Interactive Brokers - SGD now available for funding

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BBCWatcher

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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.
Correlation is better than good enough for these purposes.

There's also much greater competition in the U.S. than what you're used to.
 
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deadravel

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izit possible to opt in for IPO for US stocks using IB?
can't find any info/guides online.

and 1 more question, how do i buy stock listed in india (NSE), i can find the stock quotes in IB
so will it be same as buying US stocks, eg: buy USD.SGD then buy the stock
i assumed it will be to buy USD.SGD , then buy INR.USD, then buy the stock?

anyone have experience?
 
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oddteen

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guys.. I just activated my account.

tried trading recently and I kept getting like this message.

The following order "BUY 100 FEYE NASDAQ.NMS @ 17.08" price exceeds
the Percentage constraint of 3%.
Are you sure you want to submit this order?
No Yes

I tried stocks with different amt/price and I still get this type of messages....2 times every order, one for limit buy and another for stop loss order.

what does this mean?
 

Shiny Things

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guys.. I just activated my account.

tried trading recently and I kept getting like this message.

The following order "BUY 100 FEYE NASDAQ.NMS @ 17.08" price exceeds
the Percentage constraint of 3%.
Are you sure you want to submit this order?
No Yes

I tried stocks with different amt/price and I still get this type of messages....2 times every order, one for limit buy and another for stop loss order.

what does this mean?

It's poorly worded, but all it means is that you're trying to set an order more than 3% away from spot, and it assumes you've typoed the price. Just hit "yes" once you've checked that the order is what you meant to put in.

izit possible to opt in for IPO for US stocks using IB?
can't find any info/guides online.

Nope.

and 1 more question, how do i buy stock listed in india (NSE), i can find the stock quotes in IB
so will it be same as buying US stocks, eg: buy USD.SGD then buy the stock
i assumed it will be to buy USD.SGD , then buy INR.USD, then buy the stock?

anyone have experience?

I think you might need to have an NRI account type to be able to buy NSE-listed stocks. If you've got one of those, then yeah - just buy the INR, then buy the stock.
 

revhappy

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Indian stocks markets and the Indian rupee has restrictions on foreign buyers. You can buy via ETFs or you need to be registered as a financial institution or something. NRI basically means Non Resident Indians. It is basically present or past Indian passport holders living abroad can open an NRI account and trade Indian stocks.

Sent from Xiaomi REDMI NOTE 4 using GAGT
 

VanquishShadow

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I see there's an option to set up a Linked Account. From my understanding, it sets up a separate account, which I can access with the same username/password.

Other than this added convenience, is there any difference between setting up a second, separate Individual account?

From my understanding of SIPC coverage, there is no difference. I am not sure if there are any other aspects where it may be different.
 

peipei1

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what documents must submit to open an account with IB? Are they strict for KYC checks?
 

revhappy

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guys.. I just activated my account.

tried trading recently and I kept getting like this message.

The following order "BUY 100 FEYE NASDAQ.NMS @ 17.08" price exceeds
the Percentage constraint of 3%.
Are you sure you want to submit this order?
No Yes

I tried stocks with different amt/price and I still get this type of messages....2 times every order, one for limit buy and another for stop loss order.

what does this mean?
You can do some paper trading on IB before doing actual trades. This will let you know what actually happens when you submit the button for placing an order. I did this the first time I converted Forex and the first time I bought shares.

Sent from Xiaomi REDMI NOTE 4 using GAGT
 

BBCWatcher

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what documents must submit to open an account with IB? Are they strict for KYC checks?
Interactive Brokers answers these questions rather well on its account opening Web site. It's a regulated, U.S. headquartered financial institution.

Why do you ask? Are you planning to launder money, finance terrorism or human trafficking, illegally evade taxes, or otherwise behave in evil ways?
 

rabbit6

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What is the best way to wire USD (say in 10-20k range) from Fidelity to IB on a yearly basis?
The scenario is i already has a SGD base currency IB account used for collecting IWDA.
Can i and should i wire the USD to the SGD base IB account? Meaning in IB USD FXCONV SGD and SGD FXCONV USD to collect IWDA.
Or should i open up an USD base IB account? But would i need to pay mandatory activity fees of $10/month x2 acct when neither account is >$100K USD then.
Thanks
 

revhappy

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Base currency in IB is just a conceptual thing, useful for reporting purposes. It has no financial impact. So to answer your question, if you have USD outside of IB, you can wire it to IB directly, you don't have to convert it to SGD, regardless of what your base currency set up is in IB.

