Interactive Brokers - SGD now available for funding - Part 2

[reddevil0728]

Nope, my account is not with IBKR SG.
I have SGD in the account.

I have trading permissions to SG, UK and US.


Now I see the problem... my friend's referral wasn't from IBKR SG. May I know what's the difference?
Should I continue using the account?

My plan was to get ETF on this account to get 100K USD in the future.

Only ibkr sg then can buy SGX.

U open recently? Your friend on ibkr us? And the referral is the recent promo?

 

[hellvolhardzelinsky]

Only ibkr sg then can buy SGX.

U open recently? Your friend on ibkr us? And the referral is the recent promo?

I open on Saturday only.

Yes, he is on IBKR US, he started way long ago.

Not sure if the referral is the recent promo.
"Open an account today and start earning up to $1000 of IBKR Stock for free!*"

^ The referral promo.

 

[reddevil0728]

I open on Saturday only.

Yes, he is on IBKR US, he started way long ago.

Not sure if the referral is the recent promo.
"Open an account today and start earning up to $1000 of IBKR Stock for free!*"

^ The referral promo.

Ya no wonder u r on IBKR us.

So really depends on what your objective is.

What you plan to invest in? Both sg and world index?

 

[xoleman]

I guess we will only know when that happens if that happens?

Ibkr sg only recently set up shop here. But they have been serving locals for a long time via their us entity.

So IB is has been the most popular broker for foreign stocks in SG for many years? With a local office set up now, many SG brokers like vickers might actually go out of business if everyone starts switching over

As a user of IBKR SG, do you have absolute trust in the brokerage?

 

[hellvolhardzelinsky]

Ya no wonder u r on IBKR us.

So really depends on what your objective is.

What you plan to invest in? Both sg and world index?

At first I'm only planning to invest in VWRA but I'm investing less than USD 1000 per month, so I try to add in STI to faster reach the 100 k USD for $0 monthly activity fee.

What do you recommend? What are the pros and cons of IBKR US compared to IBKR SG?

 

[reddevil0728]

So IB is has been the most popular broker for foreign stocks in SG for many years? With a local office set up now, many SG brokers like vickers might actually go out of business if everyone starts switching over

As a user of IBKR SG, do you have absolute trust in the brokerage?

can’t say for sure.

It’s a risk and reward thing that everybody has to balance themselves.

 

[reddevil0728]

At first I'm only planning to invest in VWRA but I'm investing less than USD 1000 per month, so I try to add in STI to faster reach the 100 k USD for $0 monthly activity fee.

What do you recommend? What are the pros and cons of IBKR US compared to IBKR SG?

apparently IBKR US got SIPC protection. IBKR Sg don’t have.

So you weight it for urself

 

[BBCWatcher]

Remember MF Global? If you have cash deposited with MF Global, then they have been burnt to ashes, never get back.

IBKR is a broker like MF Global, the one that goes belly up & customers lose their cash.

Actually I think all got back their money on MF Global, albeit it took longer?

RedsYWNA is correct. MF Global failed, and its account holders recovered fully 100% of their assets at fair market value. This information is easy to find and a matter of historical fact.

Banks in Singapore back(ed) many things, including Hyflux's bonds.

In an unlikely event that IBKR SG closes its business in SG likes Schwab did, what would happen to all the shares?

I guess we will only know when that happens if that happens?

Correct. When DBS Vickers shut down its remisier (offline retail) business last year (2019), it shifted those clients to UOB Kay Hian. When Schwab shut down its retail business in Singapore, it gave account holders advance warning and asked them to move to another brokerage of their choosing before a deadline. Interactive Brokers and TD Ameritrade were common alternatives (as some people in this forum with Schwab Singapore accounts reported), and Firstrade was/is another possibility. Schwab waived all their transfer out charges. Some U.S. persons were able to transfer to Schwab U.S. if they wished. If/when the deadline passed without an account holder taking action, I believe Schwab closed the account and sent the proceeds to the account holder. I doubt that actually happened much, though, since everyone got plenty of warning through multiple channels and didn't have to pay Schwab any fees.

OptionsXpress and E*Trade also had affiliates in Singapore and closed up shop. OptionsXpress was acquired by Schwab, and for some time after the acquisition OptionsXpress kept its own platform. Eventually OptionsXpress account holders became Schwab account holders with the Schwab platform, and Schwab retired the OptionsXpress brand. E*Trade followed the same course as Schwab in pulling out of Singapore.

 

[john_ric]

hi I just opened an IBkR sgp account.

i have a qn: How long will it take for withdrawal money from my ibkr account credited into my sgp bank account?

very fast like our sgp bank's 'FAST' transfer or takes a few days??

Thanks.
==========

 

[reddevil0728]

hi I just opened an IBkR sgp account.

i have a qn: How long will it take for withdrawal money from my ibkr account credited into my sgp bank account?

very fast like our sgp bank's 'FAST' transfer or takes a few days??

Thanks.
==========

Depending on the amount. But a few days to be safe.

 

[BBCWatcher]

Depending on the amount. But a few days to be safe.

It also reportedly depends on the method you choose for withdrawing funds. You should generally choose "Wire" at IB. If you use IB's "ACH" option, that's slower and could take about a week and a half. But ACH is cheaper if it's your second or subsequent withdrawal within the same calendar month. (IB offers one free withdrawal per month.)

Your receiving bank and its intermediaries (if applicable) can charge whatever it/they want(s) to charge (if anything) and take as long as it/they take(s). IB doesn't control that part. However, the banks in Singapore generally seem to be pretty good on their end.

 

[xoleman]

RedsYWNA is correct. MF Global failed, and its account holders recovered fully 100% of their assets at fair market value. This information is easy to find and a matter of historical fact.

