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Interactive Brokers - SGD now available for funding

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Old 19-02-2011, 12:53 PM   #16
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What's the best way to withdraw funds in foreign brokerages like IB or OptionsXpress?

Does any of you open a USD current account here?

I realised it costs alot if we convert to SGD and deposit it in bank...the forex spread is v. wide.
Welcome to the markets ? Thats how currency works.
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Old 01-05-2011, 02:42 AM   #17
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dont know if any of you need still interested with IB, but i have been with them for over 2 years and i love their commissions..

dont have keep your funds in USD because you can convert your $$ with them (like i can convert my USD in my IB account into EUR through their FX platform and TT the euros to my euro denominated bank account in europe crazy cheap interbank rate)
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Old 01-05-2011, 11:34 PM   #18
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hows the comms like ?

I m having -
$9.95 usd for stock trade
$1.25 usd for option contract
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Old 02-05-2011, 10:28 AM   #19
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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.
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Old 03-05-2011, 05:32 PM   #20
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IB charges decently compared to others. Also, they provide access to a lot of equity exchanges world wide just incase you want to trade stocks from different countries.
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Old 04-05-2011, 01:48 PM   #21
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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
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Old 06-05-2011, 02:14 PM   #22
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interested to know too.
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Old 16-07-2011, 03:52 PM   #23
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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.
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Old 16-07-2011, 09:23 PM   #24
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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.
That's pretty good!
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Old 15-07-2012, 08:28 PM   #25
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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.
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Old 15-07-2012, 09:43 PM   #26
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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.
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Old 15-07-2012, 09:58 PM   #27
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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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Old 16-07-2012, 12:20 AM   #28
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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.
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Old 08-01-2013, 03:59 PM   #29
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Post Interactive Brokers - SGD now available for funding

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
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Old 08-01-2013, 05:38 PM   #30
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Thanks for posting
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