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 Interactive Brokers (IBKR), IBKR users, welcome!

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Takudan
post Mar 1 2021, 12:35 AM

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QUOTE(Ziet Inv @ Feb 28 2021, 10:59 PM)
Hi all TSG/IBKR user, please be noted that the funding for IBKR SG is no longer with Citibank NA Singapore.

They have changed their SG receiving bank to be HSBC.

Don't forget to check before you make your next SGD deposit to IBKR!

[attachmentid=10800040]
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Oh, it was only my 2nd time doing a deposit and I noticed the change in bank. I thought it was a random thing and didn't bother adding to favourite the 2nd time lol.... Thanks for the heads up!
Takudan
post Mar 19 2021, 04:16 PM

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QUOTE(jay2you @ Mar 19 2021, 03:26 PM)
Hi, may i get some suggestions on how should I reply regarding to this?
Anyone received this before?
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Not me, I've always followed sifu advice to bank in via my own SG bank account. Like everyone's been saying, it's for security/anti-money laundering reasons that they tend to reject third party deposits.

Instarem, TransferWise, Sunway Money and whatever you name it, are all 3rd party transfers because you're not the actual person sending the money. When you transfer from your own SG bank account, they can clearly see it's from the same person (same name) and that's why it's usually a breeze with such a transfer.

So try at your own risk, if it works then good for you, but if it doesn't then... Welp now you can enlighten us the steps you take to resolve this issue haha. Just answer honestly and accept whatever they ask you to follow up I guess. So far I heard that at worst, they just bounce it back and you'll have to re-transfer. You won't lose the money.
Takudan
post Mar 20 2021, 02:21 AM

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QUOTE(SwarmTroll @ Mar 20 2021, 01:39 AM)
Is there a minimum amount for every batch of investment you guys make? i.e. RM10K, 12k, etc.? As in to make it cost effective since there is quite a bit of transaction costs to consider
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Adding on to Ziet's answer to your previous question: Fractional shares are not allowed for TSG-IBKR users, so you need to buy in "full lots". For US stocks it's all 1 share each, but HKSE in particular you have to buy in specific amount, e.g. for 1810 (xiaomi) it's in 200s.

For your question, I guess you're looking for an advice what's a good amount? I think this answers it very well:
QUOTE(polarzbearz @ Mar 14 2021, 01:16 PM)
Thanks for the support!!  blush.gif  blush.gif

My general thumb of rule (similar to your calculations) is to keep the cost of moving funds at 1% or lower so I generally only move funds overseas when I accumulate more than RM5K and try to limit it to a maximum of 2 trades per conversion @ ~1.08% (though sometimes I make up to 4 trades based on RM5k basket size @ ~1.34%) for US long term holdings. For HK holdings I get the currency conversion advantages - since I have my HK bank account (means I don't incur any additional currency conversion fees aside from the ones in TransferWise). Plus HK's commission is cheap at HKD20 (~RM10) for most of my trade sizes.
Going with your example of RM2k basket size, it'll cost approximately ~1.46%, example calculations below:

TransferWise (SGD 648.11) vs. Google Rate (SGD 652.99): ~SGD4.88 = ~USD 3.63
IBKR Spot Rate Conversion: USD 2
Commissions for 1 trade: USD 1.5 = total USD 7.13 in fees or ~MYR 29.36 in fees (~1.49%)
Commissions for 2 trades: USD 3 = total USD 8.63 in fees or ~MYR 35.34 in fees (~1.80%)

As you can see, it adds up very quickly and is already on-par with FSM sales charge sweat.gif hence the reason why I  try to keep my basket size to be RM5k minimum, and as interim I typically store it either in StashAway or my mortgage account (3+ months emergency buffer cum opportunity funds).
Another way is, for smaller trades, I also redirected it to my Trading212 account but the holdings there are mostly experimental (just to test my analysis and decision making process and build up my confidence over long run. Demo account may work as well but I just don't get the same "accountability" feeling with real money.)
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Takudan
post Apr 12 2021, 09:36 PM

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QUOTE(nVidiaFX @ Apr 12 2021, 07:54 PM)
Hi Guys,

I have just transferred funds from my Maybank2U to IBKR.

I saw there is a Cable charge of RM10. Are there any other charges incurred besides the cable charge? And usually how long funds are reflected in IBKR after MB2U transfer?

Thank you.
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You probably also suffered a bad exchange rate compared to other service providers, something the bank doesn't tell you. Try comparing the same exchange but using Wise, Instarem etc.

Note: you'll also want to set up SG account to facilitate your transfer. Route:
1. MY bank
2. Fintech (e.g. wise)
3. SG bank
4. Local transfer to IBKR bank (Singapore)
5. Receive SGD in your account, do currency conversion within IBKR itself

P.S. many FAQs available somewhere in this thread because this is a very common question here
Takudan
post May 19 2021, 12:47 PM

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QUOTE(Ramjade @ May 19 2021, 08:55 AM)
Yes. That's right. Ask FSM to deposit USD into DBS My account (via withdraw, FSM will bank in USD cheque into DBS My account hence it's free).

