HWZ Forums

Login Register FAQ Mark Forums Read

Interactive Brokers - SGD now available for funding

Like Tree577Likes
Reply
 
LinkBack Thread Tools
Old 29-01-2013, 05:02 PM   #61
Yxy
Master Member
 
Yxy's Avatar
 
Join Date: Jan 2000
Posts: 4,084
well it seems like IB lets you subscribe to SGX market realtime data, but will pop an error if you try to enter any trades.
oh well...
Yxy is offline   Reply With Quote
Old 11-02-2013, 10:28 AM   #62
Supremacy Member
 
dunkmycar's Avatar
 
Join Date: Jul 2007
Posts: 7,978
Hmm very strange
I transferred $10000 SGD to IB, and paid $30 for Citibank for TT. However, the amount in my account is less than $10000. Around SGD 7 less. Is there some charge that Im not aware of? Previously when I transferred via USD, the amount received was the same as that transferred
__________________
Learn how to save more money & maximise your returns @ http://www.cheaponana.com/
dunkmycar is offline   Reply With Quote
Old 11-02-2013, 11:15 AM   #63
Yxy
Master Member
 
Yxy's Avatar
 
Join Date: Jan 2000
Posts: 4,084
same here, probably some other funny charge in the small print somewhere

Hmm very strange
I transferred $10000 SGD to IB, and paid $30 for Citibank for TT. However, the amount in my account is less than $10000. Around SGD 7 less. Is there some charge that Im not aware of? Previously when I transferred via USD, the amount received was the same as that transferred
Yxy is offline   Reply With Quote
Old 11-02-2013, 09:34 PM   #64
High Supremacy Member
 
lambo_elemento's Avatar
 
Join Date: Oct 2012
Posts: 25,620
I would recommend IB as a broker for US stocks, fantastic and easy to sign-up and use. Deposit can be quite high if you're above a certain age, think above 25 is US$10,000.
Definitely.. you can link IB data connection to other trading platforms if you want, but even for TWS as a standalone platform its good as well (means mai hiam buay pai). the OCO orders sit server side, ideal for futures trading also.
lambo_elemento is offline   Reply With Quote
Old 12-02-2013, 08:54 AM   #65
Member
 
Join Date: Feb 2010
Posts: 142
well I finally transferred some $ from my Citibank acct to IB
total TT fees was only $30, and IB converted my SGD to USD at a rate of 1.23756, which is pretty nice.
strangely, i have trading permissions for the SGX as well, lol.
I am surprised it is only $30. Is it because the recipient bank used by IB is also Citibank?

Based on the comparison of TT fees on websites, Citibank is not the cheapest.

Outward Telegraphic Transfers - Service Charges | DBS Singapore

Funds Transfers ? www.ipb.citibank.com.sg

http://www.standardchartered.com.sg/...August2012.pdf (50% discount on handling fees for priority banking clients)
h.y.o.m is offline   Reply With Quote
Old 12-02-2013, 10:06 AM   #66
Member
 
Join Date: Feb 2010
Posts: 142
For those who have transferred funds to IB via Citibank, may I ask whether you are using "Citibank Global Transfer"? It seems like this is a cost-effective way to do so.

Citibank Global Transfers ? www.ipb.citibank.com.sg
h.y.o.m is offline   Reply With Quote
Old 14-02-2013, 06:47 PM   #67
Junior Member
 
Join Date: Aug 2010
Posts: 5
newbie with a few qn

Hi,

first of all, thanks everyone for posting helpful suggestions about how to go about doing the transfers. I still have a few questions

1. Once I have funded my IB acct with SGD, how do I change it to USD to trade USD stocks? Can I convert it at good spot rates or should I convert over here first and wire the money as USD.

2. How do I create a wire transfer to IB account? Can I use citibank internet banking or must I go to a branch. It will be helpful if someone can point me to a guide somewhere on the net for this.

3. Do I have to notify IB of an incoming deposit?

Once again, thanks a lot again for all the sharing!
Kelly2010 is offline   Reply With Quote
Old 14-02-2013, 06:53 PM   #68
Yxy
Master Member
 
Yxy's Avatar
 
Join Date: Jan 2000
Posts: 4,084
I tried this, but cannot...

