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 Interactive Brokers (IBKR), IBKR users, welcome!

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erizdagreat
post Apr 1 2020, 01:23 AM

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When i transfer to and from IBKR, I don't use any intermediaries. Basically, its like this:

Maybank -> IBKR account (Citi)
IBKR (Citi) -> Maybank

I honestly do not see what the fuss is about fees and such, and why you all go through the trouble of opening a SG account, AND using instarem. It just adds more variables to screw up.

The fees are so small anyway, might as well avoid so many mafan procedures.

This post has been edited by erizdagreat: Apr 1 2020, 01:25 AM
erizdagreat
post Apr 1 2020, 01:31 AM

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Transfer to US: Maybank (MYR) -> IBKR (USD)

Transfer back to Malaysia: IBKR (USD) -> Maybank (MYR)

My bank account in Maybank is a normal MYR savings account

This post has been edited by erizdagreat: Apr 1 2020, 01:33 AM
erizdagreat
post Apr 1 2020, 01:55 AM

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QUOTE(moosset @ Apr 1 2020, 01:47 AM)
done via internet banking?

how much was the charges?
*
Yes. Done via M2U

Transfer Maybank to IBKR US:
TT Fee RM10.00
Other charges USD23.00

Transfer IBKR US to Maybank:
Other charges USD22.00
erizdagreat
post Apr 1 2020, 07:35 AM

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QUOTE(EddieBrock @ Apr 1 2020, 07:19 AM)
Exchange rate ok?

Why did some forum users claim Maybank block wire transfer to IB
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I think the rates are reasonable so far.

It's not really a block. They will ask for supporting documents from you for the transfer if you try to do it at the counter. They tell me it's a requirement from Bank Negara (not sure?) for them to get supporting documents for transfers of monies used for investments.

I argued that I still don't know what securities I am going to buy, so there aren't any documentation to speak of. Only after buying can I provide documentation. They tell me they can't do anything it's the rule. I told them it's a stupid rule.

Seems like if you do it online, you don't have to go through this process. No documentation needed. However, there is a limit to how much you can transfer TT everyday via M2U. So of you plan to transfer RM100k, you have to do it over a few days. That's the only real hassle.
erizdagreat
post Apr 1 2020, 08:16 AM

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QUOTE(EddieBrock @ Apr 1 2020, 07:44 AM)
How long does it take for the funds to reflect in your IB account?
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Usually less than a day. At most the next day
erizdagreat
post Apr 1 2020, 08:56 AM

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QUOTE(Ramjade @ Apr 1 2020, 08:41 AM)
Rm25 is the part not hidden from you..Pull up xe.com and check their exchange rate and the amount you received. That's roughly how much hidden cost the bank does not show you.
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Not worth the trouble. If I was so interested in gaining pocket change from forex, I would have done Forex trading instead.

I'd rather spend my time figuring how to make my investments better.
erizdagreat
post Apr 1 2020, 02:00 PM

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QUOTE(Ramjade @ Apr 1 2020, 01:34 PM)
Go compare vs xe.com and see how much you are you being charged secretly. The difference = hidden markup rates the bank take.
Banks will always have the lousiest rate.
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Alright, I will do just as you ask, using a recent transfer i did:

Direct transfer IBKR USD to Maybank MYR on 19th Mar 2020:
XE.com rate: 4.37245
Actual rate: 4.33271264
Difference: (4.37245-4.33271264)/4.37245 = 0.9%

So there is a 0.9% loss by transferring directly to Maybank, hardly the 3% that you quoted.
Maybe this is an outlier, lets do another one:

Direct transfer IBKR USD to Maybank MYR on 4th Feb 2020:
XE.com rate: 4.11603
Actual rate: 4.068966
Difference: (4.11603-4.068966)/4.11603 = 1.1%

Opps, higher, but not by much. Though I think this hardly counts as the bank trying to gorge you on rates.

For the safety & convenience it brings, i would just stick to direct transfers and pay the bank its due reward for a good job.

So Mr. Ramjade, can we stop looking at XE.com now? =)
erizdagreat
post Apr 2 2020, 01:54 AM

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QUOTE(CP88 @ Apr 2 2020, 12:47 AM)
Hi sifus,

If to trasnfer around 5k - 7k USD back to MYR, are we tied to the 25k limit declarations? Thanks.

https://www.theedgemarkets.com/article/bank...25000-next-year
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No. Like Joeblow said, that limit is for physical cash.

However, if you start transferring large amounts of cash in and out of your account, your bank might call you up to ask what those amounts are for. As far as I understand, unusually large and frequent transactions might get flagged under their anti-money laundering monitoring required by AMLA.

