Interactive Brokers - SGD now available for funding - Part 2

[reddevil0728]

Annoying. Tried to join the group but seems like it's closed?

Which group?

 

[jtec14]

Account setup not complete yet.
Try again tomorrow

Oh ok, thank you.
Received email that account application approved right after opening and thought all ready liao..

 

[dappermen]

Glad that u asked the right person! Regdless funding done or not, it will take 1-2 day to see live data

(without the need for u to click anything at all)



setup an account yesterday, till now still facing below error even though funding of account completed.

 

[reddevil0728]

Glad that u asked the right person! Regdless funding done or not, it will take 1-2 day to see live data

(without the need for u to click anything at all)



setup an account yesterday, till now still facing below error even though funding of account completed.

???

 

[jtec14]

Glad that u asked the right person! Regdless funding done or not, it will take 1-2 day to see live data

(without the need for u to click anything at all)



setup an account yesterday, till now still facing below error even though funding of account completed.

???

He is replying to my earlier query.

 

[little pupsky]

Glad that u asked the right person! Regdless funding done or not, it will take 1-2 day to see live data

(without the need for u to click anything at all)



setup an account yesterday, till now still facing below error even though funding of account completed.

How come there are different font sizes? What am I supposed to infer from the fine print?

 

[jtec14]

Pertaining to using the convert currency, if I have SGD2k, can I indicate full SGD 2k to change to USD or I have to change like SGD1995, keeping $5 for the fee? Thank you.

 

[reddevil0728]

Pertaining to using the convert currency, if I have SGD2k, can I indicate full SGD 2k to change to USD or I have to change like SGD1995, keeping $5 for the fee? Thank you.

What fee?

 

[jtec14]

What fee?

i mean the commission ibkr charge for converting

 

[reddevil0728]

i mean the commission ibkr charge for converting

They will deduct from usd.

they charge in usd

 

[jtec14]

They will deduct from usd.

they charge in usd

Oh so i can safely input to convert the full SGD 2k in my account and i will get the USD equivalent after commission?

 

[reddevil0728]

Oh so i can safely input to convert the full SGD 2k in my account and i will get the USD equivalent after commission?

Yep.

your base currency is in sgd?

which market do you primarily trade in?

 

[jtec14]

Yep.

your base currency is in sgd?

which market do you primarily trade in?

ok, thanks for your replies. Yup, base currency SGD and intend to trade ETFs like VWRA, IWDA and LIT etc

 

[WoShiPro]

Oh so i can safely input to convert the full SGD 2k in my account and i will get the USD equivalent after commission?

Yep.

your base currency is in sgd?

which market do you primarily trade in?

If base currency is in sgd then he will need sgd$3 for the commission. Change to base USD then he be able to convert all. This information I gotten from telegram. I just changed my base currency to USD to avoid leaving some SGD in account.

 

[jtec14]

If base currency is in sgd then he will need sgd$3 for the commission. Change to base USD then he be able to convert all. This information I gotten from telegram. I just changed my base currency to USD to avoid leaving some SGD in account.

oh, i will change the base currency to USD first then since need 1 working day. I supposed there is no need to change back the base currency to SGD if i wish to get SG stocks 1 fine day? Just transfer in SGD and trade as usual?

 

[reddevil0728]

ok, thanks for your replies. Yup, base currency SGD and intend to trade ETFs like VWRA, IWDA and LIT etc

Tbh, if your holdings are primarily in usd, you should set usd as your base currency. So that you can track actual gains due to ur trades, and remove the effect of currency fluctuation.

the only time you need to care about fx is when you convert.

if not once you convert to usd, ur fx rate is fixed.

 

[BBCWatcher]

I believe I can clarify.

The minimum foreign currency exchange commission is US$2 (plus GST if you're an Interactive Brokers Singapore Pte. Ltd. customer), and this is also the maximum charge if your order is executed as a single trade and the amount isn't "huge." Let's assume for a moment you have a cash (non-margin) account. Here are two scenarios:

1. You have set your account's base currency to U.S. dollars. In this case you'll be charged the exact U.S. dollar commission. If you don't have enough U.S. dollars in your account to cover the commission then Interactive Brokers will grab the commission from available cash in another currency (such as Singapore dollars) at the current spot conversion rate.

2. You have your account's base currency in Singapore dollars. In this case Interactive Brokers will use the current spot rate to determine the commission in Singapore dollars, then grab the commission from your Singapore dollars. If you don't have enough Singapore dollars Interactive Brokers will grab the commission from another available cash currency, such as U.S. dollars.

Obviously you cannot convert currencies to the exact penny, or at least it's very difficult. That's OK. As long as the residual amount is less than US$5, Interactive Brokers will eventually (within a couple days usually) automatically convert residual non-base currency cash into your base currency, at spot rate and without a commission.

If you have a margin account then you should watch out for negative cash positions, although these aren't expensive in today's low margin interest rate environment.

 

[kongming78]

Joint account will be parked under IB LLC

Can we still apply IBKR LLC account instead of IBSG ?

 

[reddevil0728]

Can we still apply IBKR LLC account instead of IBSG ?

Apparently if you get someone with LLC account to refer you, it is working again.

 

[wutawa]

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

your ibkr is sg or llc? did u manage to withdraw usd from ibkr to your dbs without any charges by dbs and jp morgan? i am trying to learn more about ibkr funding. thanks.