Hmm,

I have been a IB user for years... Using their TWS to trade. Trust me IB has one of the most advance platforms out there, but not very user friendly. Eg the idealpro vs fxconc, till now I still don't know which one I used and how I did the forex change.

Glad to find this thread going and I will be trying to contribute as much as possible.

I see most of the questions already answered by friendly bros in this thread. Only one point I want to make. Touchwood. This applies to all foreign companies platform actually. One bad thing about trading using online non-malaysia company platform is that (again touchwood) if something happens to you, it will be very difficult to claim the money.

Even if you manage to claim the money, do note you will be subjected to US Inheritance tax (they call it Estate Tax) even if you are a Malaysian (I checked this few years ago, not sure if still valid). Which is why even though you are a Malaysian and do not need to pay US tax, your stocks dividend will still be subjected 30% withholding tax.

Now I do not know if local stock brokers have this Inheritance tax or not since I do not have any now. So it would be good to check. For me I think I am going to start slowly moving the money back to Malaysia or Singapore. My friend who is a US citizen and has US bank account, he doesn't keep the money in online brokerage. He always transfer the money back.... because it is more secure. Anyway I am going off topic.

So for those who opens IB or any other online overseas platform, do take note:

1. In the event something happens to you and how to claim the money back
2. When you transfer the money back after making profits, if amount is big you might have issue with Bank Negara. Of course if less than 6 figures I doubt they care.

Cheers.

So far I have sold stocks held more than 2 years with no tax and also bought/sold (contra) within the same day and no tax as well. Hmm... Maybe I got taxed and I never check properly under reports. I go back check my last year report....

Hmm... many years ago I know IB is using Citibank SG to take in the SG transfer. Not sure if they can do a GIRO for USD. If not, then you have to use TT which will incur more costs. Why don't you just convert to SGD then giro to IB Citibank account, then spend 2USD to convert at almost spot rate to USD. This way I don't think will be more expensive than you convert to USD directly.

I hope one day IB comes to Malaysia, I am near the age to transfer all my money back then retire for good... ie after the current US market goes back up...

Hmm thanks for the info. I am very pleasantly surprised the difference is so little. I have been thinking how to move my usd in ibkr back maybe after 4 to 5 years time.

I could change to sgd at ibkr then either use cimb sg or those fintech to move back or ibkr usd direct to a usd account at HSBC or citibank. My rm claimed they can give me a good rate. The latter approach is better to me because I am not sure if transferring from sg to myr rate would be any much better than usd directly to myr. Also because my amount would be quite big, I don't want issues with tax people.

Anyway thanks for your information. Still very surprise rate is so good.

Question, if I have usd in my Malaysia usd account, what can I use it for? Also anyone has any idea which bank provides them best exchange rate?

Hopefully the banks wake up their idea. Tons of fintech now to move funds at much more favourable exchange rate. Last I check in Feb 2020 citibank usd to ringgit around 1.5% more than xe rate.

That's for real cash. I don't think bank transfer you need to declare anything.

Hmm, almost all my trades are 5 to 10usd per trade. If you buy 2000 shares (those less than 15usd per share) at one go, it will easily costs 10usd. Unless there's a cheaper way to trade? I use the Fixed Costs mode.

This Global Transfer is for you to transfer the same currency from HSBC MY account to another HSBC account overseas. Free transfer charge if you are Premier customer.


Not sure if you can transfer USD from HSBC Malaysia direct to IBKR, never try before. I thought someone here posted here before saying quite hard to TT USD to IBKR, but I think should be doable. Good thing about converting your ringgit to USD within HSBC is that you see the exact rate online, so you can decide if worth it. But be careful of TT charges when transferring to IBKR. Also I think HSBC charges incoming TT as well.

I don't exactly understand your question. The Global View is for accounts you already have with HSBC worldwide. Except for China where you cannot see, the rest most likely you can see. So if you want HSBC US account, you need to open the account first and have it linked to your profile. That way you can view it. I don't think you can open a US HSBC account via Malaysia HSBC account login.

