Interactive Brokers - SGD now available for funding - Part 2

BBCWatcher

BBCWatcher

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No brainer, except for the stuff IB cannot do yet (SRS account, CPF Investment Scheme).
 
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RedsYWNA

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BBCWatcher said:
No brainer, except for the stuff IB cannot do yet (SRS account, CPF Investment Scheme).
Click to expand...
When IBKR, Moomoo, Tiger can do SRS/CPF investment scheme, then it's really curtains for the local brokerages.

Great news! Low fees benefit the community at large.
 
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zuppeur

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reddevil0728 said:
the Commission is same regardless if ibkr sg or us.

just that sg got gst
Click to expand...

Newbie question
what is the advantage to open ibkr US thru joint account vs ibkr sg?
Main advantage for ibkr sg over ibkr us, is can trade sg stock. Are there other advantage?

For inward and outward remittance eg using dbs. Will ibkr sg incur lesser fee compare to ibkr US?
 
BBCWatcher

BBCWatcher

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zuppeur said:
what is the advantage to open ibkr US thru joint account vs ibkr sg?
Is it the only advantage for ibkr sg over ibkr us, is can trade sg stock.
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There are quite a few posts about this, but yes, residents of Singapore with Interactive Brokers Singapore Pte. Ltd. accounts (not Interactive Brokers LLC U.S. accounts) can trade SGX-listed securities. There's also a slight relaxation of margin trading rules since U.S. SEC rules don't fully apply, although that's an esoteric benefit. And it's possible (though not firmly established) that cash, in any currencies, when held at Interactive Brokers Singapore Pte. Ltd. by a non-U.S. person is not U.S. estate taxable. (U.S. estate tax applies to U.S. estate taxable assets above US$60K, the exemption for a non-U.S. person, upon the death of that person. The treatment of cash might vary between these two Interactive brokers entities.)

Everything else appears to argue in favor of Interactive Brokers LLC (U.S.) if you have a choice.
zuppeur said:
For inward and outward remittance eg using dbs. Will ibkr sg incur lesser fee compare to ibkr US?
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No. Assuming a maximum of one withdrawal per month, IB charges nothing no matter which IB entity is holding your account.

However, any time IB charges any fee (such as a commission) the Singapore entity charges a higher fee. That's because GST applies to the Singapore entity. Currently the GST uplift is 7%, but a GST hike is expected.
 
WoShiPro

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Does IB have any referral program if yes do pm link to open.

Does withdrawal need to wait t+2 for settlement?
 
justwakeup

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Since no more USD10 per month, is it a good idea to open IBKR SG while keeping IBKR LLC? Whether is it possible?

Then can use IBKR SG to buy SGX stock liao
 
reddevil0728

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justwakeup said:
Since no more USD10 per month, is it a good idea to open IBKR SG while keeping IBKR LLC? Whether is it possible?

Then can use IBKR SG to buy SGX stock liao
Click to expand...
Depends on your objective? What you currently use to buy sgx?
 
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Spirax

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justwakeup said:
Since no more USD10 per month, is it a good idea to open IBKR SG while keeping IBKR LLC? Whether is it possible?

Then can use IBKR SG to buy SGX stock liao
Click to expand...
Yes, finally can buy those SGX stock in USD using near spot rate now

Also IBKR SG better, those LLC holding more than 60k cash may be taxed with 30% estate duty when died from illness or accident
 
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justwakeup

justwakeup

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reddevil0728 said:
Depends on your objective? What you currently use to buy sgx?
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Mainly for those sgx stocks traded in USD (or other currencies not sgd). I see no reason to use other brokers (issues like UI never an issue for me).

But whether can have both LLC & SG under same name?
 
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