After that use DBS remit to send money to IBKR via DBS remit for free. I don't know if it's telegraphic transfer. All I know it's free if use DBS remit. But I suspect it is. Yes money will enter IBKR US bank account. I create notification saying I am sending USD X amount from this bank acocunt no so no issue from IBKR side.
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How about for those of us starting with MYR only? The current way I know is via CIMB SG, and convert SGD to USD in IBKR.
Sounds like this route means we can just use fintech like Wise to do MYR-USD conversion, then remit to IBKR in USD... Am I missing something? 😅
Takudan
post May 19 2021, 04:56 PM

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QUOTE(Ramjade @ May 19 2021, 12:50 PM)
IBKR does not accept 3rd party transfer of USD. However they do accept USD from Transferwise Borderless account which I have. tongue.gif

Tested.
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Ah no, I mean such a route:
After creating a DBS MY account... To transfer,
any MY bank account > fintech USD > DBS MY account > DBS remit USD to IBKR (instruction to receive as USD)

That means I get to save 1 round of Forex.

DBS MY account would be under my name so it's not 3rd party, however I have no idea yet about the creation process and whether I qualify or not (I am assuming yes for now based on what you said earlier).
Takudan
post May 31 2021, 09:31 PM

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QUOTE(thecurious @ May 31 2021, 07:04 PM)
2,500 activation fee????? what new fee is this...
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Not exactly "fee" because that 2500 is what you can use to invest, but yeah you do need to have that amount in your portfolio. It won't be taken away by the broker.

Best if you have put in more than that, just in case your purchased instruments go down
Takudan
post Jul 8 2021, 05:06 PM

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QUOTE(Ziet Inv @ Jul 8 2021, 04:34 PM)
I have never delinked before, and my conversation with TSG was that they will provide me a form to delink from Financial Advisor (TSG), as for the subsequent procedures I was not clear of.

Would it be necessary to transfer our positions when it's already within IBKR's custody? (just thinking out loud, still exploring it)

p.s. was just chatting with TSG, apparently they had no idea about the change too (IBKR didn't inform them lol).
I'm pushing for more clarity in terms of the change/delinking/relink procedure etc.
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Please share with us when you get the answer, I'd like to know if it's that easy to "break up but keep TSG as doormat for when IBKR forsakes us" 😂😂
Takudan
post Jul 9 2021, 08:20 PM

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How merry this forum has gotten! and TSG is definitely panicking as they're losing a big chunk of users lol. There really is no reason to stay at TSG given worse rates, no fractional share... (or prove me otherwise)

I'll drop my email soon too to increase their workload... haha

This post has been edited by Takudan: Jul 9 2021, 08:20 PM
Takudan
post Jul 14 2021, 10:39 PM

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QUOTE(silverwave @ Jul 14 2021, 10:32 PM)
Do you guys ask TSG first about the $0 inactivity fee or straight email them to delink?
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I'm quite enjoying my own metaphor now, calling TSG the ex, and IBKR my new love.
So to answer that question.... not at all, I wouldn't ask my ex about the good things my love is doing laugh.gif
Takudan
post Jul 16 2021, 09:13 PM

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Just had my call with an IBKR personnel, smooth toll free customer care!

Personally here's my steps:
1. Submitted ticket to TSG to delink
2. TSG replied by attaching this form "de-link from financial advisor" and asked me to send to IBKR directly
CODE

You will need to fill the attached form, sign it physically, re-scan it and send it to the below mail account with a copy of your ID.

Please send it to the email stated in the form, accountmanagement@interactivebrokers.com,  with the subject: U****** (Your IB account number) De-linking request.

3. E-mailed to IBKR a few days ago
4. Just an hour ago, got reply from them for verbal verification. Called their US toll-free number via Skype (Thank you TOS for the tips). Just dial in to +1 866 694-2757:
  • Follow the automated messages. (Btw I didn't know what to input for my account type, I just let the automated call pass and it patched me to a person anyway biggrin.gif)
  • Gave my ticket reference number
  • He asked various security questions, information related to my account

rclxm9.gif cheers to cheaper investment!


Attached File(s)
Attached File  Authorization_to__De_Link__Account_from_Financial_Advisor.pdf ( 411.55k ) Number of downloads: 24
Takudan
post Jul 16 2021, 10:31 PM

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QUOTE(edwin1002 @ Jul 16 2021, 10:09 PM)
Their security question is stupid. it not related to our life.
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There isn't the correct answer. the only correct answer is your own version lah. You could do...

