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Interactive Brokers - SGD now available for funding

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Old 10-01-2013, 02:29 PM   #31
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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?
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Old 10-01-2013, 02:40 PM   #32
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not yet, still waiting for citibank to open a new account for me
(cheaper TT fees)
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Old 10-01-2013, 02:47 PM   #33
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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.
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Old 10-01-2013, 04:07 PM   #34
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thanks for the info..
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Old 10-01-2013, 04:34 PM   #35
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Thanks for the info !!
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Old 11-01-2013, 03:06 AM   #36
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Does that mean Singaporean can start trading in SGX thru IB?
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Old 11-01-2013, 07:14 AM   #37
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unfortunately, i don't think so

Does that mean Singaporean can start trading in SGX thru IB?
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Old 11-01-2013, 01:10 PM   #38
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unfortunately, i don't think so
Dun understand why do they have such a rule that Singaporean using their platform cannot trade in SGX?
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Old 11-01-2013, 03:01 PM   #39
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should be some silly singapore regulation
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Old 12-01-2013, 10:20 AM   #40
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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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Old 12-01-2013, 11:45 AM   #41
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Dun understand why do they have such a rule that Singaporean using their platform cannot trade in SGX?
So they wont spoil market. If we all trade thru IB low comms platform, then local brokerage can close shop. Also partly scare the oversea brokers run away.
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Old 12-01-2013, 11:52 AM   #42
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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.
IMO, the only benefit is what Shiny Things said. Using spot rate to trade back n forth, which means I can stop hedging my USD Foreign currency exposure only to the amt of open positions

As for the TT, I think can close down my Foreign Currency current acct and dont need to keep USD in it. But that doesnt mean i can save on TT. The bank (DBS) doesnt care if i remit in USD or SGD, because the FX conversion is OTC and their rates are "rare & exotic" (they already profit from you 1 time becos of the large spread)
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Old 12-01-2013, 01:07 PM   #43
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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.
Yeah, I realized that can be done from IB tutorial video. That's awesome, nothing can beat the cost effectiveness of this method.

As for TT, Citi is the cheapest and fastest, but maintaining S$5k idle there may be a deal breaker for some.

I think for DBS and some other local banks, online TT in SGD is slightly cheaper.
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Old 12-01-2013, 07:34 PM   #44
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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.
Yup it's $30 for TT via citibank, which is the lowest in the market...hmm..if able to remit in SGD then that's definitely better, can save on this $30 + exchange rate!
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Old 15-01-2013, 03:34 AM   #45
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Sorry don't really understand.

So they wont spoil market. If we all trade thru IB low comms platform, then local brokerage can close shop.
If IB can provide lower comms and still earn profit, can't local brokerage offer the same?

Also partly scare the oversea brokers run away.
How does trading thru IB on Singapore equities market affect oversea brokers?
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