Interactive Brokers - SGD now available for funding - Part 2

[reddevil0728]

I mean I have some usd in SCB settlement account. Want to transfer to IBKR to use instead of using it in SCB. Is it possible to just transfer usd like this ?

There’s TT fees involved.

might not be cheap.

how much usd are you talking about?

 

[geekroute]

I bought a few SGX shares in POEMS (SGX CDP custodian), and want to sell them in IBKR and continue trading on IBKR.

can't do that. I'd use FSMone (have to link your CDP) to sell the shares instead, transfer the funds to IBKR and use IBKR to trade.

 

[Iamnobodyla]

There’s TT fees involved.

might not be cheap.

how much usd are you talking about?

Very little… so don’t think worth TT fees..
Guess I just use it up to buy a few shares and just leave it at SCB custodian.

 

[jtec14]

I mean I have some usd in SCB settlement account. Want to transfer to IBKR to use instead of using it in SCB. Is it possible to just transfer usd like this ?

You need to have other type pf USD accounts with SCB to transfer, not allowed to do transfer with USD settlement account. I have tried it personally and confirmed with someone here.

When you go through the remit function, it won't allow you to choose the USD settlement account as source account to debit the USD.

Same dilemma here, look like got to convert to back to SGD, transfer to IBKR and convert again.

 

[BalaKype]

I used to be able to instantly convert currency, and buy stocks in the converted currency (SGD -> GBP, and buy GBP-denominated stocks immediately).

Now it says Insufficient settled cash if i try to place a limit order, is it must wait for few days before i can buy stocks?

 

[hwckhs]

I used to be able to instantly convert currency, and buy stocks in the converted currency (SGD -> GBP, and buy GBP-denominated stocks immediately).

Now it says Insufficient settled cash if i try to place a limit order, is it must wait for few days before i can buy stocks?

The Hari Raya Haji holiday on next Tuesday delays the GBP settlement.

You can buy on Monday onward.

 

[BalaKype]

The Hari Raya Haji holiday on next Tuesday delays the GBP settlement.

You can buy on Monday onward.

OIC thanks. I assumed only US holidays mattered.

 

[hwckhs]

OIC thanks. I assumed only US holidays mattered.

When you convert from SGD to GBP, the settlement can be delayed by holidays in either UK or SG.

https://www.investopedia.com/terms/s/settlementdate.asp

Foreign exchange market practice requires that the settlement date be a valid business day in both countries.

 

[Renzhe01]

What you can consider doing in future (you might have already done so) is sometimes just not keep trying but wait say 1 hour. let them drop all your connection before trying again.

sometimes if you keep trying, there is a delay and they might not recognise which is which.

Oh, actually yesterday when it happened, I stop trying for few hours before trying again but the situation didn't change. Really no idea what is the cause as I didn't do anything but just submit a ticket through mobile app, after a while it suddenly work again. Not sure why only happened to me.

Their customer service replied but told me to check my phone notification setting which obviously not the cause as I didn't change anything and it suddenly work again.

As I also told them I use the manual authenticate which also failed, they gave me a link to tell me to see if I did it wrongly. I was hoping they could at least retrieve some logs to reveal some insights on why the manual login failed.

So surprised with their replies which are like them not knowing anything and guessing what may be the cause. But so far their CS are not very useful. A couple of times waited for a week or two to receive some replies that don't answer the questions. Lucky there is this forum to seek help from many experts.

 

[reddevil0728]

Oh, actually yesterday when it happened, I stop trying for few hours before trying again but the situation didn't change. Really no idea what is the cause as I didn't do anything but just submit a ticket through mobile app, after a while it suddenly work again. Not sure why only happened to me.

Their customer service replied but told me to check my phone notification setting which obviously not the cause as I didn't change anything and it suddenly work again.

As I also told them I use the manual authenticate which also failed, they gave me a link to tell me to see if I did it wrongly. I was hoping they could at least retrieve some logs to reveal some insights on why the manual login failed.

So surprised with their replies which are like them not knowing anything and guessing what may be the cause. But so far their CS are not very useful. A couple of times waited for a week or two to receive some replies that don't answer the questions. Lucky there is this forum to seek help from many experts.

sometimes any CS may not actually use it themselves so they don't know and that's when others online can share experience.

but for certain stuff (like confirming something material) always should ask CS for B&W.

are you using iphone or android?

 

[Renzhe01]

sometimes any CS may not actually use it themselves so they don't know and that's when others online can share experience.

but for certain stuff (like confirming something material) always should ask CS for B&W.

are you using iphone or android?

I'm using Android.

It's funny when I notice why some fees are charged and not a standard percentage. They told me it's SG GST and when I ask them why not standard 7%, how do they calculate, they cannot reply on how the figures are actually calculated. Said have to escalate the query and in the end they told me they do not have the formula and cannot show how it is calculated. Then say you have to calculate on your own . Then say if wish to escalate this query, I may send them a feedback using features poll. Sometimes I ask them for things on how to do it on Client Portal, they give me link which only describe in TWS and furthermore not the thing I'm asking. My experience is more often than not, their customer service not very helpful/professional in their replies but I guess this is getting pretty common.

Yes, I agree with your point. Some of the things, they know best to advise. btw, what is B&W? another channel for queries?

 

[reddevil0728]

I'm using Android.