Q: "Who was your favourite Nobel Prize winner?"
A: Myself

and that's totally fine, as long as you remember your own sense of humour when you encounter this same question in this same platform. Besides, during my call, they asked me the questions, all I had to do was recall some facts in my life as the answers. I didn't have to memorise even the questions.
Takudan
post Jul 18 2021, 12:08 AM

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QUOTE(tadashi987 @ Jul 17 2021, 11:57 PM)
oyeah, also for you information, I  am using the so-called "wrong" form, the financial advisor form, no concern raised from IB also  whistling.gif
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High five, it's what TSG gave me also. Is it something we should be concerned about? For such a big broker, kinda funny they have such an... array of processes 🤔
Takudan
post Jul 21 2021, 09:13 PM

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I just checked that I'm now IBKR Pro, and I was able to enable fractional shares. Problem is when I switch between fixed and tiered pricing, I tried previewing a buy order to compare, but I kept seeing 1usd commission in both settings. Does it take time to take effect, or what did I miss?
Takudan
post Jul 21 2021, 09:15 PM

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QUOTE(TOS @ Jul 21 2021, 09:14 PM)
Ya it takes some time. I think one day (24 hours) or so, if you read the description during the switch.
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Oops, someone caught me tl;dr tongue.gif
Takudan
post Jul 25 2021, 07:58 PM

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I have questions about dividend reinvestment:

I read that it's free if the company offers such plan, otherwise standard fees apply so....
1. How do I know which company offers and which does not?
2. How is the fee charged? Is it deducted from the share value to be reinvested, or from your cash holding?
3. Continuing Q2 - what if I don't have enough to cover for the fee?

Can I choose to reinvest only for those that offer the plan, so that my shares grow a little for free, and get cash for those which aren't?
Takudan
post Aug 3 2021, 10:42 PM

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QUOTE(KekTart @ Aug 3 2021, 02:14 PM)
Oh my god opening CIMB bank is extremely bureaucratic. Why tf do they need a company letter for a savings (debit) account? I’ve never seen such a letter before. And a payslip is not even enough wtf

The employees there literally do not have any idea what they’re doing.

Maybe I should try transferwise to EUR.
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Try another branch. Referring to this post, https://forum.lowyat.net/index.php?showtopi...ost&p=101556284
A fellow forumer met some dishonest staff who insisted him to open different account and make a large deposit at a certain branch. He went to different one and worked fine.
Takudan
post Aug 21 2021, 07:21 PM

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QUOTE(thisisavatar @ Aug 21 2021, 11:46 AM)
Hi everyone, how long do you receive a reply from TSG after submitting a ticket to request delinking account from TSG. I am facing an issue that TSG is not replying to my support ticket regarding delinking my account from TSG. It is over 72 hours, I have submitted 2 tickets regarding this issue. Previously TSG replied very fast on other matters. What should I do if TSG is not going to reply to me on this matter? I have also checked my junk email, there is no reply from TSG.  sad.gif
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Err try look for my posts in this thread ("Show posts by this member only", on desktop browser), I attached a PDF form to fill in for delinking. Alternatively, polarzbearz has posted a guide in her blog, you can check it out. There's another version of the form that some received, both of which may or may not work because IBKR doesn't have a streamlined process about this. Browse through the latest posts and you'll see everyone has varied experience.

Actually, TSG takes no part in the delinking procedure, which may explain their tardiness (can't really blame them when everyone's delinking haha). Once you've filled in the form, send it to IBKR support directly.
Takudan
post Sep 22 2021, 02:15 AM

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question about dividends payout on IBKR:
how do I understand my dividend reports?

i tried generating a HTML Activity statement YTD, and i see a lot of things that i don't und lol. First of all, I see two sections,
Dividends
This looked straightforward, it tells me the WHT and so I can correctly verify that
- US stock 30% WHT
- Swiss stock 35% WHT

Change in dividends accrual
now this table lost me...
user posted image
I masked out the counters to reduce "advice distractions" so please bear with me laugh.gif each horizontal line separates the counters, so we have 4 counters in question.
Counter 1 and 2 were in the above section. The taxed amount tallies with above, but how do I understand this table....? why is it adding and subtracting back?
Counters 3 and 4 are ADRs, in fact they do not show up in the section above on WHT - but I thought ADRs are still subject to WHT......?

P.S. I'm not hunting dividends, but knowing how dividend payouts typically lower the stock counters and the reinvestment isn't happening (recall another forumer mentioned before that it does not happen if the payout doesn't amount to at least one share(?)), I want to understand how much I'm actually getting/losing, and therefore assess my position better.
Takudan
post Sep 22 2021, 10:19 PM

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QUOTE(dwRK @ Sep 22 2021, 08:40 AM)
it is an accrual account.. this is used to track payments...

on ex date... an "iou" entry is created... on pay date, an opposite "completion" entry is created... the account will nett zero...

this is why you see a +$10.... and later a - $10...
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OK so if I understand correctly, this means that I will always see that the accrual table should always nett zero, and if it's not, it means that they still owe me? In my case, the payout is on 23 Sept so that's why they still owe me on those last 2 rows, and perhaps after that I will then see it appear on the Dividends table, and accurals will show nett zero back?

QUOTE(TOS @ Sep 22 2021, 05:37 PM)
Takudan, just to ask you did you convert to CHF from USD? I tried searching for SGD/CHF pair but could not find any. There are limited pairs for CHF.

user posted image
So for your case, you will be charged commissions twice? (Once from say SGD to USD, then from USD to CHF?
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Yeah indeed, I converted twice. SGD -> USD -> CHF.

Thanks for the info on swiss tax treaty, I left a msg to IBKR support to follow up on that now smile.gif
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