Interactive Brokers - SGD now available for funding

[LarryS]

This. If you have SGD, just transfer it into IBKR and convert it once it gets there.

The only reason I suggested "buy ETFs and then transfer those" was for people who already had USD and didn't want to get slugged on conversion fees twice.

Shiny. Thanks for advising. However I have another question. My friend in Malaysia wants to buy some stocks in the USA. He has an interactive broker account as well.
So what would you advice him to do to get the maximum amount of USD(since the stocks are traded in USD)?
Thanks in advance.

 

[LarryS]

Summarise the answers for u:

1. SGD to IB using F.A.S.T trxf = FREE
2. IB convert SGD to USD = u go google the exact forumla, cheapest is abt min usd2 (or 0.002% of Amt), no bank can beat that.
3. SGD to USD at what rate = u decide, coz u had to do this manually by yourself. U have total control on the rate down to the 5th decimal place, i.e 1.xxxx5.
4. SGD to USD spread is very tight, which is benefitial to u.

As to why USD to IB cost ~sgd60, is most likely using TT method. Bank loves to take a bite.

Thanks iammole. Appreciate your help.

 

[chewchun]

Anyone can explain me how i get negative balance?
Ok, i just came back from exercising and found out that IB sold 100 shares of one of my stock to sell 2 USD.SGD.
They say it is because negative cash position not allowed for this account.
Problem is how i get to negative cash position?
I have no margin,i did not short any stock.
This mean i have negative SGD and IB sold some stock to buy SGD to bring SGD balance to zero?
Why ah?
Paiseh noobie here.

 

[iammole]

Anyone can explain me how i get negative balance?

probably is for the mthly "live" data subscription.

U can check the account activities inside the Account Management (login to web-based IB). Or chat with the CSO to enquire why.

 

[charcoal3256]

Hi all,

I have just started investing in ETF using Interactive brokers. I have some questions regarding some of the charges which I am unclear about, have attached my printscreen account

Under Mark to Market performance summary: Why under the SGD column for Mark to market P/L its -28.8? What does this means.

Under Realised and unrealised performace summary: Why for Forex USD there is -6.24 realised loss and -25.24 unrealised loss. Thought after converting my SGD to USD it should only incur a charge of 2 usd commission.

Thanks in advance.

 

[Shiny Things]

Anyone can explain me how i get negative balance?
Ok, i just came back from exercising and found out that IB sold 100 shares of one of my stock to sell 2 USD.SGD.
They say it is because negative cash position not allowed for this account.
Problem is how i get to negative cash position?

$2 looks like it might have been the commission on one of your FX transactions. Either you forgot to budget for the commission fee, or like iammole said it's a market data fee that you need to cover.

 

[Shiny Things]

Let's answer the second question first:

Under Realised and unrealised performace summary: Why for Forex USD there is -6.24 realised loss and -25.24 unrealised loss. Thought after converting my SGD to USD it should only incur a charge of 2 usd commission.

The "unrealised loss" on your USD position is because you have USD cash in your account when your account base currency is SGD. The USDSGD rate went down after you bought those USD, so in SGD terms you've got a small loss (about $30-ish), and IB helpfully gives you your profit-and-loss in SGD.

Under Mark to Market performance summary: Why under the SGD column for Mark to market P/L its -28.8? What does this means.

See above. That's the MtM on your USD cash.

 

[LarryS]

Let's answer the second question first:



The "unrealised loss" on your USD position is because you have USD cash in your account when your account base currency is SGD. The USDSGD rate went down after you bought those USD, so in SGD terms you've got a small loss (about $30-ish), and IB helpfully gives you your profit-and-loss in SGD.


See above. That's the MtM on your USD cash.

Shiny, don't forget to answer my question @post 1019.
Thanks.

 

[Shiny Things]

Shiny, don't forget to answer my question @post 1019.
Thanks.

I'm not the bloody Oracle of Delphi mate, cool your jets.

Anyway, the answer to your question depends what currency he currently has: if he currently holds MYR then he's going to have to convert it to USD somehow, and presumably a bank's going to give him the best rate. If it's some other, more convertible, currency then you can just send it straight to IBKR and convert it to USD within IBKR.

 

[chewchun]

$2 looks like it might have been the commission on one of your FX transactions. Either you forgot to budget for the commission fee, or like iammole said it's a market data fee that you need to cover.

You guys were spot on.
I had to pay a Monthly Minimum Fee of $4 on may 4.
So on may 5 they did what they could to prevent negative cash balance since i had only like $2 SGD in cash before they sold my stock.
Thanks Shiny Things and iammole!

 

[ilskl7875]

funds transfer from DBS to IB

Hi. I just opened an account and was trying to do a FAST transfer from DBS but it was unsuccessful.

i figured i probably didnt key in the Recipient's account correctly. I dont have a slot to key in Branch Code. Thanks for assistance.


Recipient's Name (Maximum 20 characters) "Interactive Brokers"

Recipient's Account

Bank Code "7214"

 

[ilskl7875]

What is IB account for FAST transfer?

Hi. I just opened an account and was trying to do a FAST transfer from DBS but it was unsuccessful.

i figured i probably didnt key in the Recipient's account correctly. Anyone can help on what is to be keyed in for Recipient's Account? Also, I dont have a slot to key in Branch Code. Thanks for assistance.


I keyed in the following which should be correct.

Recipient's Name (Maximum 20 characters) "Interactive Brokers"


Bank Code "7214"

Anyone can help? Thanks.

 

[iammole]

F.A.S.T no longer requires the user to find, separate or enter the Branch Code, it's a thing of the past. U simply just key in the entire string of Acct Numbers will do.

Acct name: Interactive Brokers (or as much as u can enter)
Acct number: 11-digits
Remarks: your user id Uxxxxx

 

[ilskl7875]

Thanks. Finally it worked.

 

[floating world]

how to login to paper trade in interactive broker

can someone tell me how to login to interactive brokers to paper trade.
I am still waiting for approval to paper trading.
thanks

 

[Shiny Things]

can someone tell me how to login to interactive brokers to paper trade.
I am still waiting for approval to paper trading.
thanks

Well, you can't log in until your paper-trading account's approved, but once that's done you log in exactly the same way as you log in normally - just using your new paper-trading username and password.

 

[USDollar]

Hi guys, another new sign up here.

Anyone knows why the currencies eg. EURUSD are always quoted in 0.5pips? Is there a setting to change it?

Quotes from their website shows anything from 0.1pips.

 

[pete10pete]

Who does IB clear thru in Singapore? or they use various brokers?

 

[floating world]

Well, you can't log in until your paper-trading account's approved, but once that's done you log in exactly the same way as you log in normally - just using your new paper-trading username and password.

thanks a lot.
I just opened an account with IB, recently.

 

[Shiny Things]

Hi guys, another new sign up here.

Anyone knows why the currencies eg. EURUSD are always quoted in 0.5pips? Is there a setting to change it?

Quotes from their website shows anything from 0.1pips.

They display the quotes in 0.5-s but they'll fill you in 0.1-s if one of their liquidity providers is showing a better bid or offer.

If you want to toggle high-precision quotes on, here's the setting you want to change - but really, why bother? It won't change your fill levels.