Interactive Brokers - SGD now available for funding

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MikeDirnt78

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Okay, so I assume its just the amount? I don't mind putting in more cash but they actually took away the option to even upgrade to options trading on my account management. For <25 years old, you don't need $25k. The minimum is $3k. Anyway, I'm trading credit spreads so technically, I really don't need too much cash at the start. Anyway thanks for the insight!

For a young and privileged account with lower balance, you shouldn't abuse it to trade with options.

IB expects those young accounts to invest in a non speculative nature.
 

limster

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Okay, so I assume its just the amount? I don't mind putting in more cash but they actually took away the option to even upgrade to options trading on my account management. For <25 years old, you don't need $25k. The minimum is $3k. Anyway, I'm trading credit spreads so technically, I really don't need too much cash at the start. Anyway thanks for the insight!

Probably IBKR assessed that most options-only traders fall within the Pattern Day Trading rule, so they impose the $25k requirement up front.
 

Tiger9119

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Probably IBKR assessed that most options-only traders fall within the Pattern Day Trading rule, so they impose the $25k requirement up front.

Actually, it is the regulatory requirement.

"US Regulators require USD 25,000 (or non-USD equivalent) to Day Trade stocks and options. The non-USD equivalent for all USD values is also acceptable."
 

JuniorLion

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This is regarding the US Bank Funds Transfer to IB.

I did a Funds Transfer Notification in IB for USD. This is specifically with respect to the "online Bill Payment" option in IB. It did not give me an Account Number, but merely stated the Reference Number.

Then, when I log in to my US Bank (non-Citibank) and did a Online Bill Payment Request, and selected "Interactive Brokers LLC". My bank then asked me for the Account Number for IB. Should I input the Reference Number as the Account Number or?
 
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BBCWatcher

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Keep reading down the correct page (see below). Once you get to the page with the reference number, it'll also include two key pieces of information: the ACH routing number and account number for Interactive Brokers' account at Citibank N.A. (in Greenwich, Connecticut). The routing number will probably be 021000089.

You'll need the routing number and account number to initiate a fund transfer from your Citibank account (or from any other U.S. bank or U.S. credit union account). Use Citibank Global Transfers (CGT), and the fund transfer should be nearly instantaneous.

No, do not use "online bill payment" or anything similar. I already advised you to use "ACH Notification Initiated at Your Bank."
 
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JuniorLion

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Keep reading down that page. Once you get to the page with the reference number, it'll also include two key pieces of information: the ACH routing number and account number for Interactive Brokers' account at Citibank N.A. (in Greenwich, Connecticut). The routing number will probably be 021000089.

You'll need the routing number and account number to initiate a fund transfer from your Citibank account (or from any other U.S. bank or U.S. credit union account). Use Citibank Global Transfers (CGT), and the fund transfer should be nearly instantaneous.

Actually, I'm trying to do an online bill payment using another bank instead.

What I see on the page is:

"Your notification of a Bill Pay Deposit of USD 10.00 has been received and we are awaiting receipt of your funds.

Reference Number: xxxxxxx22
Status: Pending
Request Date: 2018-03-11
Account ID: Uxxxxxxx
Account Title: xxx xxx xxx

Transaction Information
Amount: USD 10.00

INSTRUCTIONS
Transfer funds quickly and securely by initiating an electronic payment from your bank to Interactive Brokers LLC.

Please visit your bank's online banking bill payment service to add Interactive Brokers LLC as a payee.

If you are asked by your bank to search for a payee please search for Interactive Brokers LLC and/or use zip code 06831-5149.

If Interactive Brokers LLC is not recognized by your bank please click here. "
 
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BBCWatcher

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Actually, I'm trying to do an online bill payment using another bank instead.
Why?

Most U.S. banks and U.S. credit unions allow you to transfer funds via ACH. The "Bill Pay" method routes through the U.S. Postal Service and paper checks, quite often. That works, but it's slower. ACH is usually a couple days, occasionally three or four. Not a week or more.

