Interactive Brokers - SGD now available for funding - Part 2

[blue_denim24]

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.

Yeah, I am talking about manually sell in IB Sg then transfer to bank then to IBKR US. I will look into FSM option you suggested.thanks.

 

[wutawa]

I have U$0.64 since 15 Jul in ibsg and my base currency is sgd. Will it be auto-converted to sgd for free? I am trying to withdraw the money.

 

[reddevil0728]

I have U$0.64 since 15 Jul in ibsg and my base currency is sgd. Will it be auto-converted to sgd for free? I am trying to withdraw the money.

If you have transactions in between it will be delayed

 

[louisw]

I sold a spy put option at $434 last Friday. Unfortunately, the direction went to the wrong side. So 100 spy shares have been assigned to my account. Of course, now I owe IB us $43400.

The margin rate of USD is 1.6%. So based on my understanding, the above $43400 will generate $694.4 interest per annum. It means $57.86 monthly.

The dividend rate of spy is around 1.3%. After withholding tax, it is around 0.91%. So I will get $394.94 dividends.

So actually, the net payment for margin of $43400 is around $300 ($694.4-$394.94).

May I know if my understanding and calculation are correct? I don't want any surprises.

 

[Inediblebulk]

Mostly correct but interest are compounded daily but charged monthly so there will be a slight difference.
Turn on the stock yield enhancement and it may give you some interest also.

 

[louisw]

Hello all,

Currently I am using POEMS, and is thinking of switching to IBKR instead for the lower fees.

Do I need to transfer my stocks held at SGX CDP account to IBKR custodian account?

It is not easy to transfer the stocks from CDP to IB SG. I tried this several months ago. After communicating with IB SG and CDP for many rounds, finally I gave up. So if it is not very necessary, no harm to keep existing stocks in CDP and use IB SG for subsequent tradings.

 

[eDisFieD]

Try on mobile app?

Apparently I can't convert by "pressing entire balance", which the rate states 0.7383 (see image).

But if I manually key in a smaller amount, the order went through but at a poorer rate of 0.7013. Is this common?

 

[~sabaisabai~]

It is not easy to transfer the stocks from CDP to IB SG. I tried this several months ago. After communicating with IB SG and CDP for many rounds, finally I gave up. So if it is not very necessary, no harm to keep existing stocks in CDP and use IB SG for subsequent tradings.

transferring stocks from one place to another, is rather quite hassle

 

[Renzhe01]

Apparently I can't convert by "pressing entire balance", which the rate states 0.7383 (see image).

But if I manually key in a smaller amount, the order went through but at a poorer rate of 0.7013. Is this common?

Using Client Portal, you can also try the below to convert SGD to USD you can view current price and decide on price you wanted.
Select "Forex", then at the Symbol, key in USD.SGD (select IDEALPRO). Then select BUY Order (implies your want to BUY USD using SGD). You can try entering some values and use preview to see the charge and cancel to go back to amend the settings as desired.
You may want to explore this method to see if it is better for you.
Note that there is a commission charge for currency exchange.

The convert currency that you used show estimated rate which may not be the actual rate when it transacted. I've not used that method before but you may want to check whether it is due to the commission charge being included.

 

[highsulphur]

Using Client Portal, you can also try the below to convert SGD to USD you can view current price and decide on price you wanted.
Select "Forex" at the Symbol, key in USD.SGD (select IDEALPRO). Then select BUY Order (implies your want to BUY USD using SGD). You can try entering some values and use preview to see the charge and cancel to go back to amend the settings as desired.
You may want to explore this method to see if it is better for you.
Note that there is a commission charge for currency exchange.

The convert currency that you used show estimated rate which may not be the actual rate when it transacted. I've not used that method before but you may want to check whether it is due to the commission charge being included.

Convert currency works like a market order (ie they will buy at the offer or sell at the bid) with the usual 2 usd comm. I am using it more now rather than placing limit orders.

 

[Renzhe01]

Convert currency works like a market order (ie they will buy at the offer or sell at the bid) with the usual 2 usd comm. I am using it more now rather than placing limit orders.

I see. It depends on individual whether they prefer a market or limit order. The displayed estimated price may not be the actual transacted price and so for some people who wish to transact at an exact price, then the forex limit orders may be more suitable. personally I prefer the forex method

 

[1a2a3a]

Managed to deposit $1.
But when I try to withdraw the $1 it says my account balance is $0. Any idea why?

 

[wutawa]

Managed to deposit $1.
But when I try to withdraw the $1 it says my account balance is $0. Any idea why?

u need to wait for about 5 days of lockdown. go Transfer & Pay - Transaction History to see.

 

[Initiatives]

wonder if anyone faces the same problem as me.

I have just converted some SGD to USD and it when i wanted to buy some VWRA, I kept receiving notification like the below.

YOUR ORDER IS NOT ACCEPTED. THERE IS INSUFFICIENT SETTLED CASH [-XXXX.17 USD for XXXXXXXX] IN YOUR ACCOUNT TO OBTAIN THE DESIRED POSITION.

But when I checked, after factoring the stock price and all, I still have 100 USD + left. This never happened to me before when I buy VWRA previously.

 

[reddevil0728]

wonder if anyone faces the same problem as me.

I have just converted some SGD to USD and it when i wanted to buy some VWRA, I kept receiving notification like the below.

YOUR ORDER IS NOT ACCEPTED. THERE IS INSUFFICIENT SETTLED CASH [-XXXX.17 USD for XXXXXXXX] IN YOUR ACCOUNT TO OBTAIN THE DESIRED POSITION.

But when I checked, after factoring the stock price and all, I still have 100 USD + left. This never happened to me before when I buy VWRA previously.

because tmr is public holiday in sg. any public holiday in sg/us will affect settlement.

 

[Initiatives]

because tmr is public holiday in sg. any public holiday in sg/us will affect settlement.

Sorry, how would that be an issue as I have already converted my SGD to USD and then I am using cash account to fund the purchase.

Appreciate any insights!

 

[reddevil0728]

Sorry, how would that be an issue as I have already converted my SGD to USD and then I am using cash account to fund the purchase.

Appreciate any insights!

because USD must settle at the same time as ur stock purchase in order for the transaction to happen.

if there is a mismatch, ur stock purchase can't settle.

 

[1a2a3a]

u need to wait for about 5 days of lockdown. go Transfer & Pay - Transaction History to see.

thanks saw it.

another question - when i try to buy anything and click preview, why is my commission est showing NA?

also, if i want to trade usd do i - transfer sgd to ibsg then buy the stock then it will auto convert during the buy process?

 

[reddevil0728]

thanks saw it.

another question - when i try to buy anything and click preview, why is my commission est showing NA?

also, if i want to trade usd do i - transfer sgd to ibsg then buy the stock then it will auto convert during the buy process?

What’s the specification of your order?

trade usd? Or trade in usd? Doesn’t auto convert.

 

[Initiatives]

because USD must settle at the same time as ur stock purchase in order for the transaction to happen.

if there is a mismatch, ur stock purchase can't settle.

I kinda get it I guess? Haha. Perhaps I will try another day.