Is Interactive Broker still Legal in Malaysia?
Is there way to remit/withdraw to/from IBKR via bank wire (not bank wire WISE)?
Is Interactive Broker Legal in Malaysia?
Is Interactive Broker Legal in Malaysia?
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Oct 9 2024, 09:14 AM
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#1
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Is Interactive Broker still Legal in Malaysia?
Is there way to remit/withdraw to/from IBKR via bank wire (not bank wire WISE)? |
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Oct 9 2024, 11:19 AM
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#2
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QUOTE(Medufsaid @ Oct 9 2024, 09:18 AM) 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 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 > IBKRmalaysian Banks can send USD to ibkr by expensive swift transfer. You cannot send MYR to IBKR |
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Oct 9 2024, 11:36 AM
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#3
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QUOTE(Medufsaid @ Oct 9 2024, 11:25 AM) Sunshape if you have DBS multi-currency acct, u can send USD to Moomoo SG for free. malaysians can open Moomoo SG acct. How about HSBC or UOB SG? Can send USD to MooMoo SG for free?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 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 |
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Oct 9 2024, 11:50 AM
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#4
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Oct 9 2024, 12:22 PM
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#5
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QUOTE(Ramjade @ Oct 9 2024, 12:05 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%. No. I have multicurrency account with HSBC and UOB SG. So I do not need to suffer conversion losses.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. You mean change trading permission from CASH account to margin? Are you using margin or CASH? |
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Oct 9 2024, 12:31 PM
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#6
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QUOTE(Ramjade @ Oct 9 2024, 12:27 PM) Then use either one of the account to receive your USD and use either one of that account to send USD to interactive broker. But the deposit instruction has no info. Only WISE one. then how to send wire?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. |
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Oct 9 2024, 12:40 PM
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#7
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QUOTE(Medufsaid @ Oct 9 2024, 12:36 PM) 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? |
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Oct 9 2024, 12:43 PM
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#8
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QUOTE(Ramjade @ Oct 9 2024, 12:27 PM) Then use either one of the account to receive your USD and use either one of that account to send USD to interactive broker. Forgot to ask.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. If I use Bank ABC to deposit USD, can I later withdraw the USD to Bank XYZ? |
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Oct 9 2024, 12:56 PM
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#9
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Oct 9 2024, 01:11 PM
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#10
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I am learning and first time doing all of this.
Wanna learn from Bro Ramjade to buy one way ticket. LoL |
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Oct 9 2024, 01:29 PM
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#11
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Oct 9 2024, 02:17 PM
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#12
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Oct 9 2024, 03:21 PM
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#13
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Oct 9 2024, 03:28 PM
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#14
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QUOTE(Medufsaid @ Oct 9 2024, 03:26 PM) Sunshape singaporeans/malaysians cannot trade crypto in IBKR. however, if you are sg citizen/sg PR, you can trade crypto in Moomoo SG Sad. I thought to venture into Crypto.if you are malaysian citizens in Moomoo SG, you cannot trade crypto How about if any funds related to crypto one? |
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Oct 9 2024, 06:28 PM
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Anyone tested how fast the ACH can be received by IBKR and credited?
1 day is ok or not? |
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Oct 9 2024, 06:43 PM
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Oct 9 2024, 11:11 PM
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#17
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QUOTE(MystiqueLife @ Oct 9 2024, 10:04 PM) Can do this but not advisable. USD transfer to different bank institutions under your same name will be withheld 44+ working days due to FINRA policy. I tried with USD 10 and only managed to get it back two months++ later. Did you mean that after you remitted to different institution (same account name), you only received it after 44+ working days? Such withheld was by IBKR and they only sent out the funds after 44 days? |
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Oct 10 2024, 11:01 AM
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Medufsaid Dont know why ACH deposit is slow and expensive. Banks should lower it and be faster. LOL
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Oct 10 2024, 11:16 AM
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Oct 10 2024, 11:18 AM
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#20
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