Interactive Brokers - SGD now available for funding

[Acidblaze]

Or do I change my base currency to usd?

 

[tangent314]

Is there something I have to enable? Because I can’t buy usd.

These are the steps I take for the FX

1. Transfer the money into IBKR
2. Open TWS, select USD.SGD
3. Click on "+", set destination to FXCONV
4. Set BUY
5. In the amount, change to SGD and set the amount of SGD I want to exchange to USD. The button should now show "USD (Sell xxxx SGD)"
6. Make sure LMT is selected, click on "Ask+100%" (or more)
7. Submit

As long as the price isn't moving up fast, you should get your USD almost immediately. Next step to purchase IWDA.

1. Select IWDA
2. Set BUY
3. Go to https://www.google.com/search?q=iwda&tbm=fin to check the latest live price of IWDA
4. Add 0.10 to the price and enter that amount into LMT PRICE
5. Enter the QTY as your remaining USD cash position divide by the LMT price, round down
6. Submit

There will be some SGD and USD left over, but that's ok, you roll those forward to your next transaction

 

[Gughie]

Hi, you mentioned that the fees increased alot. Able to provide more details on the hike?

Hi all, I'm new to IB and would appreciate some help:

I'm moving over from Saxo (which just recently drastically increased their commissions). For my Saxo account I would withdraw my USD holdings directly to my OCBC USD account.

~Figured it out! Great info in this thread!~

 

[Acidblaze]

Thanks a lot for your help.

Another question on tax, I do buy other us stocks other than IWDA, I notice on other pages it says there is an estate tax if I hold more than $60kusd portfolio. Am I subjected to that tax if I’m a non us citizen? If yes, how much will it be and how to I pay?

 

[coloumbiaGames]

This has been discussed before.. Try using the search function.

Thanks a lot for your help.

Another question on tax, I do buy other us stocks other than IWDA, I notice on other pages it says there is an estate tax if I hold more than $60kusd portfolio. Am I subjected to that tax if I’m a non us citizen? If yes, how much will it be and how to I pay?

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[ranseur]

Hi guys

Im new to IB

if i want to withdraw all money out of IB, Selling USD to convert SGD but im not able to sell the remaining of the USD1xxx is there a way to do it ?


In the mean time i will try to backtrack the thread to search.
Appreciate anyone can help in advance

 

[tangent314]

You can try withdrawing the remainder into a local multi currency account and converting from there

 

[ranseur]

You can try withdrawing the remainder into a local multi currency account and converting from there

Appreciate your reply =)

i had just created DBS Multi-currency account, does that mean i can just bank transfer the remaining USD (Example USD 1872.60) over to the Multi-currency account.

Correct me if i'm wrong. thank you~

 

[revhappy]

Hi guys

Im new to IB

if i want to withdraw all money out of IB, Selling USD to convert SGD but im not able to sell the remaining of the USD1xxx is there a way to do it ?


In the mean time i will try to backtrack the thread to search.
Appreciate anyone can help in advance

You should be able to sell any amount of USD. Even 1USD can be sold to SGD. Don't withdraw USD. You will be hit with charges and then need to convert it to SGD in DBS multiplier which is also expensive. Do the conversion within IB.

 

[Assault]

Hi, you mentioned that the fees increased alot. Able to provide more details on the hike?

I used to pay US$3.99 per trade on Saxo, was great for a few years as their platform is solid and easy to use. Recently they announced a price change - now the commission is no longer based on the number of shares, but based on a % of the value transacted (0.06% to be exact), with a minimum per trade of US$4.

This meant that I went from paying US$3.99 to US$30-50 per trade, making Saxo completely and utterly worthless to me. Basically I was forced to find an alternative, despite years and years of happily profitable trades with Saxo

 

[tangent314]

i had just created DBS Multi-currency account, does that mean i can just bank transfer the remaining USD (Example USD 1872.60) over to the Multi-currency account.

Theoretically you should be able to do that, yes.
It won't be cheap though, there's US$10 charge for incoming wire into your USD account. DBS FX back to SGD will be about 0.5% too.

 

[Shiny Things]

Thanks a lot for your help.

