Zaman mamak. Never move on with time.

Because of Capital Control policy 🤦‍♀️

Thanks to M 🤦‍♀️

Not relevant already he is a dinosaur now

Is Interactive Broker still Legal in Malaysia?


Is there way to remit/withdraw to/from IBKR via bank wire (not bank wire WISE)?

no license here, but as of 2 months ago, foreigners can trade Malaysian stock and futures via IBKR. So this means they are recognized by Bursa malaysia
malaysian Banks can send USD to ibkr by expensive swift transfer. You cannot send MYR to IBKR

This post has been edited by Medufsaid: Oct 9 2024, 09:23 AM

how about withdrawing from IBKR. what's the cheapest option?

Malaysian govt will never recognise anything with Forex trading for political reasons and Forex is haram

You can transfer back to Malaysia but it is going to be costly as banks gonna take a cut of your money.

For me once money is overseas it won't come back for at least 30 years. It is a one way ticket.

Also if I am bringing the money back, it will be IBKR -> USD to SGD inside IBKR -> SGD into CIMB SG -> CIMB SG to CIMB Malaysia.

to add on to what Ramjade said, if you just want to withdraw USD from IBKR to use, can just withdraw USD to wise and use via debit card. FOC

Withdraw to wise to convert back to MYR is not cheap

This post has been edited by Medufsaid: Oct 9 2024, 10:36 AM

Wise can only hold RM20k. Not worth it.

because I have USD funds in SG bank and overseas. So wish to utilise the USD rather than to convert from Wise MYR > Wise USD > IBKR

Sunshape if you have DBS multi-currency acct, u can send USD to Moomoo SG for free. malaysians can open Moomoo SG acct.

if you have USD in US bank accounts, can ACH your USD to IBKR.

i don't know what's the solution if u have USD in banks other than USA or SG. if you send via SWIFT, all the banks in between will take a fee from your fund

This post has been edited by Medufsaid: Oct 9 2024, 11:30 AM

How about HSBC or UOB SG? Can send USD to MooMoo SG for free?

Yes, my oversea bank supports ACH. But I don't see the wire instruction for USD acc rather than deposit via Wise only as shown in IBKR deposit menu.

How to open MooMoo SG if I have MooMoo MY liao?

This post has been edited by Sunshape: Oct 9 2024, 11:37 AM

only these two methods for deposit:



The account opened is cash account. But I can't open margin account. Why? it kept saying my investment profile/risk is not suitable for margin/leverage blah blah

want to confirm, these are multicurrency HSBC and UOB acct with USD balance already?

This post has been edited by Medufsaid: Oct 9 2024, 12:41 PM

You can always use any sg bank or Malaysian banks to receive the USD. But you will kena charge Forex markup. As the item is USD. You don't have a multi currency account. Hence whatever USD will be converted at bank rate to whatever currency is the account in be it SGD or RM. Then if you choose to send the SGD or RM to IBKR , you will kena charge again. Banks markup the Forex fees by around 2-3%.

The only way is
1.have multi currency account that accept USD be it the RHB or DBS version (in Singapore if somehow you can open DBS which is very unlikely). I know DBS doesn't charge you fee or charge you anything if you already have USD and you send it using DBS.

You can. Change your trading permission.
Regarding moomoo forget about it. Unless you have need for it. Moomoo Malaysia is lousy. That is why I only have moomoo Singapore. Always convert money inside interactive broker where possible as they give you real time market rates without the markup unlike banks. Unless you don't mind giving banks free money.

This post has been edited by Ramjade: Oct 9 2024, 12:18 PM

No. I have multicurrency account with HSBC and UOB SG. So I do not need to suffer conversion losses.

You mean change trading permission from CASH account to margin?

Are you using margin or CASH?

Then use either one of the account to receive your USD and use either one of that account to send USD to interactive broker.
Then your problem is solved. No need to pening using wise.

I am on margin but I treat it like cash account. My balance is always positive hence never been charged any interest.

This post has been edited by Ramjade: Oct 9 2024, 12:28 PM

But the deposit instruction has no info. Only WISE one. then how to send wire?

how much is the swift fees

many thanks. I realised need to change the deposit currency first from MYR to USD. Then can see Wire or ACH.

Now need to settle another issue. The account has just approved yesterday but why the trading permission on stocks is still pending?

And able to change from cash account to margin?