Interactive Brokers - SGD now available for funding

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TradeHippo

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IB charge $1 per trade for stock. Not sure of others, as I trade stock only in IB.
You need to have 30 trades per month, otherwise, another $30 per month.

Hi friend, when u withdraw from IB, is it a hassle? Do they charge u fees for it? Thanks
 

Buggier

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IB is probably the only broker in the world that does not charge for international TT..

1 free withdrawal per month.
 

Shiny Things

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Hi all a few question:

1) is there a cheapest way to fund OX and IB account ?

2) what is the recommended ways to do a withdrawl from OX and IB?

3) isit possible to transfer a funds from OX to IB?

Can't help you with #3, but I can answer #1 and #2 for Interactive Brokers, at least.

Since IB can't handle deposits and withdrawals in SGD, funding and withdrawing is always going to be a bit expensive. The absolute cheapest way to fund it is to set up an American bank account and use ACH transfers from that to fund your IB account (if you've got DBS Treasures, you can wire from your SG account to a first-party US account basically for free, and do an ACH from there); but the more practical way is just to do wire transfers from your bank account. Bring lubricant.

The best way to do a withdrawal from IB is, as Chopra mentioned, international wire transfer.

Until IB starts offering deposits and withdrawals in SGD, this is unfortunately the only realistic way of doing it.
 

Shiny Things

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Hi Shiny,
Thanks for your response, may I know any recommended America bank acount to open? any minimum requirement and how can I go about doing it? BTW what about funding optionxpress?

You need to go over there in person, which might be a slight problem - but I just rocked up to a Chase branch in San Francisco with my passport, a Singtel bill for proof of address, and a couple hundred USD to open the account, and they set it all up for me in a couple of hours and gave me some really nice coffee while I was waiting. (If you don't like Chase because of the whole London Whale thing, First Republic Bank and Wells Fargo are also perfectly good.)

I can't speak for Option Sex Press because I don't use them.
 

Shiny Things

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I know from friends that there is something call custom clearing house like Western Union which helps to convert currency and send it over to the brokerage that you want. Do you happen to know how the whole process goes?

If you mean Custom House, which is now an arm of Western Union - they do help convert currency, but no brokerage in their right mind will take a deposit from Western Union, because it'd set off every money-laundering alarm in the system.

IB, for example, will generally kick your deposit right back to you if it doesn't come from an account with the same name as your brokerage account.
 
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I am in the midst of transferring my funds from oanda us to interactive brokers. Before that i have converted SGD to USD to fund another USD account overseas through oanda and transfer them via fxglobaltransfer. I just have to pay a flat fee of 25 USD for transferring but just the conversion rate alone is worthwhile because of the amount I was converting.
The USDSGD spread on Oanda i noticed was about 3 pips for the past few weeks. I recalled it was about 7 pips last year. I checked the DBS fx rates spread yesterday it was 71 pips and they widened it both ways as a yardstick.
Apparently Interactive Brokers has a form that i can fill up requesting my other pre-existing US brokerages to transfer assets to them and it's free. I am still waiting for it to go through though.

The other transfer fees I pay would be to TT SGD to Oanda directly or through MEPS to Chase Singapore (beneficiary bank) of which they would transfer it to Chase US but they charge an agent fee for that. There is a cheaper option to TT if you transfer <25,000 SGD via ibanking (DBS), but I have not tried that yet.
 

Yxy

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I'm trying to open a new account at IB and noticed that SGD is now in the drop-down list for currencies available (wire transfer).
Online chat with them confirms that they added it recently.

FYI
 

kritphine

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Yxy, have you tried funding directly in SGD? it'll be fantastic if you can share your experience. How is the rate they use when converting to USD?
 

Yxy

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not yet, still waiting for citibank to open a new account for me
(cheaper TT fees)
 

kritphine

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I'm also looking around for banks with lowest TT fee, so Citi is the best?

Can confirm that Citi quoted fee for "Online TT to overseas bank" of S$30 can be used to remit to IB?

If so, plus free inward remittance, then this combo is the bestest.

Thanks so much for sharing. Please update us here if you managed to remit.
 

Shiny Things

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Yxy, have you tried funding directly in SGD? it'll be fantastic if you can share your experience. How is the rate they use when converting to USD?

They won't convert it to USD - they'll post an actual SGD amount to your account. The best thing, though: once the SGD's in your account, you can convert between SGD and USD at spot. Like, actual spot. Like interbank spot. Even the Change Alley dudes can't beat that.
 
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