I've been converting MYR to USD within Wise then transferring USD to IBKR

1. Is MYR > Fintech > SGD > SG Bank > IBKR > Convert USD cheaper ? If so, by how much

2. When transferring USD in Wise to IBKR, do you have to login to IBKR and initiate the transfer from IBKR, or can you after the 1st transfer, just transfer directly from within Wise (just click the link there)

This post has been edited by sthrowaway: Jul 21 2024, 09:59 PM

1. The cheaper by half / rm200-250 per 100k is mostly from the lower rates of the Fintechs (MoneyMatch, SunwayMoney) as compared to Wise, right? Or from the other steps

2. "Push from Wise using ACH" - this means once inside the Wise app, after clicking Send, click on the "IBKR LLC USD account ending XYZ", right

Can you transfer 30k from one MY bank through Wise to ibkr, and let's say 30k from another MY bank through SG bank to ibkr?

Wise has a RM30k limit
Sunway Money has a 50k limit for in person
Just wondering if there is a total limit per day per individual for intl transfers and/or will bnm or gov agencies flag

Nice. Didn't even know you could send 30k as Wise has a 'RM20k limit in it's account by end of day' which isn't clear so I would transfer 15k each time, convert to USD within Wise then initiate transfer within IBKR. The conversion rates today, Sunday were better than on Friday (although it could simply portend that USDMYR would drop next week)

MoneyMatch may have the lowest fees but can be a hassle

For those looking at this, in IBKR there are 2 ways to deposit funds through Wise - via Wise Balance and Bank Transfer via Wise. The method outlined above applies to the 2nd method. Also note the banks' 50k daily transfer limit - so 2 x 30k will need to be from two banks

This post has been edited by sthrowaway: Jul 30 2024, 09:51 AM