Hmm... eventually if you retire you also don't bring the money back to Malaysia? ie unless you plan to retire in other countries.

On a side note, anyone knows what to do with spare cash in IB to maximize the value? Yet flexible enough to withdraw and buy shares. Currently I am all pure cash sitting in my IB account...

Buying money market fund... do you have any to recommend? If got charges, then this option might not be good since I plan to use the cash to buy when there's a good opportunity.

Hmm... putting in CIMB SG account means very little interest rate. I guess it really depends if your living lifestyle and retirement planning. For me I just plan to move everything back to Malaysia.

Hi all,

Sharing my experience with buying direct gold using IB lately. XAUUSD.

Basically fee is only 2USD, but you need to change the permission to buy if more than 10k USD. Also there's a daily charge of holding gold. Gold custody. Works out to be less than USD5, I held it for about 1 month plus.

If you ask me, it is still a good deal to buy over IB. Eg, I also bought gold over CIMB Malaysia, the charges around 2.5 to 3% (inclusive of buy and sell). So it is 2.5% vs 4USD. CIMB has no custody charges but price based in Ringgit. Good if ringgit continues to fall (hedge). That's all.

Maybe, sometimes HSBC Malaysia or HSBC Singapore have good exchange rate. Transfer is free and must be Premier. Eventually when the time comes I plan to transfer to HSBC Spore then to Msia. Or I may from IBKR straight to HSBC Msia in USD if they allowed. Maybe in another 5 years time. By then maybe fintech transfer would be free too or banks free and good exchange rate.

Without more details hard to judge your situation. In short, if the cash you have in your IBKR is in USD already and you have used USD as settlement currency, then no. Eg, I have USD1000 in my IBKR, then it will remain USD1000. The difference in amount you see could be the currency you selected as default and not USD or you have actually not converted to USD yet.

Also could be some misc expenses that is being deducted. I advise you to run the report to see. Report you tell you your cash balance and any charges etc.

What method you use to transfer back? TT or GIRO? If you use SGD to SG Bank, use GIRO. Do not use TT, in fact I never tried TT for non-SGD. ie I only plan to use TT only for USD. Giro for SGD. Hope this helps. Like what Ramjade said, one free withdrawal per month even for TT, but do note some banks charge incoming TT.

Yes I know about your situation, I am referring to that user Keng. But soon I plan to bring back one big shot. Maybe in another 5 years time. I will most likely either TT direct to my USD account in Malaysia or just Singapore SGD account then back to Malaysia using bank.

As my amount is rather big, I don't feel safe to go with Fintech and don't find the rates that much attractive. But in 5 to 10 years time, you never know what will happen with the transfer much like IDD rates. LOL.

Don't worry, I will only move back min 5 years later. By then I will check the best bank rate vs fintech rate to see the difference then make a decision. Also if I TT back in USD or SGD, can use it to buy unit trusts. Then hedge it convert to ringgit when I sell them. Only question is the interest rate used, I would assume those unit trust people would hedge using rates similar to IB rate. By then I will see how. This is a problem I will face too when I get my CPF money back at age 50.

Yeah, actually you don't need a few million to do it. Last time I checked, rate difference at best less than 2%. Something I can accept for peace of mind. That's the problem I faced too when trying to bring my rmb back from China. Money changer rate always around 1.5% higher than internet rates.

Yes Fintech has restrictions here and there. Let's see how, lately my portfolio also not doing well....

This post has been edited by joeblow: Jun 12 2021, 01:13 PM

What's SOW? How about calling them? I believe HK number. Or request them to call you. IBKR called me from HK before... Lol. Just to tell me lockdown period cannot send me the security card.

The card you get for verification to login

If via Giro almost within the day itself. Or via TT a few days or within the day.