Interactive Brokers - SGD now available for funding - Part 2

[reddevil0728]

Last time they use to charge $10 per month. Which means you have to pay $10 regardless of whether you trade or not?

Yea that’s the inactivity fees.

so basically $10.

but if you trade and got commission and offset.

anything above $10 in commission. You are essentially paying commission only

 

[powerfulhorse]

my partner wants to make an IB account. just checking (from what I read here) that any new local sign ups now are for IB SG accounts only? and the only way to create a new IBKR LLC account now is by a referral link from an existing IBKR LLC account?

 

[reddevil0728]

my partner wants to make an IB account. just checking (from what I read here) that any new local sign ups now are for IB SG accounts only? and the only way to create a new IBKR LLC account now is by a referral link from an existing IBKR LLC account?

Apparently that’s the case

 

[Renzhe01]

my partner wants to make an IB account. just checking (from what I read here) that any new local sign ups now are for IB SG accounts only? and the only way to create a new IBKR LLC account now is by a referral link from an existing IBKR LLC account?

Do you mean you want to open a IBKR account that is not IB SG? According to their customer service, they will check your country when you're creating the account and they will automatically create under IB SG if you're from Singapore. Not sure whether you're able to go around that

 

[reddevil0728]

Do you mean you want to open a IBKR account that is not IB SG? According to their customer service, they will check your country when you're creating the account and they will automatically create under IB SG if you're from Singapore. Not sure whether you're able to go around that

some reported instances that you can go around that by getting someone with LLC account to refer.

 

[c1steady]

USD2 is about HKD15.

That's a known bad UI design, the commission in this case is expressed in HKD (even if the UI doesn't actually show the unit).

On the screen the commission is expressed in the quote currency (right part of a currency pair).for USDHKD it's HKD, for GBPUSD it's USD.

I did post an example screenshot a long time ago on this forum, can't find it now I'm on the phone sorry.

Oic. Thanks Kram. I get it now.

 

[Renzhe01]

some reported instances that you can go around that by getting someone with LLC account to refer.

Oh I see. Not sure that is before they implement the country check but I remember reading some post that mention previous account were converted into SG ones if you're a Singaporean. So not sure whether those who manage to get through may eventually get converted back to SG ones but I guess not harm trying .

 

[reddevil0728]

Oh I see. Not sure that is before they implement the country check but I remember reading some post that mention previous account were converted into SG ones if you're a Singaporean. So not sure whether those who manage to get through may eventually get converted back to SG ones but I guess not harm trying .

i don't think that happened. i think there were concerns that will happen. but i dun think it happened.

 

[tiertime]

Is it a good idea if i put a sum of money in the IBSG, but i dun buy any stock, but only use it to do conversion on the SGD to USD and USD back to SGD to "earn frm the conversion rate" ?

coz i cant find any where in IBSG that allows me to trade the forex USDSGD.... am i missing anything... ?

 

[Renzhe01]

i don't think that happened. i think there were concerns that will happen. but i dun think it happened.

I remember when I read, the one who post said his account got converted to local account. But I've only remember I read one post saying that. You may be right. Sometimes i search for relevant info, it may not be for SG, maybe it's for IB account for other country. This part, can't remember.

 

[reddevil0728]

Is it a good idea if i put a sum of money in the IBSG, but i dun buy any stock, but only use it to do conversion on the SGD to USD and USD back to SGD to "earn frm the conversion rate" ?

coz i cant find any where in IBSG that allows me to trade the forex USDSGD.... am i missing anything... ?

Why not.

essentially you are trading currencies

 

[Renzhe01]

Is it a good idea if i put a sum of money in the IBSG, but i dun buy any stock, but only use it to do conversion on the SGD to USD and USD back to SGD to "earn frm the conversion rate" ?

coz i cant find any where in IBSG that allows me to trade the forex USDSGD.... am i missing anything... ?

Yes, that can be done. You can do conversion there like that if you wish. Whether it's a good idea depends on individual. some people can use that money to earn more (of course some may make loss) in other ways.

 

[kjj389]

What is the cheapest broker if I want to use SRS money to buy a stock/ETF in SGX?

 

[RedsYWNA]

What is the cheapest broker if I want to use SRS money to buy a stock/ETF in SGX?

I did some calculations b4, I think > $11,000, FSM will be the cheapest.

 

[hahaman111]

Is it down? I can't log in.

 

[iceblendedchoc]

Is it down? I can't log in.

i am log in so cannot be down

 

[dappermen]

I did some calculations b4, I think > $11,000, FSM will be the cheapest.

is this in comparison with those major Brokers like banks & IB?

 

[stonkogu]

For international IB users, now deposit is by bank wire only? No more FAST?

Edit: Or is bank wire actually FAST? I seem to remember there was a FAST option specifically last time

 

[BBCWatcher]

For international IB users, now deposit is by bank wire only? No more FAST?

FAST and GIRO both continue to work for Singapore dollar deposits for both Interactive Brokers LLC (U.S.) and Interactive Brokers Singapore Pte. Ltd. account holders. Where are you seeing any change? There is no such change to my knowledge.

When you place an online deposit request with Interactive Brokers you may see "wire" as the deposit notification selection on your screen. And IB may provide SWIFT codes and other details that you don't actually need for a FAST or GIRO transfer. You can still use FAST or GIRO, no problem. The receiving account is in Singapore for Singapore dollars, so domestic transfer mechanisms work.

 

[stonkogu]

FAST and GIRO both continue to work for Singapore dollar deposits for both Interactive Brokers LLC (U.S.) and Interactive Brokers Singapore Pte. Ltd. account holders. Where are you seeing any change? There is no such change to my knowledge.

Wait do you see a FAST option in IBKR LLC? I only see a bank wire option


Edit: Saw your expanded answer. Cool. thanks then. I just kind of remember seeing a FAST specifically previously haha