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 Interactive Brokers (IBKR), IBKR users, welcome!

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potatobanana
post Dec 20 2020, 10:56 PM

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For the withdrawal process of ibkr, is it the same as deposit but in reversal?

Is there anything that we should take in account?
potatobanana
post Dec 21 2020, 06:32 PM

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QUOTE(Ramjade @ Dec 21 2020, 12:12 AM)
Yes. Make sure you only do one withdrawal a month.
Make sure your bank does not have incoming TT fees.
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noted with thanks, verifying it with the bank
potatobanana
post Dec 25 2020, 11:50 PM

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Say if we want to deposit;

Which method is better?
(1) Malaysia Bank > Instarem/Transwire > Singapore Bank > IBKR
(2) Malaysia Bank > Instarem/Transwire > IBKR

I am still thinking whether to open a SG bank account and the benefit of it
potatobanana
post Dec 26 2020, 01:02 PM

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QUOTE(polarzbearz @ Dec 26 2020, 12:31 AM)
Agree with moosset - very specific question. Personally haven't tried it yet laugh.gif
Exchange rate wise - both are similar. Each has pros / cons

(1)
PROS: own named transfer into IBKR, so funds reflects almost immediately if transferred during working hours
CONS: need to pay $2 commission in IBKR to convert to your "intended" currency before buying stocks. Exchange rate is spot-rate though so no issues. Net loss typically is $2 (commissions).

(2)
PROS: can transfer directly in your intended currency (eg. EUR or USD), no need to pay $2 to convert within IBKR
CONS: paper trial shows funding source comes from Transferwise Ltd., IBKR may hold the fund and request proof of transfer / source of money. Some forummers took up to 7 days or even 10 working days ++++
For withdrawal, you'll definitely need SG account or some other foreign bank account or transferwise borderless under YOUR name. IBKR doesn't support withdrawal directly to MYR
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Thank you, this is very helpful.
I will go thru fintech for deposit while the withdrawal will use SG bank.
potatobanana
post Apr 9 2022, 06:31 PM

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Hi guys,

Recently I received letter with label "Important Tax Return Document Enclosed".

It is now officially one year using IBKR.
However this will be the first time I am dealing with tax stuff outside of Malaysia.

Please correct my understanding below:
- Profits and dividend is subjected to tax in the US market
- The profit or dividend will be automatically deducted for tax

Do we need to declare the profit or dividend to US gov or MY gov?
Is there anything else we should do?

Looking forward to have some advise on the above notworthy.gif
potatobanana
post Apr 9 2022, 09:01 PM

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QUOTE(TOS @ Apr 9 2022, 06:45 PM)
Assuming you are MY tax resident:

For US, you should have signed the W-8BEN form (when you open your IB account). So 30% WHT is already automatically deducted by IBKR before the dividend is credited to your IB cash balance.

You don't need to declare any capital gains and dividend incomes (whether in the form of stocks or cash) to MY government.
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I am residing in Malaysia and also a MY tax resident. smile.gif

Since the form been signed;
which means the form is the only action from us.

Happy and glad with the straightforward procedure rclxms.gif

This post has been edited by potatobanana: Apr 9 2022, 09:05 PM
potatobanana
post Apr 9 2022, 09:31 PM

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QUOTE(TOS @ Apr 9 2022, 09:15 PM)
Yup, it should look something like step 5 shown in the website (URL link) when you opened your IB account: https://investmentmoats.com/money/easy-step...e-brokers-ibkr/

Here is the screenshot capture from the webpage:

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I see, it makes more sense now.
The W-8BEN form is signed during account registration.

Well that meant there's nothing for us to do for the tax.
So, continue trading and investing biggrin.gif

Many thanks for the info, appreciate it very much notworthy.gif
potatobanana
post May 3 2022, 11:22 AM

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Paging c64 in case he/she haven't found this thread yet

Thanks for sharing in /k/ btw
potatobanana
post Jul 7 2025, 12:16 AM

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Hi Sifus, I am planning to do some test on some brokers.

Would like to know if below is the best way to transfer the funds from IBKR to other broker?

IBKR > Wise > Other-broker

Is there a better approach than the above?
potatobanana
post Jul 7 2025, 11:12 AM

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QUOTE(Medufsaid @ Jul 7 2025, 02:44 AM)
potatobanana have you bought stocks already? if USA stocks, just stock transfer out to that broker

if CSPX, u can actually transfer it back to FSMOne malaysia. someone on reddit did it, took 2 weeks
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Hi, I am planning to transfer funds instead of stocks.

Dumb question, does broker usually allow to transfer to another broker directly?

Or usually have to go through an intermediately account (eg: Wise)?

 

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