Interactive Brokers - SGD now available for funding - Part 2

[Meemoosaa]

If you are DCA-Ing, then just limit price it at slightly higher than ask.

don’t no point having arbitrary price target

Thank you. Yeah I guess I was trying to explore the platform for a bit to see how it rolls. Oh well, I'll just take it as a small tuition fee.

Btw, I haven't checked but does IBKR offer any monthly regular investment function like POSB does ?

 

[reddevil0728]

actually from my experience of trading on traditional platforms.. I tot this is considered a single trade as I always do what you do. maybe can ask IBKR how they determine the trades.

Anyway they so cheap already vs traditional platforms

 

[reddevil0728]

Thank you. Yeah I guess I was trying to explore the platform for a bit to see how it rolls. Oh well, I'll just take it as a small tuition fee.

Btw, I haven't checked but does IBKR offer any monthly regular investment function like POSB does ?

Nope.

but go google GTA order type. Can consider

 

[Meemoosaa]

actually from my experience of trading on traditional platforms.. I tot this is considered a single trade as I always do what you do. maybe can ask IBKR how they determine the trades.

LSE has stopped trading, I just went to generate the trade confirmation report again. It's still showing 2x commission. Will check it out with them !

Anyone else around here modified order mid-way before?

 

[reddevil0728]

LSE has stopped trading, I just went to generate the trade confirmation report again. It's still showing 2x commission. Will check it out with them !

Anyone else around here modified order mid-way before?

Trade confirmation report is pretty much definitive once posted.

 

[Meemoosaa]

Nope.

but go google GTA order type. Can consider

Oh .. so if I'm DCA-ing. I gotta do this every month manually on IBKR then ! Dang... ! Oh well.. no pain no gain.

What do you mean GTA order type ? I just googled and Grand Thef Auto showed up... ?

 

[reddevil0728]

Oh .. so if I'm DCA-ing. I gotta do this every month manually on IBKR then ! Dang... ! Oh well.. no pain no gain.

What do you mean GTA order type ? I just googled and Grand Thef Auto showed up... ?

Google GTA IBKR

 

[Renzhe01]

LSE has stopped trading, I just went to generate the trade confirmation report again. It's still showing 2x commission. Will check it out with them !

Anyone else around here modified order mid-way before?

sometimes your order maybe fully completed by few partially filled orders which may be all at the same price or some at lower price. The report will show up as separate entries and you see multiple comm and fees entries. But whether it is 1 entry or multiple entries, it may still charge around the same fees. Maybe you can check your report again and do some calculation to see whether these separate entries added up to around the same figures as just 1 filled order with no partial filled ones. If that is that case, it is not really double charging you. Not sure whether this is relevant for you but no harm verifying.

If you like to test out some mechanism, you can also apply for free paper trading account to test out.

 

[hwmook]

To be honest, I have no special method of determining or TA.

I went in between the bid and ask price yesterday and couldn't get anything. So today I went for another in-betweener and only managed a partial fulfillment. I wanted to just pour all my USD in today as I don't have time to keep "dabbling and monitoring" as I'm into the dollar-cost averaging method for long-term accumulation. I ran out of patience so I modified the price a little higher, it completed the rest of the order immediately. I can then wrap up for this month.

Do you have any tips for us ?

It's my debut trade on IBKR !

Just do a order at market price, why bother to set a limit price if you can't wait?

 

[santiagon]

Hi everyone,
I would like to pick your brain for IBKR withdrawals to currencies that are not base/home or common currencies. This rule kicked in last year after AML restrictions. Have you managed to get successful withdrawal from any other currencies than below this year?

• Clients may only withdraw funds in their base currency, their home country’s currency or common currencies (e.g. USD, EUR, HKD, AUD, GBP, CHF, CAD, JPY and SGD).

Background:
My IBKR account's base currency is SGD (i opened it long time ago before they start their SG entity) and i have SG bank accounts. I also have bank accounts in US and Turkey. I have no problem with deposits and withdrawals from US and SG bank accounts and it works very well.
However, after this AML rules kicked in last year, they disabled my TRY withdrawal option to my Turkish bank account, which is under very same name, so in official bank details everything is matching.
Interestingly, i tried also to make TRY deposit from my Turkish bank to apply same logic as mentioned in below post earlier to prove that account received first-party deposits from same client, and it worked and no problem in depositing in TRY from Turkish bank. So, they are welcoming any money deposits into their system.

Let's read the Funds Transfer Restrictions article that you're referring to very carefully.
Hypothetically, if the UK really is "a country designated as having elevated AML risk", and you are now residing in the UK, then while you can't withdraw to an account in another elevated-AML-risk country you can withdraw to an account in the same country (the UK).
Also, you can only "withdraw funds to an account from which that client received a first-party deposit", which is something you can handle by making a deposit to IBKR from your UK bank account once you open it.