For those who have transferred funds to IB via Citibank, may I ask whether you are using "Citibank Global Transfer"? It seems like this is a cost-effective way to do so.

Citibank Global Transfers ? www.ipb.citibank.com.sg
Yxy is offline   Reply With Quote
Old 14-02-2013, 06:59 PM   #69
Yxy
Master Member
 
Yxy's Avatar
 
Join Date: Jan 2000
Posts: 4,084
1. IB will use whatever the USD/SGD rate is when you buy/sell the US stock. You don't have to convert it manually. IB should have much better rates as compared to the local banks.

2. Can use internet banking. That's what I did. Can see the FAQ in Citibank's homepage.

3. Yes. IB's account management page (under 'Funding') has all the relevant instructions.


1. Once I have funded my IB acct with SGD, how do I change it to USD to trade USD stocks? Can I convert it at good spot rates or should I convert over here first and wire the money as USD.

2. How do I create a wire transfer to IB account? Can I use citibank internet banking or must I go to a branch. It will be helpful if someone can point me to a guide somewhere on the net for this.

3. Do I have to notify IB of an incoming deposit?
Yxy is offline   Reply With Quote
Old 16-02-2013, 10:14 AM   #70
Member
 
Join Date: Jan 2000
Posts: 269
1. IB will use whatever the USD/SGD rate is when you buy/sell the US stock. You don't have to convert it manually. IB should have much better rates as compared to the local banks.
Are you sure about this? I would think that you will need to convert to USD first manually before buying the stock. But I can't confirm since my account has so far been funded in USD. Have you successfully carried out a trade without manually converting first?
Smartie is offline   Reply With Quote
Old 16-02-2013, 11:30 AM   #71
Yxy
Master Member
 
Yxy's Avatar
 
Join Date: Jan 2000
Posts: 4,084
well I've only traded forex so far.
after a bit of digging, i find this link which explains their procedure
http://www.interactivebrokers.com/en...b_entity%3Dllc

Are you sure about this? I would think that you will need to convert to USD first manually before buying the stock. But I can't confirm since my account has so far been funded in USD. Have you successfully carried out a trade without manually converting first?
Yxy is offline   Reply With Quote
Old 16-02-2013, 01:11 PM   #72
Supremacy Member
 
sAVaGEmP5's Avatar
 
Join Date: Jun 2002
Posts: 6,056
$30... or $37 for a $10,000 is quite cheap IMO. its just 0.37%. maybe plus minus the charges on IB side banking charges?

Im not sure abt trading acct in SGD (mine's in USD still), but based on spot rate it means it automatically FX ur SGD into USD and then enters a position the moment u trade.
__________________
If u are still poor by age 35, you deserve it. - Jack Ma
sAVaGEmP5 is offline   Reply With Quote
Old 01-03-2013, 10:10 PM   #73
Junior Member
 
Join Date: Aug 2010
Posts: 5
security device

hi,

may I know if anyone is using the security token from IB?

Can they even deliver to Singapore?
Kelly2010 is offline   Reply With Quote
Old 01-03-2013, 10:43 PM   #74
Yxy
Master Member
 
Yxy's Avatar
 
Join Date: Jan 2000
Posts: 4,084
they did send me a security card thingy

hi,

may I know if anyone is using the security token from IB?

Can they even deliver to Singapore?
Yxy is offline   Reply With Quote
Old 05-03-2013, 01:26 AM   #75
Junior Member
 
Join Date: Aug 2010
Posts: 5
citibank wiring

Citibank does not let me specify
Beneficiary Bank Account Name: Interactive Brokers LLC.
Will this be an issue?

Below is what I've manage to enter. Does this look correct? I'm thinking of just transfering $10 first to test it. Else if $$$ lost

Payee Type: Telegraphic Transfers
Payee Nickname: CITIBANK IB
Payee Name: CITIBANK, N.A. HONG KONG
Payee Address Line 1: CITIBANK TOWER, CITIBANK PLAZA,
Payee Address Line 2: 3 GARDEN ROAD, CENTRAL HONG KONG,
Postal Code: HONG KONG
Destination: HONG KONG
Bank: CITIBANK HONG KONG
Global Bank Code: CITIHKHX
Kelly2010 is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On