Banks in Singapore back(ed) many things, including Hyflux's bonds.




Correct. When DBS Vickers shut down its remisier (offline retail) business last year (2019), it shifted those clients to UOB Kay Hian. When Schwab shut down its retail business in Singapore, it gave account holders advance warning and asked them to move to another brokerage of their choosing before a deadline. Interactive Brokers and TD Ameritrade were common alternatives (as some people in this forum with Schwab Singapore accounts reported), and Firstrade was/is another possibility. Schwab waived all their transfer out charges. Some U.S. persons were able to transfer to Schwab U.S. if they wished. If/when the deadline passed without an account holder taking action, I believe Schwab closed the account and sent the proceeds to the account holder. I doubt that actually happened much, though, since everyone got plenty of warning through multiple channels and didn't have to pay Schwab any fees.

OptionsXpress and E*Trade also had affiliates in Singapore and closed up shop. OptionsXpress was acquired by Schwab, and for some time after the acquisition OptionsXpress kept its own platform. Eventually OptionsXpress account holders became Schwab account holders with the Schwab platform, and Schwab retired the OptionsXpress brand. E*Trade followed the same course as Schwab in pulling out of Singapore.

What you are saying is other than brokerages in the US that is insured by SIPC, the 3 bank affiliated brokerages in Singapore are probably the next safest for Singaporean investors.

As for the thing with Schwab SG, the process to transfer shares to other brokerage platform looks to be complicated. I can imagine having many forms to fill in and calls to make before the shares can be transferred.

 

[reddevil0728]

What you are saying is other than brokerages in the US that is insured by SIPC, the 3 bank affiliated brokerages in Singapore are probably the next safest for Singaporean investors.

As for the thing with Schwab SG, the process to transfer shares to other brokerage platform looks to be complicated. I can imagine having many forms to fill in and calls to make before the shares can be transferred.

actually if you are more than happy to pay the fees then just go for the 3 local banks?

 

[ChinoGirl]

Has Anyone used the “convert currency” button to convert currency? Anything which we must take note of (besides having sufficient cash in IB cash account) before we submit the order?

 

[tesarise]

Has Anyone used the “convert currency” button to convert currency? Anything which we must take note of (besides having sufficient cash in IB cash account) before we submit the order?

apart from leaving behind sufficient SGD for the fees (assuming your base currency is SGD), don't think there is any other major thing need to take note. I have been using this feature in the app since it was available.

 

[john_ric]

I just transferred an amount of SGD money from my sgp bank to ibkr's dbs singapore account using 'FAST'.
My sgp bank says transfer successful.

But when I login to ibkr to check. nothing about that transferred amount can be seen.

I wonder whether this is normal and if so how many days it takes to credited into my ibkr account??

Thanks.

 

[reddevil0728]

I just transferred an amount of SGD money from my sgp bank to ibkr's dbs singapore account using 'FAST'.
My sgp bank says transfer successful.

But when I login to ibkr to check. nothing about that transferred amount can be seen.

I wonder whether this is normal and if so how many days it takes to credited into my ibkr account??

Thanks.

Did you set up a deposit notification?

 

[BBCWatcher]

As for the thing with Schwab SG, the process to transfer shares to other brokerage platform looks to be complicated. I can imagine having many forms to fill in and calls to make before the shares can be transferred.

No, not at all! These are U.S. brokerages we're talking about here. The transfer system is called ACATS, and it's super easy. Typically a Schwab Singapore customer opened an account with Interactive Brokers or TD Ameritrade (those were the two most popular choices) then simply instructed their new broker to effect a whole account ACATS transfer from Schwab. It's a single short form, usually online, and the transfer usually takes just a few business days to complete.

Effectively Schwab only dealt/deals in U.S. listed securities, and those are all ACATS transferable.

You're welcome to read the past reports about Schwab Singapore's cessation of business in this forum.

 

[streetfighter]

But you can't move USD & HKD etc foreign currency in & out of IB without incurring charges. So everytime you buy & sell USD stocks you going to move USD in & out of IB & pay charges?

So cash may not have been recovered fully, but the shares were intact? Dont think it makes sense to leave a lot of cash with brokerages. Max for me is around USD 5k cash. The rest are all in shares/ETFs

 

[streetfighter]

But when MF Global shut down people lost their cash. You comparing US to SG?

RedsYWNA is correct. MF Global failed, and its account holders recovered fully 100% of their assets at fair market value. This information is easy to find and a matter of historical fact.

Banks in Singapore back(ed) many things, including Hyflux's bonds.




Correct. When DBS Vickers shut down its remisier (offline retail) business last year (2019), it shifted those clients to UOB Kay Hian. When Schwab shut down its retail business in Singapore, it gave account holders advance warning and asked them to move to another brokerage of their choosing before a deadline. Interactive Brokers and TD Ameritrade were common alternatives (as some people in this forum with Schwab Singapore accounts reported), and Firstrade was/is another possibility. Schwab waived all their transfer out charges. Some U.S. persons were able to transfer to Schwab U.S. if they wished. If/when the deadline passed without an account holder taking action, I believe Schwab closed the account and sent the proceeds to the account holder. I doubt that actually happened much, though, since everyone got plenty of warning through multiple channels and didn't have to pay Schwab any fees.

OptionsXpress and E*Trade also had affiliates in Singapore and closed up shop. OptionsXpress was acquired by Schwab, and for some time after the acquisition OptionsXpress kept its own platform. Eventually OptionsXpress account holders became Schwab account holders with the Schwab platform, and Schwab retired the OptionsXpress brand. E*Trade followed the same course as Schwab in pulling out of Singapore.