In practice I think you are quite unlikely to have issues due to this - once you move, do the appropriate paperwork to inform IBKR that you are now residing in the UK, perhaps prove that you own your new bank account in the UK, and you should be all set.

Also you can consider the current FATF blacklist and greylist, it's really rather unlikely to be an issue... https://en.wikipedia.org/wiki/FATF_blacklist#Current_FATF_lists

However, they don't still let me to create withdrawal instruction for TRY after all this. I have read all AML rules in IBKR and shared with their CSO to ask to give permission, but they just keep repeating same words on the screen from AML info page.
Please let me know if you have any other suggestions or found any other way to overcome this for other currencies withdrawals.
Thanks in advance.

 

[reddevil0728]

Hi everyone,
I would like to pick your brain for IBKR withdrawals to currencies that are not base/home or common currencies. This rule kicked in last year after AML restrictions. Have you managed to get successful withdrawal from any other currencies than below this year?

• Clients may only withdraw funds in their base currency, their home country’s currency or common currencies (e.g. USD, EUR, HKD, AUD, GBP, CHF, CAD, JPY and SGD).

Background:
My IBKR account's base currency is SGD (i opened it long time ago before they start their SG entity) and i have SG bank accounts. I also have bank accounts in US and Turkey. I have no problem with deposits and withdrawals from US and SG bank accounts and it works very well.
However, after this AML rules kicked in last year, they disabled my TRY withdrawal option to my Turkish bank account, which is under very same name, so in official bank details everything is matching.
Interestingly, i tried also to make TRY deposit from my Turkish bank to apply same logic as mentioned in below post earlier to prove that account received first-party deposits from same client, and it worked and no problem in depositing in TRY from Turkish bank. So, they are welcoming any money deposits into their system.



However, they don't still let me to create withdrawal instruction for TRY after all this. I have read all AML rules in IBKR and shared with their CSO to ask to give permission, but they just keep repeating same words on the screen from AML info page.
Please let me know if you have any other suggestions or found any other way to overcome this for other currencies withdrawals.
Thanks in advance.

If they don’t allow, there’s like nothing much you can do? AML serious business

 

[akloaklo]

New to ibkr. Opened an account yesterday, put in 1.5k sgd on the same day (yesterday night)

Try to get 8 shares of vwra. They say my account 0 cash but I can see from the dash board the 1.5k amt?

 

[reddevil0728]

New to ibkr. Opened an account yesterday, put in 1.5k sgd on the same day (yesterday night)

Try to get 8 shares of vwra. They say my account 0 cash but I can see from the dash board the 1.5k amt?

You got convert to USD?

 

[highsulphur]

New to ibkr. Opened an account yesterday, put in 1.5k sgd on the same day (yesterday night)

Try to get 8 shares of vwra. They say my account 0 cash but I can see from the dash board the 1.5k amt?

Need to change into usd first

 

[akloaklo]

OK didn't know that..
Still newbie.
I thought will auto convert.

 

[reddevil0728]

OK didn't know that..
Still newbie.
I thought will auto convert.

Nope. Now that you know. That’s good

 

[assiak71]

Its free from my experience.

I added to TT on desktop. When I preview, there is $30 fee shown

I tried on mobile app. Transfers -> new payee. There is a line that shows SGD 30 will be deducted

Are you a higher tier citi member?

For lowest tier, is TT to other citibank acc supposed to have fee?

https://www.citibank.com.sg/gcb/otherservices/wire_transfers.htmFaq says no fee citibank acc

So how do i resolve this

 

[hwmook]

I added to TT on desktop. When I preview, there is $30 fee shown

I tried on mobile app. Transfers -> new payee. There is a line that shows SGD 30 will be deducted

Are you a higher tier citi member?

For lowest tier, is TT to other citibank acc supposed to have fee?

https://www.citibank.com.sg/gcb/otherservices/wire_transfers.htmFaq says no fee citibank acc

So how do i resolve this

I think it's better for you to enquire with citibank. Just drop them as msg lusing Internet banking or call them.

Transfer to citibank accounts is free for all level of banking. Transfers to non-citibank accounts got different fees for different level of banking $30 for normal to $20 for citigold.

 

[assiak71]

I think it's better for you to enquire with citibank. Just drop them as msg lusing Internet banking or call them.

Transfer to citibank accounts is free for all level of banking. Transfers to non-citibank accounts got different fees for different level of banking $30 for normal to $20 for citigold.

Yes sent a message in ibanking.

Just to confirm, you dont see the SGD 30 fee line? Thx

 

[hwmook]

Yes sent a message in ibanking.

Just to confirm, you dont see the SGD 30 fee line? Thx

I don't see any fees stated and no fees charged.