My own experience is that the assistant manager of my account's branch called me up and we set a meeting. I explained to her the transactions and showed that it was all legitimate, and that was it.
erizdagreat
post Apr 3 2020, 03:00 AM

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QUOTE(madman.com @ Apr 2 2020, 04:21 PM)
guys mind to share what market data you all subscribe for trading US shares?
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These are the market data subscriptions i currently have.

user posted image

Yes, you can find live prices for free from other sources/websites for stocks. But you would be hard pressed to find it for options. Plus, you can't get live market depth information from free sources.

And I think its cheap at $14.50 a month, so why not?

This post has been edited by erizdagreat: Apr 3 2020, 03:00 AM
erizdagreat
post Apr 3 2020, 07:30 AM

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QUOTE(David900924 @ Apr 3 2020, 07:21 AM)
hi guys, i just register IB, and will be using stockstotrade platform to do shorting. May I know which fintech site u guys use to deposit USD to IB? and how about withdrawal?

I have transferwise, dont have SGD bank. please share your options for Malaysian.
*
Go read the previous posts in this thread, David. Your questions have been asked and answered already. Don't be lazy, noob.
erizdagreat
post Apr 3 2020, 02:08 PM

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It feels like the difference between how Ramjade and I manage our IBKR accounts can be summarised as follows:

1. Ramjade tries to minimize/eliminate all his costs, incurring some inconvenience along the way.
2. I go for convenience, incurring cost while I'm at it.

Interesting. Newbies would probably be better off somewhere in the middle.
erizdagreat
post Apr 3 2020, 10:37 PM

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QUOTE(Investor12 @ Apr 3 2020, 10:17 PM)
oh no, kena pattern day trade restriction..... can't trade until next week.
anyone here can share your experience? I know IB will block you from trading for about a week but what if one continue to break the rule again and again?
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Pattern day trade restrictions is a regulation instituted by FINRA and NYSE to limit the amount of trading that can be done in accounts with small amounts of capital. I don't think anything will happen to you other than having to continue to trade under those severe restrictions.

You can remove the "PDT" flag on your account by increasing the account value to more than USD25,000. One way to do this is to deposit more money. Only after the PDT flag is removed would you be able to day trade like a big boy.
erizdagreat
post Apr 12 2020, 07:31 AM

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QUOTE(dwRK @ Apr 11 2020, 09:24 PM)
you worry too much on that $10 fee
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Yeah, Ramjade. You should stop sweating the small stuff. Haha
erizdagreat
post Apr 16 2020, 04:00 PM

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QUOTE(mr_tuzki @ Apr 16 2020, 02:51 AM)
How do you all withdraw back from IBKR to MYR? Would need to open a SG bank account of a Malaysian foreign currency account?
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Just transfer straight to your MY account. It's not expensive.
erizdagreat
post Apr 30 2020, 11:17 PM

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QUOTE(Ramjade @ Apr 30 2020, 08:29 PM)
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  biggrin.gif  biggrin.gif

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.
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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 biggrin.gif
erizdagreat
post Apr 30 2020, 11:37 PM

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QUOTE(Ramjade @ Apr 30 2020, 11:23 PM)
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.
*
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. sad.gif
erizdagreat
post May 1 2020, 06:44 AM

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QUOTE(ywliang96 @ May 1 2020, 03:33 AM)
Guys, I just created an acc but I have no idea how to transfer money to the acc. I don’t have SG bank acc or whatsoever. Only Malaysian bank acc and Bigpay. How can I work on this?
*
You can TT straight from your local bank account straight to your IBKR account. But according to @Ramjade, that will take 5 days (based on his recent experience in 2015, which feels just like yesterday tbh) and will incur exorbitant amount of fees (in the form of unreasonable and excessively unfavourable exchange rates. Daylight robbery by banks. Beware!!).

The smart money of this thread prefer opening a SG bank account and using one of several fintechs (instarem seems to be the favourite) to do their transfers. So you transfer your money first to your bank account in Singapore, then initiate another transfer using Instarem. By doing it this way, you will avoid paying high fees, enjoy favourable rates (xe.com rates! Amazing!) and have near instantaneous transfer (goodbye 5 day transfers!)

You probably want to plan your trip to Singapore now.

This post has been edited by erizdagreat: May 1 2020, 07:24 AM
erizdagreat
post May 3 2020, 10:06 PM

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QUOTE(Krv23490 @ May 3 2020, 09:00 PM)
open cimb sg ? and transfer from there ?
*
Don't transfer straight from bank. Any bank. Or else @Ramjade will come and say "you like giving free money to banks biggrin.gif"

This post has been edited by erizdagreat: May 3 2020, 10:09 PM
erizdagreat
post May 4 2020, 02:23 AM

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When instarem fails, use more instarem.
erizdagreat
post Jun 7 2020, 11:48 AM

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Hello sifus,

I am a newbie and just opened my IBKR account. Can you tell me the max amount that can be transferred in a single transfer via your preferred fintech e.g.Instarem? I'm asking because Maybank has a limit on how much can be wired overseas per day (RM50K if remember correctly).

Thank you everyone 😊
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