Another question on tax, I do buy other us stocks other than IWDA, I notice on other pages it says there is an estate tax if I hold more than $60kusd portfolio. Am I subjected to that tax if I’m a non us citizen? If yes, how much will it be and how to I pay?

So here's how it works, very approximately:
If you're a non-US-citizen, and if you have more than $60k of cash and/or US stocks in your US brokerage account when you pop your clogs, then 40% of the amount over $60k goes to the IRS.

But this is super easy to get around!

1) Don't buy US stocks—buy the UK/Irish equivalents. CSPX is an S&P 500 index fund but it's exempt from US estate tax because it's not a "US stock". IWDA is exempt from US estate tax even though it owns US stocks, because IWDA itself is not a "US stock".
2) Don't leave over $60,000 of cash in your US brokerage account. You shouldn't be doing this anyway.

 

[BBCWatcher]

So here's how it works, very approximately:
If you're a non-US-citizen, and if you have more than $60k of cash and/or US stocks in your US brokerage account when you pop your clogs, then 40% of the amount over $60k goes to the IRS.

Actually, the U.S. estate tax is progressive. The first estate tax bracket (above the exemption) has an 18% rate. The top marginal estate tax rate is 40%, and as I recall that’s on U.S. estate taxable amounts above US$1 million.

2) Don't leave over $60,000 of cash in your US brokerage account. You shouldn't be doing this anyway.

If you must park lots of U.S. dollars in a U.S. brokerage account for some very strange reason, move those dollars into directly held U.S. Treasuries (t-bills, notes, bonds). U.S. Treasuries are U.S. income tax and U.S. estate tax exempt if directly held by non-U.S. persons (and not “effectively connected” with a U.S. trade or U.S. business), and they’re the world’s safest place to park U.S. dollars.

 

[Inediblebulk]

I noticed that certain "dividends" given out by US covered call funds. E.g BST, qqqx have different tax rates.

A good portion of the "dividends" are classified under "return of capital" which are not qualified for DWT.

I get a overall tax of around 10% for these US funds.

 

[EmporioArmani]

Note:
- Min. monthly activity fee: USD$10
- Best to trade when exchanges are open to avoid spread
- Choose stocks from the “native” listing
- For the lowest possible trading fees, choose:
a) Tiered pricing: Trading less than USD$6250 or more than USD$78000
OR b) Fixed pricing: Between USD$6250 and USD$78000

Hi I just opened up my IB account. previously saw this fellow mate saying that IB charged min USD $5 for FIXED rate. However when I live chat with the personnel from IB, they told me for US Stock market, it will be just minimum USD$1. Anyone can clarify on this?

 

[limster]

Hi I just opened up my IB account. previously saw this fellow mate saying that IB charged min USD $5 for FIXED rate. However when I live chat with the personnel from IB, they told me for US Stock market, it will be just minimum USD$1. Anyone can clarify on this?

the charges are clearly stated on the IB website.

 

[EmporioArmani]

the charges are clearly stated on the IB website.

Yea i actually read that and also confirmed with a personnel from IB before i asked that.
I'm just thinking like there must be a reason why other fellow mentioned about minimum $5USD, and also the calculation of which rate(tier/fixed) to go for when trading

Sent from Xiaomi MI 8 using GAGT

 

[limster]

Yea i actually read that and also confirmed with a personnel from IB before i asked that.
I'm just thinking like there must be a reason why other fellow mentioned about minimum $5USD, and also the calculation of which rate(tier/fixed) to go for when trading

Sent from Xiaomi MI 8 using GAGT

because they are talking about different markets. different markets have different comms

 

[BBCWatcher]

I noticed that certain "dividends" given out by US covered call funds. E.g BST, qqqx have different tax rates.
A good portion of the "dividends" are classified under "return of capital" which are not qualified for DWT.
I get a overall tax of around 10% for these US funds.

Maybe, but they're still U.S. estate taxable if that matters.

 

[EmporioArmani]

because they are talking about different markets. different markets have different comms

I see! Thanks for clarifying!!

Sent from Xiaomi MI 8 using GAGT