If you insist on the Bill Pay method, then you would pick another path through IB's Web interface: "Bank Check Notification."
 
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JuniorLion

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Keep reading down the correct page (see below). Once you get to the page with the reference number, it'll also include two key pieces of information: the ACH routing number and account number for Interactive Brokers' account at Citibank N.A. (in Greenwich, Connecticut). The routing number will probably be 021000089.

You'll need the routing number and account number to initiate a fund transfer from your Citibank account (or from any other U.S. bank or U.S. credit union account). Use Citibank Global Transfers (CGT), and the fund transfer should be nearly instantaneous.

No, do not use "online bill payment" or anything similar. I already advised you to use "ACH Notification Initiated at Your Bank."

What if I want to use another bank other than Citibank US?
 

JuniorLion

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Why?

Most U.S. banks and U.S. credit unions allow you to transfer funds via ACH. The "Bill Pay" method routes through the U.S. Postal Service and paper checks, quite often. That works, but it's slower. ACH is usually a couple days, occasionally three or four. Not a week or more.

If you insist on the Bill Pay method, then you would pick another path through IB's Web interface: "Bank Check Notification."

I think this bank charges money for ACH transfer, hence I do the Bill Payment thing.
 

BBCWatcher

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What if I want to use another bank other than Citibank US?
Virtually all U.S. banks and U.S. credit unions allow you to initiate a fund transfer via ACH. In the unlikely event you cannot initiate a fund transfer via ACH using the Web interface your U.S. financial institution offers, then you can choose "ACH Initiated at Broker." Then IB will initiate the fund transfer from your U.S. financial institution. You will need to provide IB the ACH routing number and your account number in that case. Your U.S. bank or U.S. credit union should provide the ACH routing number on their Web site. If they don't, call them up and ask.
 

BBCWatcher

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I think this bank charges money for ACH transfer, hence I do the Bill Payment thing.
OK, then have IB initiate the ACH transfer ("pull").

If you have a U.S. bank/credit union savings or money market account (not a checking account), there's something called "Regulation D" which requires your financial institution to levy a fee on the 7th and subsequent ACH and merchant debit card withdrawals per calendar month. ATM cash (and bank check/money order) withdrawals are not counted toward the maximum 6 withdrawals per month limit.
 
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KinoChoco

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Hi all,

a little confused on this, web site indicates a minimum 10k USD for an IB account, however some people say only 2k USD.

Exactly how much do i need to keep inside?
 

fun4life

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Sorry to ask a newbie question, as i am just in the steps to open an account with IB:

- base currency: if I mainly trade US stock market and also my fund is in USD, so shall choose USD, not SGD, right?

- how to fund the account: currently my USD is in POEMS. how shall I transfer fund into my IB account?

- in the account opening step of "Funding" -> "Cash Transfer" -> "Methord", there is options like: Wire Notification, Online Bill Pay Notification, Bank Note Notification, ... which shall I choose? Wire Notification?

Thanks in advance!
 

chinta

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Sorry to ask a newbie question, as i am just in the steps to open an account with IB:

- base currency: if I mainly trade US stock market and also my fund is in USD, so shall choose USD, not SGD, right?

- how to fund the account: currently my USD is in POEMS. how shall I transfer fund into my IB account?

- in the account opening step of "Funding" -> "Cash Transfer" -> "Methord", there is options like: Wire Notification, Online Bill Pay Notification, Bank Note Notification, ... which shall I choose? Wire Notification?

Thanks in advance!
Poems does'nt xfer/wire USD directly to IB. If you have more USD funds, better to buy one USA ETF n xfer ETF to IB. In this case charge will be usd21.40 fur buying n SGD 53.50 for xfer. If u have small amount then just convert to SGD, xfer to your local bank n then to IB. I hope this helps.
 
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