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BBCWatcher

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So to answer your question, if you have USD outside of IB, you can wire it to IB directly....
To elaborate, it's a bit of work to move funds between U.S. brokers. You need a bank in between. A "wire" does that, but it's possible, even likely, that you'll be hit with a wire transfer charge. They're really intended for (expensive) international fund transfers, and Fidelity to IB is not that. Alternatively, you can do this free of charge if you wish:

1. Use Electronic Funds Transfer (EFT) from Fidelity via the U.S. Automated Clearing House (ACH) domestic system. EFT/ACH is analogous to GIRO in Singapore. Transfer the funds to your U.S. bank or credit union account, assuming you have one. (This is a prerequisite.) You will need the American Bankers Association (ABA) routing number and your account number.

2. Then transfer the funds from your U.S. bank or credit union account to Interactive Brokers, again via EFT/ACH.

Note that IB has a US$100,000 ACH limit per 7 day period.

I don't think IB has an ABA routing number for depositing funds. It's not a bank.
 

revhappy

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To elaborate, it's a bit of work to move funds between U.S. brokers. You need a bank in between. A "wire" does that, but it's possible, even likely, that you'll be hit with a wire transfer charge. They're really intended for (expensive) international fund transfers, and Fidelity to IB is not that. Alternatively, you can do this free of charge if you wish:

1. Use Electronic Funds Transfer (EFT) from Fidelity via the U.S. Automated Clearing House (ACH) domestic system. EFT/ACH is analogous to GIRO in Singapore. Transfer the funds to your U.S. bank or credit union account, assuming you have one. (This is a prerequisite.) You will need the American Bankers Association (ABA) routing number and your account number.

2. Then transfer the funds from your U.S. bank or credit union account to Interactive Brokers, again via EFT/ACH.

Note that IB has a US$100,000 ACH limit per 7 day period.

I don't think IB has an ABA routing number for depositing funds. It's not a bank.
Regarding your last sentence, IB asks you to deposit the funds to an account at Citibank, New York branch. It does have an ABA routing number. I have done a wire transfer from my SC FCY account,but since it is a wire transfer I used their SWIFT code rather than the ABA routing number.

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BBCWatcher

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Regarding your last sentence, IB asks you to deposit the funds to an account at Citibank, New York branch. It does have an ABA routing number.
OK, lovely. In that case, you may be able to transfer funds directly via EFT/ACH from Fidelity to IB. Well, OK, via IB's custodial account at Citibank in New York, but that should work.

FYI, Fidelity normally charges US$10 for a wire transfer. And there might be additional charges in the middle. Try EFT/ACH, since that's free, bearing in mind the IB inbound limit.
 

salmonella

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Would Fidelity require that the bank account be in your name? That might prevent you from transferring directly to a citibank account in IB's name.
 

BBCWatcher

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Would Fidelity require that the bank account be in your name?
Maybe.

Another possible option is to ACATS (Automated Customer Account Transfer Service) between Fidelity and Interactive Brokers. That's usually used for securities, e.g. shares of stock, but it can be used for cash, at least in part. That's a direct transfer. There are a couple disadvantages, though. One disadvantage is that it requires additional verification, understandably. Another is that Fidelity will probably charge an ACATS fee. The major advantage is that the securities are transferred intact. For example, if you have 100 shares of General Electric stock at Fidelity then those same 100 shares of GE pop up at IB after the ACATS, without any sale, commissions, loss of dividends, tax event, etc. The exception is if there's some proprietary mutual fund (or other holding) that Fidelity can hold that IB cannot. In that case a sale might be required.
 

rabbit6

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@BBCWatcher. Thanks for the info, that is new to me. Good to know. But i won't be able to use either ACATS or EFT/ACH as don't have a banking account with Fidelity. Mine is a Fidelity NetBenefits account (similar to trading account but much lesser than a trading account) from my employer scheme. I only see "Wire / Check Instructions" option.

I have wired USD to local Citi & SC account before and like you mentioned there is a $10 USD wired fees from Fidelity end. In bound wired cash fee is free for Citi, SC charged for a fees.

So maybe i will need to do a trial to get my Fidelity to wired it successfully to IB before i do a lump sum.

@salmonella. I guess i will be providing my IB account to Fidelity and wired with IB's BIC/SWIFT code like what revhappy done from SC FCY account to IB.
 
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