It's funny when I notice why some fees are charged and not a standard percentage. They told me it's SG GST and when I ask them why not standard 7%, how do they calculate, they cannot reply on how the figures are actually calculated. Said have to escalate the query and in the end they told me they do not have the formula and cannot show how it is calculated. Then say you have to calculate on your own . Then say if wish to escalate this query, I may send them a feedback using features poll. Sometimes I ask them for things on how to do it on Client Portal, they give me link which only describe in TWS and furthermore not the thing I'm asking. My experience is more often than not, their customer service not very helpful/professional in their replies but I guess this is getting pretty common.

Yes, I agree with your point. Some of the things, they know best to advise. btw, what is B&W? another channel for queries?

Black and white.

Are you using the chat or u use the raise ticket?

 

[blue_denim24]

Hello guys,

Can I check if it's perfectly legal and ok to have 2 ibkr accounts simulataneously, i.e. one US and one SG? Do I need to use different email id ?

My Motivation to do this is because I already hold US account for many years and using dbs Vickers for my bond part of the folio. I have already reached my ideal allocation of 70:30. I now realized that just buying more of 1 component would not allow me to rebalance efficiently, and I should not shy away from selling action. so at the time of market crash I should be able to withdraw SGD easily and put it in equities via ibkr us. As you all know, dbs Vickers has high selling fees, so I feel that it's not right to maintain my bond component in Vickers. By having 2 Ibkr accounts, I can easily sell in one, transfer over and buy in other, keeping in mind that fee are very low for both . Keeping US account has its own benefits so I would like to retain that .

 

[reddevil0728]

Hello guys,

Can I check if it's perfectly legal and ok to have 2 ibkr accounts simulataneously, i.e. one US and one SG? Do I need to use different email id ?

My Motivation to do this is because I already hold US account for many years and using dbs Vickers for my bond part of the folio. I have already reached my ideal allocation of 70:30. I now realized that just buying more of 1 component would not allow me to rebalance efficiently, and I should not shy away from selling action. so at the time of market crash I should be able to withdraw SGD easily and put it in equities via ibkr us. As you all know, dbs Vickers has high selling fees, so I feel that it's not right to maintain my bond component in Vickers. By having 2 Ibkr accounts, I can easily sell in one, transfer over and buy in other, keeping in mind that fee are very low for both . Keeping US account has its own benefits so I would like to retain that .

I don’t think it’s a legality thing.

it’s whether ibkr allows you to do so.

I think someone reported that they have both.

 

[blue_denim24]

Thanks. as per comments on Reddit, it seems like it's allowed. Now that monthly fee is removed, it indeed seems like a good option.but wanted to double check before applying for SG account.

 

[hwckhs]

Hello guys,

Can I check if it's perfectly legal and ok to have 2 ibkr accounts simulataneously, i.e. one US and one SG? Do I need to use different email id ?

My Motivation to do this is because I already hold US account for many years and using dbs Vickers for my bond part of the folio. I have already reached my ideal allocation of 70:30. I now realized that just buying more of 1 component would not allow me to rebalance efficiently, and I should not shy away from selling action. so at the time of market crash I should be able to withdraw SGD easily and put it in equities via ibkr us. As you all know, dbs Vickers has high selling fees, so I feel that it's not right to maintain my bond component in Vickers. By having 2 Ibkr accounts, I can easily sell in one, transfer over and buy in other, keeping in mind that fee are very low for both . Keeping US account has its own benefits so I would like to retain that .

So you are trying to move bond to IBKR SG, and keep your stock in IBKR LLC.

Just curious, if you sell your bond in IBKR SG, how do you move the SGD cash over to the IBKR LLC account?

I guess you are using DBSV cash upfront, ie. with a personal account? You can use FSMOne to sell from CDP, and their commission is very low (flat $8.80 + clearing fees). There are benefits in using CDP as well (rock solid stability, no custodian worries). If I were in your shoes, I will skip IBKR SG, and just use FSMOne to sell from CDP.

 

[reddevil0728]

So you are trying to move bond to IBKR SG, and keep your stock in IBKR LLC.

Just curious, if you sell your bond in IBKR SG, how do you move the SGD cash over to the IBKR LLC account?

I guess you are using DBSV cash upfront, ie. with a personal account? You can use FSMOne to sell from CDP, and their commission is very low (flat $8.80 + clearing fees). There are benefits in using CDP as well (rock solid stability, no custodian worries). If I were in your shoes, I will skip IBKR SG, and just use FSMOne to sell from CDP.

Cause ibkr LLC can’t hold SGX stuff

withdraw and then redeposit? Not sure if the internal transfer will work.

make sense too. But ibkr’s Comm is lower

 

[Renzhe01]

Black and white.

Are you using the chat or u use the raise ticket?

I submit ticket in the system. Didn't know they have a chat. But I think maybe CS is not their focus. So have to manage my expectation. But still at least another avenue for help.

 

[eDisFieD]

I tried to convert my SGD to USD last night, but unable to do so. I went to "Portfolio" and under "Cash" component, I applied my "entire balance" and pressed "submit", nothing happened. I tried many times, it just doesn't seem to respond.

Any reason why so?

 

[reddevil0728]

I tried to convert my SGD to USD last night, but unable to do so. I went to "Portfolio" and under "Cash" component, I applied my "entire balance" and pressed "submit", nothing happened. I tried many times, it just doesn't seem to respond.

Any reason why so?

Try on mobile app?