Hi sifus,
I am starting out with IBKR.
Already registered Wise.
Can you advise what is the best practice if I want to dca monthly (fixed amount of MYR) into IBKR etf?
1) CIMB MYR saving account to Wise MYR > Wise convert MYR to USD > transfer to IBKR USD
2) CIMB MYR saving account to Wise USD > transfer to IBKR USD
Does the above makes any difference with the fees?

With my first deposit into Wise 20 USD (because I was required to make a one time deposit to finish the account creation):

I got charged with 0.65 MYR. So there is a rate of 0.68%.

https://wise.com/my/pricing/receive

Then, I have made a deposit into IBKR.

I got charged with 0.39 USD. Rate is fixed.

https://wise.com/my/pricing/send-money?targ...etCcy=USD&tab=1

The above should be equivalent to option 2.
For option 1, I assume there will be a fee for currency conversion in Wise.
I cannot find what is the rate in the website.
Found it. It is the same rate. 0.65%

So it wouldn't make any difference either way.

Option 1 would be the better choice since I want to transfer based on fixed amount of MYR right?


This post has been edited by mastermindsos: Jan 27 2024, 07:35 PM

I have made a mistake on the rate on my post.
The first option has an interest rate of 0.65%.
The second option has an interest rate of 0.68%.


Do you mean the double currency conversion with DuitNow/MoneyMatch and IBKR + IBKR fee is cheaper compared to Wise currency conversion + Wise fee?
I couldn't find the IBKR fee for the currency conversion.

I did my homework as best as I can.
I could not find an article in the website for the waive fee for the recurring investment.
I couldn't setup one yet to see myself.

I think due to my trading permission has yet to be approved. Still under pending status.


There is a post in reddit about the waive did not happen.

https://www.reddit.com/r/singaporefi/commen..._fees_for_ibkr/
https://www.reddit.com/r/singaporefi/commen...ibkr_or_moomoo/
Hope you can shed some light over this matter.

Anyhow, I will look into creating the CIMB SG account in advance.

Hi sifus,

I have just started.
I am facing this issue since the first day with ibkr portal.



I can't search for an etf.
It keeps on loading forever.
How do you navigate?