is withhold when the dividends are paid to the UCITS managers, so you don't see any deductions on your side. I have seen some REITs such as Keppel Pacific Oak REIT which has very tax-efficient structure and not subjected to any form of tax. This is done by treating investment as "loans" from the parent company, if I understand the structure correctly.

Such sophisticated structures are certainly beyond our reach.

This post has been edited by TOS: Jul 12 2020, 11:57 AM
TOS
post Jul 12 2020, 08:39 PM

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QUOTE(anwa @ Jul 12 2020, 07:23 PM)
Did you noticed the spread was high? I noticed their price can be different to ibkr/google. Might just be data delay, I'm not sure. I've open an acc with them a month back but haven't deposited, worried how to withdraw. If you can test, that would be great, particularly withdraw to bank account or credit card/debit card other than bigpay.
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The spread is exactly how they make money. They will forward your buy/sell lots to a wholesale market maker and earn from bid/ask spread. At least that's how US zero-commission brokerage firms make money these days.

There is no free lunch in this world. The force behind the US market rally, Robinhood and 8 securities in HK all make money this way.

This post has been edited by TOS: Jul 12 2020, 08:40 PM
TOS
post Jul 13 2020, 10:10 AM

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QUOTE(normanTE @ Jul 12 2020, 10:29 PM)
had you ever try to trasnfer usd or gbp from hk account to IBKR?
To my experience most hk account is integrated (mean they are single numbered multicurrency account even their credit card is coming with choices of dual currency and the popular one is hkd + cny
is this statement correct?
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No, because I only invested in SG stocks thus far, so no experience of transferring USD or GBP to IBKR before. I was told that USD transfer is quite cumbersome. Given the USD-HKD peg, and that IBKR charges little commission at spot rate for forex, it would make more sense to deposit HKD then convert to your designated currency such as USD. At least it's cheaper and can avoid high mark-up charged by HK banks and avoid all kinds of scrutiny from IBKR (especially USD-related transactions).

As for integrated account, yup. That's pretty much the case. I don't like to owe people money, so when they give me a credit card, I break it up and destroy the chip immediately. The so-called integrated account is for them to make more money out of your pocket because you have all services under one umbrella. Integrated account is just similar to your premier/preferred banking in Malaysia. From low-profit margin basic banking services to high-profit margin securities business. Their NII is their main source of revenue. FD rates is just miserable, 1.5% at most. but loans are typically 5%. NII is quite high in HK banks. (2.2% for Hang Seng).

https://www.hangseng.com/en-hk/about-us/inv...s-announcement/

HKD-CNY account is popular for mainland students and professionals studying and working in HK, and also for businessmen in HK to deal with mainland business. For a Malaysian you won't find it useful unless you have big business in HK and want to expand your business in mainland China. I don't use any of the other currency accounts in my HK bank.

Side note, ranting: The thing is they don't have a debit card. (You call this place an IFC?) In Malaysia, my Maybank card can be used as both an ATM card and a debit card, but in HK, your ATM card is just an ATM card. I tried typing my "ATM" card number into an online bookstore where I want to buy books but failed. It's only when I asked other schoolmates that I realized in HK, they encourage you to owe and spend more, to the extreme that uni students can be given credit cards when they earn nothing. (In Malaysia, no job = no credit card). No wonder loan firms are so common in TVB advertisement there. laugh.gif

Guess what, I even have a current account there and can write cheques... sweat.gif


TOS
post Jul 30 2020, 02:51 PM

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QUOTE(cthinker926 @ Jul 30 2020, 10:34 AM)
Hi all sifus...

I am new to IB.

I have opened an account & tried my first funding in a small amount about SGD 300. I set my currency base to HKD.

Now, I tried to do my first conversion from SGD to USD because I plan to invest in the NYSE stock. When I try the conversion, this is the message I get:-

THERE IS INSUFFICIENT CASH IN YOUR ACCOUNT TO OBTAIN THE DESIRED POSITION.

I've checked and confirmed the value I convert was just about SGD 200, which is less than my SGD300. Anyone can advise on this issue?

Thanks.
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Make sure that you "BUY" the USD.SGD currency pair, the amount to be paid should be in SGD. As Yggdrasil said, a screenshot would certainly help.

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