Interactive Brokers - SGD now available for funding

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Yxy

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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. :s22:
oh well...
 

dunkmycar

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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

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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
 

lambo_elemento

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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.
 

h.y.o.m

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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/personal-banking/en/pdf/pricing_guide_effective_1August2012.pdf (50% discount on handling fees for priority banking clients)
 

Kelly2010

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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!
 

Yxy

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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?
 

Smartie

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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?
 

Yxy

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sAVaGEmP5

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$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.
 

Kelly2010

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security device

hi,

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

Can they even deliver to Singapore?
 

Kelly2010

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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
 

klarklar

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I also want to transfer funds to IB. I specially opened Citibank account just for this purpose. I will transfer funds in SGD. I am confused how to do so even after Googling.

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

Do I use Global transfer?
Citibank Global Transfers ? www.ipb.citibank.com.sg

Or do I fill in a wire transfer form?
http://www.ipb.citibank.com.sg/global_images/prod/fundstransfer/ftapplication.pdf

From what I read, it does not seem to be only SGD20. Under (B) Withdrawal from Transaction Account, it is 1/8% commission (minimum $20) plus 1/8% in-lieu-of exchange (minimum $10) and postage or cable cost (where applicable). Other charges include cable cost($30) and Tracers for investigation($30). Seems minimum is going to be close to $100.

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

Can the more experienced people help me out, please? Thank you very much.
 

klarklar

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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.

May I ask if you filled up the wire transfer form?
http://www.ipb.citibank.com.sg/globa...pplication.pdf

I am really surprised you paid only $30.

From what I read, it does not seem to be only SGD20. Under (B) Withdrawal from Transaction Account, it is 1/8% commission (minimum $20) plus 1/8% in-lieu-of exchange (minimum $10) and postage or cable cost (where applicable). Other charges include cable cost($30) and Tracers for investigation($30). Seems minimum is going to be close to $100.

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

Do you need to be elite private banking client? Please help me, thank you very much.
 

Yxy

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no, didn't fill up any form. it's not a global transfer. i used citibank online to do it.
yes, it's strange but that's what they charged me
finally, i'm not a elite anything :)


May I ask if you filled up the wire transfer form?
http://www.ipb.citibank.com.sg/globa...pplication.pdf

I am really surprised you paid only $30.

From what I read, it does not seem to be only SGD20. Under (B) Withdrawal from Transaction Account, it is 1/8% commission (minimum $20) plus 1/8% in-lieu-of exchange (minimum $10) and postage or cable cost (where applicable). Other charges include cable cost($30) and Tracers for investigation($30). Seems minimum is going to be close to $100.

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

Do you need to be elite private banking client? Please help me, thank you very much.
 

klarklar

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no, didn't fill up any form. it's not a global transfer. i used citibank online to do it.
yes, it's strange but that's what they charged me
finally, i'm not a elite anything :)

Thank you very much for replying. On IB website, I am directed to prepare a funds deposit instruction to tell IB that one is depositing funds. Did you need to do that when you do the online transfer?

Thank you.
 

Yxy

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yup, i remember doing something like that

Thank you very much for replying. On IB website, I am directed to prepare a funds deposit instruction to tell IB that one is depositing funds. Did you need to do that when you do the online transfer?

Thank you.
 
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