Interactive Brokers - SGD now available for funding

[finale1]

Conversion for SGD to JPY.

In IB, I tried to sell SGD and buy JPY but system prompts me that i do not have the permissioning. How can i set the permission?

Also, when you guys have difficulties in IB, how do you contact helpdesk?
Does it exist?

 

[final1]

I was thinking about the ib min 10 bucks activity fee the other day and thinking whether it can be used to buy real time data for iwda or eimi. Reason being i don't use up to 10 bucks per month and understand that the data is delayed.

Thus, was thinking if can put any remaining amount to good use on buying the real time data for iwda and eimi.

Anyone has experience for this?

Sent from Samsung SM-G950F using GAGT

Seems better to open TDAmeritrade Singapore account with the minimum amount (US$3.5k) and park it in something you willing to hold long term.
You will get real-time streaming US data with no monthly or any other additional costs at all forever. Or, you can park the cash there without buying anything too.
With respect to free US market real-time streaming data, this is the best you can do. I have researched this.

PM me for referral. Split US$88 reward 50-50. Cheers!

 

[revhappy]

US data is provided for free by Google and Yahoo, no need to pay for it.

Sent from Xiaomi REDMI NOTE 4 using GAGT

 

[boringLife-]

For first time account opening is there still a minimum 10k USD requirement to be wired over before trading?

 

[finale1]

If I trade SPX emini futures, do I

1) convert sgd to usd then buy emini
2) don’t convert to usd and “borrow” usd to initiate emini snp.

For (2) I will incur interest for short usd position right?

 

[maof39]

Guys, how are you remitting money?

Tried to withdraw US$100 today, stopped at a screen where IBKR showed Bank commission, which was US$22. Is this hefty commission normal? 22%?

I am trying to withdraw to my multicurrency account in HSBC.

 

[Shiny Things]

Guys, how are you remitting money?

Tried to withdraw US$100 today, stopped at a screen where IBKR showed Bank commission, which was US$22. Is this hefty commission normal? 22%?

I am trying to withdraw to my multicurrency account in HSBC.

$22 sounds about right for an international wire transfer.

Usually IB gives you one free withdrawal a month (they eat the wire fees or whatever), but it's possible that HSBC will charge you a fee on the incoming wire as well. It's going to be a lot cheaper to withdraw SGD.

If I trade SPX emini futures, do I

1) convert sgd to usd then buy emini
2) don’t convert to usd and “borrow” usd to initiate emini snp.

For (2) I will incur interest for short usd position right?

Correct. I'd do #1.

Conversion for SGD to JPY.

In IB, I tried to sell SGD and buy JPY but system prompts me that i do not have the permissioning. How can i set the permission?

Also, when you guys have difficulties in IB, how do you contact helpdesk?
Does it exist?

1) In Account Management, go to Settings / Account Settings / Trading Permissions. The one you need to enable is "Currency Conversion - Global".
2) In Account Management, go to Support. Message Center is the "official" way to contact the helpdesk.

 

[maof39]

$22 sounds about right for an international wire transfer.

Usually IB gives you one free withdrawal a month (they eat the wire fees or whatever), but it's possible that HSBC will charge you a fee on the incoming wire as well. It's going to be a lot cheaper to withdraw SGD.

Thank you Shiny Things. Apparently it was a warning message from IBKR about possible HSBC fees. Today I received $100 in full to my account in HSBC. Seems like no fees were imposed, which is amazing.

 

[final1]

Thank you Shiny Things. Apparently it was a warning message from IBKR about possible HSBC fees. Today I received $100 in full to my account in HSBC. Seems like no fees were imposed, which is amazing.

HSBC may deduct intermediary fees from your bank account LATER on.
Happened to me before (true story).
No guarantees and no appeal. No transparency.

 

[BBCWatcher]

I really, really do not recommend landing a foreign currency in Singapore unless you've got a damn good reason to do so. The deposit insurance on foreign currency deposits in Singapore is zero, and the banks will surely find a way to whack you with fees at some point.

