Hi Guys,

I've been using interactive broker for the last 3 months trading US Stocks. I funded the account using my US Bank (I used to work in the US - so got some savings la) I also linked my Maybank for withdrawal (also my transferwise borderless acct, just incase)- yet to do any withdrawals though

However, I found a post on lowyat saying Maybank (or Bank Negara) block transactions from IB due to their affiliation with forex? Hence cant fund or withdraw money to a local bank? Link below
https://forum.lowyat.net/topic/4498867/all

I'm planning to trade stocks full-time as I generate a decent income from it every month, and Ive been investing/trading for last 5 years when I was working in the US (not a newbie la )
Planning to register as self-employed for tax/banking purposes - already discuss with a tax lawyer friend - I have shared the conversation (tax for fulltime trader) in this forum for those interested in self-employment/fulltime trading
https://forum.lowyat.net/topic/5102221

One question I couldn't answer my lawyer friend is that - is IB legal in Malaysia? Will BNM block the funds to be transferred back to our local banks?
I don't find any article/documents suggesting IB is illegal in Malaysia - and seems to the first recommended platform if want to trade US stocks from Malaysia.

Hope to get some feedback from Sifus here

Thanks for your feedback. I have a few more questions

my understanding of not recognized by SC means your funds in IB is not protected by SC/BNM in case anything bad happens (broker bankruptcy)  (Can someone validate this)

if its illegal

It's illegal from Malaysia point but not illegal form IB. It's only illegal from IB side if US banned Malaysian from trading on US market. Otherwise IB couldn't care if it's illegal from Malaysia side because
1) they never have license from SC to operate in Malaysia anyway hence they are not bound by Malaysian law


It's the bank who dont want any problem hence easier for them to just block you.


Can. But not recommended to use banks cause very expensive. You get less money (higher exchange rates by banks)

They just block your Transaction and block access to IB site

Go try using transferwise and let us know. Last time they block the transfer. Not to mentioned IB will ask you for proof of trnasferwise and the relationship between transferwise and you 6-7 months down the road (true story).
It's legal but is different
1) Malaysia banks -> Transferwise (perfectly legal)
2) Malaysian banks -> Overseas brokerage (? legal)

hope I don't sound rude, I'm just thinking out loud. many contradicting points

grey area

Actually not stupid...they just don't want you to take money out of the country easily.

Is Interactive Broker still Legal in Malaysia?
Is there way to remit/withdraw to/from IBKR via bank wire (not bank wire WISE)?

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

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

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?

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

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? 

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?

Forgot to ask.

If I use Bank ABC to deposit USD, can I later withdraw the USD to Bank XYZ?

Zero SWIFT fee? If use HSBC SG to send USD, zero SWIFT fee ah?

I am learning and first time doing all of this.

Wanna learn from Bro Ramjade to buy one way ticket. LoL

so can skip MooMoo MY?

Ramjade Moomoo MY has USD mmf now if u aren't aware

Zero for DBS are you referring to DBS remit? How did you fill up the FFC and account number for DBS remit since it is direct to personal account instead of corporate account.

Hmmm, this will take awhile for funds to arrive.

IBKR wire SGD to CIMB got fees or not?

ACH transfer is free, where got charges??

my own bank charged USD30 + 0.15% under OUR.

I found IBKR is too complicated for me. May be I will try Moo Moo SG once the account is approved

My aim is to achieve one way air ticket. 

Are you short-term trader or long-term investor?

I am more pro to MT4 forex and crypto trading. Will try out IBKR desktop later.

Although DBS remit USD for free, but the recipient will receive lesser after minus the intermediary bank fees right? When my bank charges me $30 for OUR, it means the recipient will receive the exact amount.

no. dbs still free. knowing ramjade for so long, he won't make any transactions that'll lose him unnecessary fees (e.g., remit USD30 but receive lesser than USD30. this is strictly no-no for him)

Received the return wire 1 hour ago. Reason: account number was not valid.

IBKR instructed with this format: Account number + IBKR ID

But.