Interactive Brokers - SGD now available for funding

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sgbird

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Hi All,

I am new to IB and only trade SG stocks with IB accounts. Today I check my trade activity report and found fees as below:
============================
Date Description Amount
Other Fees
SGD
2017-08-04 Balance of Monthly Minimum Fee for Jul 2017 -22.10
Total -22.10

==========

I believed IB only charge the trading commission fee, right? What is this minimum fee for? How to avoid this charge? Please help. Many thanks!

view
 
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hyperbole

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Hi All,

I am new to IB and only trade SG stocks with IB accounts. Today I check my trade activity report and found fees as below:
============================
Date Description Amount
Other Fees
SGD
2017-08-04 Balance of Monthly Minimum Fee for Jul 2017 -22.10
Total -22.10

==========

I believed IB only charge the trading commission fee, right? What is this minimum fee for? How to avoid this charge? Please help. Many thanks!

view

you have less than 2k usd in your portfolio?

https://www.interactivebrokers.com/en/index.php?f=4969
 

Shiny Things

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I prefer to look at the OTC counter because the listing is in USD.. Trading on TSE will require me to do a forex change.. I don't think all the Canadian Reit are bad..they are more well diversify and less gear than some of reit listed in Spore.

The spread on USDCAD is a couple of basis points; the spread on the OTC listings of those stocks is 25 basis points—if they have a two-way quote at all. You are paying way more to trade the US listings. You should do the FX and trade the Canadian listings, you'll save money.

And the Canadian residential real estate market is an actual, straight-up bubble right now. You do not want to own those things.
 

MikeDirnt78

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Hi All,

I am new to IB and only trade SG stocks with IB accounts. Today I check my trade activity report and found fees as below:
============================
Date Description Amount
Other Fees
SGD
2017-08-04 Balance of Monthly Minimum Fee for Jul 2017 -22.10
Total -22.10

==========

I believed IB only charge the trading commission fee, right? What is this minimum fee for? How to avoid this charge? Please help. Many thanks!

view


Minimum activity fee is 22 USD ~30 SGD. Your account is under 2k USD. You must have generated about $8 SGD worth of commissions. So you must top up the remaining.
 

salmonella

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Does IB work as a cheap way to do forex and remittance?

E.g. Can I fund my IB account with SGD using GIRO/FAST in SG, convert it to USD, and make one free withdrawal a month in USD to my BoA account in US using ACH?
 
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yarry1414

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Guys, I think I might have ****ed up big time. I violated Reg T yesterday, and found that my account balance had a negative amount. Does that mean I have to pay that amount back?
 

somewhat

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Hi All,

I am new to IB and only trade SG stocks with IB accounts. Today I check my trade activity report and found fees as below:
============================
Date Description Amount
Other Fees
SGD
2017-08-04 Balance of Monthly Minimum Fee for Jul 2017 -22.10
Total -22.10

==========

I believed IB only charge the trading commission fee, right? What is this minimum fee for? How to avoid this charge? Please help. Many thanks!

view

is it possible to trade SG stocks with IB now?

NVM, just tried, still cannot
 
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BBCWatcher

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Can I fund my IB account with SGD using GIRO/FAST in SG, convert it to USD, and make one free withdrawal a month in USD to my BoA account in US using ACH?
Yes, although you will eventually be subject to the minimum monthly commission if your account value falls below US$100,000. For account balances between US$2,000 and $100,000 the minimum monthly commission is $10. So if you are converting only $100/month, you'll pay 10% to do that.
 

revhappy

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Guys, I think I might have ****ed up big time. I violated Reg T yesterday, and found that my account balance had a negative amount. Does that mean I have to pay that amount back?
I am not sure. But see your margin requirement. Are you getting any margin call notifications? If yes, you must fulfill the minimum margin requirements or else they will just liquidate your positions, not sure if how long they will wait or what is the threshold. But from what I know it's all automated so there is no linience, they will just liquidate it as profit or loss.

Sent from Xiaomi REDMI NOTE 4 using GAGT
 

MikeDirnt78

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Guys, I think I might have ****ed up big time. I violated Reg T yesterday, and found that my account balance had a negative amount. Does that mean I have to pay that amount back?

That is not a violation. Reg T is a margin account. So your base currency or foreign denominated currencies can go negative balances. You need to pay for interests.

Just top up or convert your cash to make the balance positive. Or you can continue to pay interests.
 

Shiny Things

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Does IB work as a cheap way to do forex and remittance?

E.g. Can I fund my IB account with SGD using GIRO/FAST in SG, convert it to USD, and make one free withdrawal a month in USD to my BoA account in US using ACH?

Yep, this works fine; I do it all the time.
 

Asphodeli

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For USD 10 a month right, the appropriate amount to invest a month is roughly $1k USD to make a worthwhile switch to IB, is that correct?
 

Shiny Things

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For USD 10 a month right, the appropriate amount to invest a month is roughly $1k USD to make a worthwhile switch to IB, is that correct?

$1k to $2k, yeah. I recommend $1k over in my thread, but that's probably a bit lower than the mathematically correct cutover point.
 

BBCWatcher

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I wonder why IB waives off the minimum commission if your AUM is above 100k. I mean how does having a 100k AUM earn them money?
Investors with higher value holdings tend to pay more in trading commissions naturally. Also, IB isn't paying maximum interest on cash, so they get some "float."

It's not a perfect correlation, but it doesn't have to be.
 

limster

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I wonder why IB waives off the minimum commission if your AUM is above 100k. I mean how does having a 100k AUM earn them money?

I guess your next question is why SCB waives off the minimum commission if your AUM is above 200k. :s13:
 

revhappy

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Investors with higher value holdings tend to pay more in trading commissions naturally. Also, IB isn't paying maximum interest on cash, so they get some "float."

It's not a perfect correlation, but it doesn't have to be.
Thanks, I have worked in a private bank before and there they charge fees for their clients as a percentage of AUM and there was a move to nudge out low AUM clients and get clients with minimum AUM of S$2m. There it made sense since fees is directly proportional to AUM. But in case if IB it is not, which is why I was curious.

Sent from Xiaomi REDMI NOTE 4 using GAGT
 
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