Interactive Brokers - SGD now available for funding - Part 2

[reddevil0728]

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?

think can same name but I think need different username

 

[Dialga]

Woohooo no more minimum activity fees!

 

[tiertime]

YAY ! should have scrapped the min actitivity fee long time ago !

 

[silverbomb]

the fees was the reason why i didn't set-up IBKR. but hey, better now than never.

now got to start reading up about how IBKR works. based on surface reading, u can either hold the US or SG version and not both right?

does the experience of depositing and withdrawal differs btw this 2 options? like whether US version will kenna fees when withdraw/deposit (assuming DBS remit doesn't charge to remit out).

 

[reddevil0728]

the fees was the reason why i didn't set-up IBKR. but hey, better now than never.

now got to start reading up about how IBKR works. based on surface reading, u can either hold the US or SG version and not both right?

does the experience of depositing and withdrawal differs btw this 2 options? like whether US version will kenna fees when withdraw/deposit (assuming DBS remit doesn't charge to remit out).

Can hold both. But I think cannot open the us version any more.

same same. Just different account numbers. So need to take note. Anyway not like you have a choice now

 

[reddevil0728]

Was there any announcement from IBKR on this ?

I am going to open an account now (I hold off previously because I don't have 100K)

Think they emailed existing account holders.

 

[silverbomb]

Can hold both. But I think cannot open the us version any more.

same same. Just different account numbers. So need to take note. Anyway not like you have a choice now

ok so looks like only 1 option. so i got to look at how the fees stack up for withdrawal and depositing in SGD, USD. i have multicurrency acct in DBS and HSBC.

 

[reddevil0728]

ok so looks like only 1 option. so i got to look at how the fees stack up for withdrawal and depositing in SGD, USD. i have multicurrency acct in DBS and HSBC.

Sgd back and forth should be free

usd via dbs remit is free

but withdrawal, dbs charges sgd $10 and I believe their agent bank charge usd $10.

but they will waive the sgd $10 if you are treasures customer

 

[Jirachi]

Sgd back and forth should be free

usd via dbs remit is free

but withdrawal, dbs charges sgd $10 and I believe their agent bank charge usd $10.

but they will waive the sgd $10 if you are treasures customer

I recently withdraw in USD. I don’t see DBS charging the $10 fee.

 

[reddevil0728]

I recently withdraw in USD. I don’t see DBS charging the $10 fee.

How recent is recent?

 

[kram62]

Think they emailed existing account holders.

Yes, received the email earlier

 

[Jirachi]

How recent is recent?

June or something. I did a test of a small amount before I withdraw a lump sum.

 

[reddevil0728]

June or something. I did a test of a small amount before I withdraw a lump sum.

https://forums.hardwarezone.com.sg/...funding-part-2.6411054/page-53#post-134874906
https://forums.hardwarezone.com.sg/...funding-part-2.6411054/page-52#post-134871818

 

[CrashWire]

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.

What are some examples of "everything else"?

You've mentioned that GST is one, and I know that Interactive Brokers LLC's customers' assets are also protected by the SIPC for up to $500k.

I compared the transaction fees between the global and Singapore site, and they look almost identical.

 

[assiak71]

Other than dbs, which other bank (and which multicurrency acc) can remit usd to ibkr without remit fees? And of course the bank acc should also have no to minimim fee for receiving usd

https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transferAny agent fee for ocbc?

Edit: what is ibkr's usd acc info btw. So that i can try to input in ocbc to see if theres agent fee. thanks

Edit 2: how is moomoo and tiger usdsgd spot rate compared to ibkr? Ibkr still the best?

Edit 3: possible to open ibkr joint acc with either-or name? I.e. any of the joint account names can deposit/withdraw fr/to his/her individual bank acc

 

[highsulphur]

Im holding on IBKR US account. If I pass my referral code to my friend, will his account be US or SG? Will the promo gift still apply if he opens a SG account?

 

[highsulphur]

Other than dbs, which other bank (and which multicurrency acc) can remit usd to ibkr without remit fees? And of course the bank acc should also have no to minimim fee for receiving usd

https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transferAny agent fee for ocbc?

Edit: what is ibkr's usd acc info btw. Any url thanks

Edit2: how is moomoo and tiger usdsgd spot rate compared to ibkr? Ibkr still the best?

IB fx rate is impossible to beat. 1 pip bid/offer. Where to find?

 

[reddevil0728]

What are some examples of "everything else"?

You've mentioned that GST is one, and I know that Interactive Brokers LLC's customers' assets are also protected by the SIPC for up to $500k.

I compared the transaction fees between the global and Singapore site, and they look almost identical.

I believe they are identical sans there’s GST. For SG.

I believe for sg, there are also fewer currencies you can deposit if you want to deposit other currencies.

 

[reddevil0728]

Other than dbs, which other bank (and which multicurrency acc) can remit usd to ibkr without remit fees? And of course the bank acc should also have no to minimim fee for receiving usd

https://www.ocbc.com/personal-banking/digital-banking/overseas-funds-transferAny agent fee for ocbc?

So far seems like DBS is the only one being talked about that’s free.

check with ocbc about the agent fee directly?

Edit: what is ibkr's usd acc info btw. So that i can try to input in ocbc to see if theres agent fee. thanks

Edit 2: how is moomoo and tiger usdsgd spot rate compared to ibkr? Ibkr still the best?

Edit 3: possible to open ibkr joint acc with either-or name? I.e. any of the joint account names can deposit/withdraw fr/to his/her individual bank acc

I believe diff entity has diff account details.

ibkr should still be the best

I believe that’s by default joint alternate.

 

[reddevil0728]

Im holding on IBKR US account. If I pass my referral code to my friend, will his account be US or SG? Will the promo gift still apply if he opens a SG account?

I think some people say it’s now sg.