Interactive Brokers - SGD now available for funding

[ninad008]

Just managed a successful transfer to IB from my DBS account using the interbank transfer method (like some of ya'll). Goes without saying that the transfer was FOC and the amount got credited in the account in roughly about one working day. Thanks everyone, this thread has been very helpful .

 

[3dfxplayer]

even after using IB for so many years, i still havent figured out the FX conversion facility well. is anyone familiar with it?

for example, i have "Total Cash" GBP of -36, "FX cash" reflects +6666, and net liquidation value of GBP is -2.

how would this have happened? i have traded in GBP.USD before but not other GBP denominated products.

Small deficit (like 2$) is usually due to rounding off, it doesnt matter. Just dont end up with a huge deficit like thousands of dollars, like any other broker, IB will charge you interest for holding a negative balance.

To close off a big deficit balance, just right click on the negative balance under "market value - real FX balance" and select "close currency balance", IB will compute the amount thats needed to close off the balance for you.

 

[7days7nights]

Just managed a successful transfer to IB from my DBS account using the interbank transfer method (like some of ya'll). Goes without saying that the transfer was FOC and the amount got credited in the account in roughly about one working day. Thanks everyone, this thread has been very helpful .

Has anyone transferred funds to IB through POSB i-banking? I'm about to attempt it via POSB but there doesn't seem to be a place for me to indicate the "Uxxxxxx/Name". There's a maximum 20 character limit for me to indicate the designation on IB's citibank statement but that's only sufficient for "Uxxxxxx".

Is it sufficient to indicate to IB that it's from POSB and the account number?

Haven't stepped into a physical bank in a long time and I can't imagine the queues. Perhaps I'll try with $1 first haha.

 

[johnliang]

Has anyone transferred funds to IB through POSB i-banking? I'm about to attempt it via POSB but there doesn't seem to be a place for me to indicate the "Uxxxxxx/Name". There's a maximum 20 character limit for me to indicate the designation on IB's citibank statement but that's only sufficient for "Uxxxxxx".

Is it sufficient to indicate to IB that it's from POSB and the account number?

Haven't stepped into a physical bank in a long time and I can't imagine the queues. Perhaps I'll try with $1 first haha.

I'm having the same question too on my DBS account.

What should i put for the online transfer details:
1) Payee Bank Code :
2) Payee Branch Code :
3) Payee Account Number :
4) Name of Payee :

I assume the 1st 2 is CITISGSG and 001 , on (3) its 0850832021 (which is the account number of IB, and on (4) it's Interactive Brokers LLC. .

There's no column for me to put my account number number or name in IB in the online DBS transfer. Or am i missing something? Help needed. Thanks.

 

[7days7nights]

Happy to share that I've successfully made a transfer to IB's citibank account from my POSB account via i-banking. As a test run, I tried transferring 10 SGD. Received a receipt from IB acknowledging the transfer after 1.5 days. A notification followed indicating that my account had been activated and funded, and I could start trading (though I didn't meet the 10,000 USD threshold yet).

On the POSB side, I transferred via "Funds Transfer" > "Funds Transfer to Other Bank". I indicated my IB account no. (i.e., Uxxxxxxxx) under the field "My Initials (For display on payee's bank statement)"; my name couldn't fit as there was a 12 character limit.

On the IB side, I provided my bank and account number details for the transfer notification. Together with the above, it should be enough for IB to match your fund transfer to your IB account.

There were no fees incurred as it was simply an interbank transfer–interbank transfers between all banks in Singapore are FOC.

 

[liuliuwang]

my first post in this forum

Happy to share that I've successfully made a transfer to IB's citibank account from my POSB account via i-banking. As a test run, I tried transferring 10 SGD. Received a receipt from IB acknowledging the transfer after 1.5 days. A notification followed indicating that my account had been activated and funded, and I could start trading (though I didn't meet the 10,000 USD threshold yet).

On the POSB side, I transferred via "Funds Transfer" > "Funds Transfer to Other Bank". I indicated my IB account no. (i.e., Uxxxxxxxx) under the field "My Initials (For display on payee's bank statement)"; my name couldn't fit as there was a 12 character limit.

On the IB side, I provided my bank and account number details for the transfer notification. Together with the above, it should be enough for IB to match your fund transfer to your IB account.

There were no fees incurred as it was simply an interbank transfer–interbank transfers between all banks in Singapore are FOC.

this is my first post in this forum, and I want to say thank you to you and all other members who have posted in this thread. I was googling "IB how to fund new account in sgd", and that was how I found this thread.

I just got approved on my new IB account, I will try to transfer some small amt tomorrow from my POSB account to the IB Citibank singapore account, using the method you mentioned above.

Happy trading !

 

[johnliang]

Thank you very much for your help in the initials.

By the way, does it make a difference to put a different branch for Citibank NA instead of the private one?

