I had opened the IBKR trading account thru website.
problem come when i try to TT telegraphic transfer the fund the trading account.
the excused given by uob. ocbc and maybank malaysia is the account that receive the fund must be your name not interactive broker account
is this even possible bank negara made it so difficult to transfer the funds out of malaysia.
If I go to blackmarket and do them, there will be some repurcusion eg CRS or OECD which you need to answer to LHDN despite all the funds is legally acquired.

is there anything that i filled wrongly?

one of the reason. malaysia dont implement double taxation rules. means trading gain from equity outside malaysia is not taxable. because in us we signed W8ben and in china there is 15% tax. so malaysia inland cant tax you 2nd time when you have profit in oversea trading account

This post has been edited by normanTE: Jul 12 2020, 10:05 PM

IBKR Is listed in the US but trading212 is not. i would be worry of my funds safety despite they are FIDC insured if the company is us based.
Per transaction London Stock Exchange thru maybank is horrandeous it cost me 600 gbp per trip of in and out. unless you have good volume you are likely to lose money

kindly elaborate abit here. how to use singapore banks?
do you mean i need to open up uob ocbc or dbs in singapore and transfer funds from malaysia to singapore 1st before sending them to IBKR?

This post has been edited by normanTE: Jul 12 2020, 10:20 PM

our malaysia banking industry is like a vampire, sucking us dry.
now worse still bank negara want to intervene of what you can do with your money and decide for you of what you can buy or not.
sooner or later we are the 2nd venezuela or greece. your excess funds in the bank will exchange for the respective banks stock that plunging every day. this is insane.

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?

i use to think that since 2000 been sending hkd and remembered that good old day 1 rm can exchange 2.55 hkd.
those fund become a problem when they ballooned as i swing traded some bank shares and china mobile back them from transfered 600,000 hkd it swelled to hkd 5 million in 10 yr. ( traded hsbc and sold at 140 hkd, after that position trade china mobile and banking stock) they give fat dividend and potential upswing when you buy them right.
problem really start when you have huge funds outside malaysia in 2016 they started something call oecd or crs common reporting system where by all account start to ask you TIN tax identification numbers. last year alone i know more people been invited to Lhdn to explain the source of funds you need to keep the bank statement ready back to genesis. most bank singpore bank dont have such details and they are charging 50sgd permonth. where as most hk and us bank account statement is given out free.
Honestly singapore account is not the best but they are ease if you live in malaysia.

here come the multiple fees loses. i need to convert MYR to SGD and then deposit sgd or convert sgd to usd in IBKR this is nuisance
singapore had a very limited options of stock. my expereince is all discount brokers dont survive except IBKR. it been around since 1980's
others just dont survive the time.

before you make a dime you will generally loss around 2% in fees and commission from converting rm to usd ( worse still if you go thru sgd then usd)

here is my suggestion by pass singapore options.
consider hsbc malaysia premier banking services and thru their global transfers. you can set up account in china hk us uk australia. and from there you send them out to ibkr.
(hsbc having a product call everyday bank account it come in multiple currency but conversion rate isnt favorable. )
Because i been disposing the rm since last aud drop to 2.6 and gbp at 5.05 remember last christmas gbp drop like stone. so i am transfering gbp aud to ibkr not rm.
this become complicated when you go to sg. i dont like sg sucking us as a middle man

This post has been edited by normanTE: Jul 12 2020, 11:09 PM

yes 50sgd per month if you want to trace back all the bank statement from uob singpore. meaning sgd 600 for 1 year of bank statement. and 6000 sgd for 10 yr of statement.
imagine my account opened since 1987. having offshore account back then is peace of mind. in today it give you nothing but trouble.

Thank you for the suggestion and advices.

Honestly I havent heard of transferwise direct.
so who should I approach? maybank?

https://www.tradestation-international.com/...pen-an-account/

is this a whitelabels you refer to ? thank you Ramjade for been so helpful

which is the cheapest ROUTE in transfering myr to ibkr? if not TT.
MYR --> SGD --> IBKR ?

I see if whitelabel is costing more then pure IB, i will rather stick it with IBKR. my intention is funding 100kusd
I been position trading for years. lately been pretty active in 3 market hk, uk , and us market.
honestly permonth i trade more then 10 position. if you include 3 -4 or 5 market that is not an issue for me

Thank you again Ramjade. to generate 10usd /month can be easy some month but not if volatility contracting there isnt much trading opportunity. soemtime you just cant simply force trade.

This post has been edited by normanTE: Jul 14 2020, 10:02 AM

i got tdameritrade charlesschwab but mostly trade us market for few decade alrd.
uk indonesia and australia market i use malayan banking and the trading fees is horrandeous. per trip average 300 British pound for me eg my recently swing traded Bats london 24 sold 31, lucky me i got 7gbp profit x 1500 share 10,500 profit but after minus 600 brokerage fees = less then 10 grand

i aware of ibkr but didnt want to pay any inactivity fees earlier. i see myself as an investor, buy and hold approach.
not until recently i had those mindset shifted i am a position trader. so i realised those fees or unnecessary cost.
look like everyone can be daytrader with ibkr.

This post has been edited by normanTE: Jul 14 2020, 10:34 AM

wow, love you guys.
Been doing TT all this while. need to knock my head off. just tried transferwise today. their rate best la.

for me it is one way ticket out of malaysia, never did come back to malaysia. consider open hsbc usd account in united state, or hk usd integrated account which can deposit and withdrawal usd note. next nearest to malaysia is standard chartered bank singapore priority banking services come with usd account ( you can apply usd debit card but there is a fees per usage eg 2usd per swipe) honestly i prefer usd account in united state not in hongkong or singapore. that way you can use your usd just like any currency shopping with amazon ebay or even cruises they all accepts usd credit card which can deduct from you us banks account. this day it is normal to store usd then other currency after all it will be the last to collapse.

I store mostly usd and chinese rmb. Because my invested instrument pay me those currency

Nope you dont have to set your foot at all in united state to have those account opened.
maintain a relationship balance in HSBC premier malaysia can alrd. then ask your relationship manager to refer you to hsbc international office in kl.
standard chartered sg is one of the best Offered in the region. they can trade 8 country thru same online platforms and their fees is comparable to discount brokerage eg whitelabeled or TOS. but there is minimal 200,000sgd to maintain those account. plus point come with scb priority credit card which can asses airport lounge.