Interactive Brokers - SGD now available for funding

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KiroFai

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IBKR Tiered Commission

Hi, I just started using IBKR, I have set my account settings to tiered, and this is seen on my Account Settings Page:

Account Type: Cash
Base Currency: SGD
Commissions Pricing Structure: Tiered

However, I am charged SGD2.75 for forex (~1.2k SGD to USD) and USD5 for IWDA (~USD830) as commission on my activity statement. Did I do something wrong?

Thanks in advance!
 

ChinoGirl

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The change is not immediate. Need to wait. Forgotten if it is a few hours or a few days.

Hi, I just started using IBKR, I have set my account settings to tiered, and this is seen on my Account Settings Page:

Account Type: Cash
Base Currency: SGD
Commissions Pricing Structure: Tiered

However, I am charged SGD2.75 for forex (~1.2k SGD to USD) and USD5 for IWDA (~USD830) as commission on my activity statement. Did I do something wrong?

Thanks in advance!
 

KiroFai

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The change is not immediate. Need to wait. Forgotten if it is a few hours or a few days.

Mmm, my account was already set to Tiered when I created it. This is the 2nd month I'm buying it, but my trade still reflect the following:

Trades

Oct 9 19:03 Bought 16 IWDA 57.1300
Exchange:LSEETF 914.08
5.00 Commission

Oct 9 19:02 Bought 917 USD 1.38015
Exchange:IDEALPRO 1,265.60
2.77 Commission

I still feel like I did something wrong
 

kram62

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Mmm, my account was already set to Tiered when I created it. This is the 2nd month I'm buying it, but my trade still reflect the following:

Trades

Oct 9 19:03 Bought 16 IWDA 57.1300
Exchange:LSEETF 914.08
5.00 Commission

Oct 9 19:02 Bought 917 USD 1.38015
Exchange:IDEALPRO 1,265.60
2.77 Commission

I still feel like I did something wrong
2.77 for the FX conversion is actually expressed in SGD (even if your base currency is in USD, yes it's confusing...) and this corresponds to 2 USD, so that's correct I think.

Don't know about the 5 USD commission for IWDA though. Have you tried opening a support ticket?
 

ktyandkyc

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Anyone know how long does it take for IB to transfer money to ur local account after initiating the transfer on fund withdrawal pls?

Sent from Xiaomi Poco F1 using GAGT
 

KiroFai

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2.77 for the FX conversion is actually expressed in SGD (even if your base currency is in USD, yes it's confusing...) and this corresponds to 2 USD, so that's correct I think.

Don't know about the 5 USD commission for IWDA though. Have you tried opening a support ticket?

Thanks for the reminder, just spoke to their support chat.. Seems like there was a bug at the account creation which showed tiered commission but it was actually fixed, so I selected tiered again and saved it.. now I got to test it again next month, will report back what happens
 

linuskltan

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Thanks for the reminder, just spoke to their support chat.. Seems like there was a bug at the account creation which showed tiered commission but it was actually fixed, so I selected tiered again and saved it.. now I got to test it again next month, will report back what happens
You should ask for refund of the excess commissions for fixed. Afterall, it was their technical issue and you couldn't have known.
 

Gughie

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My friend is Malaysian and has a bank account in Malaysia. Am I able to make use of his bank account to set up a Malaysian based IBKR account to buy both us and sg shares? Does IBKR determine your location via IP or like the bank account that is linked to it?
 

coloumbiaGames

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Nope.
As long you are able to proof your legal residence is Malaysia .


You should be able to buy sgx shares but risky for the account to be under your friend name I feel.
My friend is Malaysian and has a bank account in Malaysia. Am I able to make use of his bank account to set up a Malaysian based IBKR account to buy both us and sg shares? Does IBKR determine your location via IP or like the bank account that is linked to it?

 
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killtuna

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Thanks for the reminder, just spoke to their support chat.. Seems like there was a bug at the account creation which showed tiered commission but it was actually fixed, so I selected tiered again and saved it.. now I got to test it again next month, will report back what happens
The same thing happened to me.
It should be okay after you select tiered and save.
I told the CSO mine was tiered but they claimed it was fixed and I was unable to prove it.
I will try to get a refund for the excess charged then.
 

Gughie

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Thanks for the reply. So I can fund the Malaysia based IBKR with my Singapore bank account? That's awesome. No I can throwaway useless vickers and just consolidate everything there. Also, is there a charge if I want to transfer the shares currently under my sg IBKR account to the new Malaysia IBKR account?

Nope.
As long you are able to proof your legal residence is Malaysia .


You should be able to buy sgx shares but risky for the account to be under your friend name I feel.
 

KiroFai

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The same thing happened to me.
It should be okay after you select tiered and save.
I told the CSO mine was tiered but they claimed it was fixed and I was unable to prove it.
I will try to get a refund for the excess charged then.

same! I should hv contacted them before i went to select tiered n saved it, now i cant get the screenshot anymore.. i hope their cso will refund us the difference, although it is just a few USD but i cant help feeling cheated.. haha
 

kram62

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When I opened account last month, during initial account opening I think I chose tiered.

After account was approved, first thing I did was review the account settings and I saw that it was set to fixed instead.

I changed it to tiered and waited one full business day before doing anything.
Then I checked again and it was finally shown as tiered.

First transaction commissions was correct then and corresponded with tiered.

So yes it seems that IBKR has indeed a bug where selecting tiered in account application does not work.
 

KiroFai

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When I opened account last month, during initial account opening I think I chose tiered.

After account was approved, first thing I did was review the account settings and I saw that it was set to fixed instead.

I changed it to tiered and waited one full business day before doing anything.
Then I checked again and it was finally shown as tiered.

First transaction commissions was correct then and corresponded with tiered.

So yes it seems that IBKR has indeed a bug where selecting tiered in account application does not work.

Thanks for the confirmation! Now I'll just hope they refund me haha, at least now I know I won't have to burst the minimums by buying both iwda and eimi in the same month
 

style_x7

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After converting to margin account, the commission type of mine is set to fixed ... so I switch back to tiered. Thanks for highlighting the issue, have to be vigilant while using IB, it’s not something that just work.

Any other bugs and stuffs to be careful with IB, do share. I still trying to figure out the numbers (they should prefix the numbers in respective currencies, even when I base my account as SGD, there’s still many numbers in foreign currencies).
 

ktyandkyc

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Anyone know why i received this message after attempting to withdraw funds pls"

"Over the Max Can Withdraw Amount: Available Balance is 0.0"
 

MikeDirnt78

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Anyone know why i received this message after attempting to withdraw funds pls"

"Over the Max Can Withdraw Amount: Available Balance is 0.0"

non margin account?

What is the cash balances shown on the app?

Did you just sell some shares recently?
 

ktyandkyc

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non margin account?

What is the cash balances shown on the app?

Did you just sell some shares recently?
I bought shares after transferring in some sgd, then got some remaining, on the same day transfer some out. Definitely rmb got balance in cash account, non margin, before trf out

Sent from Xiaomi Poco F1 using GAGT
 
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