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 Is Interactive Broker Legal in Malaysia?

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Sunshape
post Oct 9 2024, 09:14 AM

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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)?
Sunshape
post Oct 9 2024, 11:19 AM

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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
malaysian Banks can send USD to ibkr by expensive swift transfer. You cannot send MYR to IBKR
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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
post Oct 9 2024, 11:36 AM

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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.

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
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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
Sunshape
post Oct 9 2024, 11:50 AM

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only these two methods for deposit:

user posted image

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
Sunshape
post Oct 9 2024, 12:22 PM

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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%.

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.
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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? biggrin.gif
Sunshape
post Oct 9 2024, 12:31 PM

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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.
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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But the deposit instruction has no info. Only WISE one. then how to send wire?
Sunshape
post Oct 9 2024, 12:40 PM

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QUOTE(Medufsaid @ Oct 9 2024, 12:36 PM)
user posted image

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

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?

Sunshape
post Oct 9 2024, 12:43 PM

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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.
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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Forgot to ask.

If I use Bank ABC to deposit USD, can I later withdraw the USD to Bank XYZ?
Sunshape
post Oct 9 2024, 12:56 PM

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QUOTE(Ramjade @ Oct 9 2024, 12:50 PM)
Zero.
Maybe need to fund your account first. Yes can change.
Can. As long as under your own name no issue.
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Zero SWIFT fee? If use HSBC SG to send USD, zero SWIFT fee ah?

cool2.gif
Sunshape
post Oct 9 2024, 01:11 PM

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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
Sunshape
post Oct 9 2024, 01:29 PM

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QUOTE(Ramjade @ Oct 9 2024, 01:26 PM)
It's very easy. Have strong stomach and don't have itchy hands.
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so can skip MooMoo MY?
Sunshape
post Oct 9 2024, 02:17 PM

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QUOTE(Medufsaid @ Oct 9 2024, 01:33 PM)
Sunshape ask your bank about the charges. If no way to send to DBS sg for a cheap fee it's hard to move it around
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trying to send USD5k. Will update you all how it works and the fee tongue.gif

How to open MooMoo SG ah?
Sunshape
post Oct 9 2024, 03:21 PM

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why the stocks trading permission is still pending one?

user posted image

To trade cryptocurrencies, is under which option?
Sunshape
post Oct 9 2024, 03:28 PM

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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

if you are malaysian citizens in Moomoo SG, you cannot trade crypto
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Sad. I thought to venture into Crypto.

How about if any funds related to crypto one?
Sunshape
post 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?
Sunshape
post Oct 9 2024, 06:43 PM

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QUOTE(Medufsaid @ Oct 9 2024, 06:39 PM)
my wise ACH done within 6 hours. Only done once

That time don't have sg bank acct yet, so have to deposit something ASAP into IBKR
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SG bank > IBKR is by SGD deposit?
Sunshape
post Oct 9 2024, 11:11 PM

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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.
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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?
Sunshape
post 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
Sunshape
post Oct 10 2024, 11:16 AM

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QUOTE(MystiqueLife @ Oct 10 2024, 11:15 AM)
Hmmm, this will take awhile for funds to arrive.
ACH transfer is free, where got charges??
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my own bank charged USD30 + 0.15% under OUR.
Sunshape
post Oct 10 2024, 11:18 AM

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QUOTE(Medufsaid @ Oct 10 2024, 11:10 AM)
Sunshape usa bank transfer still in stone age. if u pick IBKR for USD instead of moomoo u have to face those systems

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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. tongue.gif

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