IB does a fantastic job converting funds to Singapore dollars before you transfer funds to a bank in Singapore.

 

[finale1]

Thank you Shinythings

Tks ShinyThings for the guidance to IB

 

[maof39]

HSBC may deduct intermediary fees from your bank account LATER on.
Happened to me before (true story).
No guarantees and no appeal. No transparency.

You were ABSOLUTELY right. They deducted US$7.21 afterwards for "inward transfer fee" (judging from amount I assume it is S$10).

 

[maof39]

I really, really do not recommend landing a foreign currency in Singapore unless you've got a damn good reason to do so. The deposit insurance on foreign currency deposits in Singapore is zero, and the banks will surely find a way to whack you with fees at some point.

IB does a fantastic job converting funds to Singapore dollars before you transfer funds to a bank in Singapore.

I was thinking to use attractive IB FX rates to convert some of SGD cash to USD/EUR/JPY (I am foreigner so it makes some sense). My bank FX rates are obviously worse than IBKR's. Do you think it is a good/bad idea?

 

[JuniorLion]

I was thinking to use attractive IB FX rates to convert some of SGD cash to USD/EUR/JPY (I am foreigner so it makes some sense). My bank FX rates are obviously worse than IBKR's. Do you think it is a good/bad idea?

How do you withdraw the money?

 

[BBCWatcher]

I was thinking to use attractive IB FX rates to convert some of SGD cash to USD/EUR/JPY (I am foreigner so it makes some sense). My bank FX rates are obviously worse than IBKR's. Do you think it is a good/bad idea?

Yes, it can be a good idea if you’re transferring money from yourself to yourself, to/from accounts in your name. For example, if you’re trying to get Singapore dollars in Singapore converted to U.S. dollars deposited in a U.S. bank or U.S. credit union, Interactive Brokers can do a rather good job of that.

You need to be transferring funds regularly (e.g. monthly) and in sufficient quantities. Also, to avoid the highest monthly minimum commissions, you should leave US$2,000 or more in your IB account at all times.

There aren’t too many people with bank accounts in those three currency zones and who spend heavily in all three, so that part of your question is a bit puzzling. Also, IB only allows you one free withdrawal per month, please note.

 

[maof39]

How do you withdraw the money?

What is your question exactly?

Funded IBKR with SGD, converted to USD/JPY/EUR, withdraw to my multicurrency account.

 

[maof39]

Yes, it can be a good idea if you’re transferring money from yourself to yourself, to/from accounts in your name. For example, if you’re trying to get Singapore dollars in Singapore converted to U.S. dollars deposited in a U.S. bank or U.S. credit union, Interactive Brokers can do a rather good job of that.

You need to be transferring funds regularly (e.g. monthly) and in sufficient quantities. Also, to avoid the highest monthly minimum commissions, you should leave US$2,000 or more in your IB account at all times.

There aren’t too many people with bank accounts in those three currency zones and who spend heavily in all three, so that part of your question is a bit puzzling. Also, IB only allows you one free withdrawal per month, please note.

Yes, this is exactly what I was doing, except I am keeping both currencies in SG Bank. I am using IBKR for investments so keeping necessary asset/cash balance is not an issue for me. My question remain the same - using IBKR for FX is a good idea or not?

 

[heated_diesel]

I don't see where you can get a tighter spread and lower commission than IBKR's FXCONV, even DBS's MCA conversion rate isn't anywhere as attractive.

 

[OngHuatHuat]

What is your question exactly?

Funded IBKR with SGD, converted to USD/JPY/EUR, withdraw to my multicurrency account.

Think you will be charged from DBS side if you withdraw foreign currency cash from DBS counters, please take note.

 

[tangent314]

There's a flat US$2 fee for fxconv with ibkr and S$10 fee for incoming TT, so you will have to calculate if the spread and percentage based commission for DBS MCA is higher or lower than that depending on the amount of money you are converting.