 

[liuliuwang]

After I called both DBS bank and IB help hotline, I finally did a test transfer inside dbs internet banking, via "Funds Transfer" > "Funds Transfer to Other Bank". I filled in the info below:

Payee Bank: 7214
Payee Branch: 001
Payee Account Number: 0850832021
Name of Payee: IB-CITIBANK (I think this one can put anything)
My Initials: Uxxxxxxx (my InteractiveBroker account number)

----------------------
will update here in next few days.

 

[paintballtao]

Hi i need help with converting aud and hkd on my market value to usd, and i can only access webtrader now, can someone please teach me how to and where to go about changing it please? Thank you

 

[Shiny Things]

Hi i need help with converting aud and hkd on my market value to usd, and i can only access webtrader now, can someone please teach me how to and where to go about changing it please? Thank you

Market value, or "total cash"?

If you're just talking about market value, then you probably don't need to - unless you're really, really enthusiastic about hedging your translation risk.

If you've got "total cash" balances in those currencies, then just do a common-or-garden-variety FX trade, but set the destination to FXCONV instead of IDEALPRO. Generally the software is smart enough to know where you want to route your trade to, though.

If you're using TWS, you can just pull up your account window, right-click on the AUD currency line, and select Close Currency Balance - it'll automatically create an FX trade for the relevant amount, and all you have to do is click Transmit.

 

[sAVaGEmP5]

Just to add, there are some functions that only TWS can do, while not on browser's web trader...

 

[paintballtao]

Market value, or "total cash"?

If you're just talking about market value, then you probably don't need to - unless you're really, really enthusiastic about hedging your translation risk.

If you've got "total cash" balances in those currencies, then just do a common-or-garden-variety FX trade, but set the destination to FXCONV instead of IDEALPRO. Generally the software is smart enough to know where you want to route your trade to, though.

If you're using TWS, you can just pull up your account window, right-click on the AUD currency line, and select Close Currency Balance - it'll automatically create an FX trade for the relevant amount, and all you have to do is click Transmit.

Wow thank you it works beautifully!

Can i use the usd straight away or i will need to wait for certain number of days?

 

[Shiny Things]

Wow thank you it works beautifully!

Can i use the usd straight away or i will need to wait for certain number of days?

Nope, you can use it straight away. I think FXCONV trades are done for value today - either way, it immediately shows up as USD and you can trade it as USD.

 

[liuliuwang]

After I called both DBS bank and IB help hotline, I finally did a test transfer inside dbs internet banking, via "Funds Transfer" > "Funds Transfer to Other Bank". I filled in the info below:

Payee Bank: 7214
Payee Branch: 001
Payee Account Number: 0850832021
Name of Payee: IB-CITIBANK (I think this one can put anything)
My Initials: Uxxxxxxx (my InteractiveBroker account number)

----------------------
will update here in next few days.

Update:
I did the above transfer on last Friday, Aug 23.
IB received on Aug 26, Monday.
I received a msg from IB.
After log into TWS, click Account button, I can see the Cash SGD 10$.

so, it is good.

but I am wondering if I want to "withdraw" money from IB in the future, will Citibank use this so-called "interbank transfer", which is free, or, it will use TT, which DBS will charge 10$ for incoming fund.

 

[cybernick]

I heard that IB imposes a minimum account activity fee of US$10? Do you guys really get charge that every month if you don't do enough trades?
I wonder if I will do 10 trades a month to hit the minimum activity fee...

 

[haiyun]

I heard that IB imposes a minimum account activity fee of US$10? Do you guys really get charge that every month if you don't do enough trades?
I wonder if I will do 10 trades a month to hit the minimum activity fee...

Yes, they charge it, I have been paying this $10 per month for 2-3 years with out any trading, I started trading last month, for over $30 commission, so the $10 is waived and also the $10 US market data fee also waived.

 

[milkaa]

So basically, there will be a USD20 charge monthly, USD10 for minimum activity and USD10 for the market data.

Can we opt out of the market data? And just pay the USD10 monthly? Say for one month I traded 2 times, that will be USD2 comm. I will just be charged USD10 and not USD12 for that month right?

Thanks!

 

[cybernick]

Yes, they charge it, I have been paying this $10 per month for 2-3 years with out any trading, I started trading last month, for over $30 commission, so the $10 is waived and also the $10 US market data fee also waived.

Oh there is a US$10 market data fee too? didn't know about that... Is it only for US markets?

 

[Shiny Things]

Yes, they charge it, I have been paying this $10 per month for 2-3 years with out any trading, I started trading last month, for over $30 commission, so the $10 is waived and also the $10 US market data fee also waived.

No, this is wrong. There's only one $10-a-month fee, and it covers market data for all of the major US equity exchanges. It'll be listed as "US Security and Commodity Exchanges" on your IBKR fees report.

 

[liuliuwang]

No, this is wrong. There's only one $10-a-month fee, and it covers market data for all of the major US equity exchanges. It'll be listed as "US Security and Commodity Exchanges" on your IBKR fees report.

It seems IB has changed this. When I chose my market data subscription, there is one "US bundle" data which costs 10$ per month and will be waived if monthly bro >30usd.