Anyone use TD Ameritrade?

[Mecisteus]

I spoke to them a few months ago and there is an option to fund the account via internet banking in SGD. However they will be the one performing the conversion to USD.

Not sure if there are any changes now so it may be good if you can send them an email/call them to check.

You didn't ask the most important question.

What is the rate like?

 

[ec_2008]

TD account opening

Hi all, I am going to open an account with TD. Can anyone PM me and share with me the referral code so that we split the USD 88. Is there a min deposit to open an account??

 

[celtosaxon]

I believe you have to send USD to TD. So the conversion happens before your funds hit TDA.

TDA doesn't understand any currency other than USD.

That was true in the beginning. Back then I would wire funds from my US bank which was cheaper.

In recent years I just sent them SGD checks in the mail and let them do the conversion. The account is funded within a few days. Let’s say I send the check on Monday, the money is usually there by Friday or the following Monday. As best I can tell, their exchange rate is within 0.5% of interbank, and seems to have improved with time.

 

[Eneguy]

Hi all, I am going to open an account with TD. Can anyone PM me and share with me the referral code so that we split the USD 88. Is there a min deposit to open an account??

Minimum 3500 USD to get referral bonus. PMed you.

 

[Mulyc4Prez]

Anyone has experienced long waiting time for their account opening?

Also they only accept USD means my local bank must convert? Think UOB charging me crazy conversion to do so (300pip spread?)

Quite keen to set up an account with them to try Their zero Comms.

How would they make enough money to cover overheads and costs ****?!

 

[F1ngolf2012]

Anyone has experienced long waiting time for their account opening?

Also they only accept USD means my local bank must convert? Think UOB charging me crazy conversion to do so (300pip spread?)

Quite keen to set up an account with them to try Their zero Comms.

How would they make enough money to cover overheads and costs ****?!

I understand that they have some preferential rate arrangement with DBS for funding. You may want to explore DBS route. PM me if you need a referral.


How do I fund my account?
Accounts can be funded by DBS/POSB electronic transfer, a cheque deposit, telegraphic transfer (international wire) from your bank, or through an account transfer from another broker. Please visit our funding page for instructions on funding.

 

[moolala]

That was true in the beginning. Back then I would wire funds from my US bank which was cheaper.

In recent years I just sent them SGD checks in the mail and let them do the conversion. The account is funded within a few days. Let’s say I send the check on Monday, the money is usually there by Friday or the following Monday. As best I can tell, their exchange rate is within 0.5% of interbank, and seems to have improved with time.

How did u get a US bank account? Are u US citizen?

If I have usd in my ibkr broker, can I xfer directly to TD? Risky or not because I don't control the account from which it is transferred from

Secondly, how do fellow sinkie trader store their foreign currency in local bank account? I heard got alot of lk fees involved sia

Anyone got recommendation for a bank account just to hold it and or facilitate transaction in US dollars such as online shopping?

 

[F1ngolf2012]

How did u get a US bank account? Are u US citizen?

If I have usd in my ibkr broker, can I xfer directly to TD? Risky or not because I don't control the account from which it is transferred from

Secondly, how do fellow sinkie trader store their foreign currency in local bank account? I heard got alot of lk fees involved sia

Anyone got recommendation for a bank account just to hold it and or facilitate transaction in US dollars such as online shopping?

I funded my account using USD cheque (free of charge) from local banks provided you can wait for at least a week for funding to show up on your TDA account. The last funding I did, the DBS transfer option was not available. If time is an issue, I would use the DBS option and take the exchange spread.

Open a USD checking account with local banks like DBS, UOB, SCB, etc...there is no charge/fee when you meet the minimum USD deposit in your account. Check their website for latest. I've never pay any fee for past few decades. Hope this helps.

 

[Mutate]

I funded my account using USD cheque (free of charge) from local banks provided you can wait for at least a week for funding to show up on your TDA account. The last funding I did, the DBS transfer option was not available. If time is an issue, I would use the DBS option and take the exchange spread.

Open a USD checking account with local banks like DBS, UOB, SCB, etc...there is no charge/fee when you meet the minimum USD deposit in your account. Check their website for latest. I've never pay any fee for past few decades. Hope this helps.

Going by that, if I currently have USD sitting in SCB that means I can fund (transfer to) the TDA account without incurring any extra fees, right?

Looking for a referral too

 

[F1ngolf2012]

Going by that, if I currently have USD sitting in SCB that means I can fund (transfer to) the TDA account without incurring any extra fees, right?

Looking for a referral too

USD TT incurs charges. Use USD cheque (no charge) and drop/post to TDA Singapore office provided you can afford the time.

PMed you on referral too.

 

[celtosaxon]

How did u get a US bank account? Are u US citizen?

You don’t need to be a US citizen to get a US bank account. The bank I used was PNC and they asked: US citizen, US permanent resident or nonresident alien. For nonresident alien, they ask a few extra questions about affiliation with foreign governments or receiving payments from such entities, etc. Do note that these questions were all face to face, in person, during a trip there. They need 2 government issued IDs, one can be a Singapore DL.

But honestly — it is not worth the hassle to do all that. Even though PNC offers free domestic wires, mailing in a check is easier and doesn’t cost anything more. I was using TransferWise to send the money to PNC which incurred a similar loss on exchange rate anyway.

If exchange rate is your concern, I don’t believe you can beat trading the currency yourself directly in the forex market with IBKR. It might be worth exploring whether IBKR to TDA funding is possible. I would guess IBKR LLC should be able to wire, maybe for a $25 fee (typical fee with US brokers), but not totally sure.

 

[moolala]

You don’t need to be a US citizen to get a US bank account. The bank I used was PNC and they asked: US citizen, US permanent resident or nonresident alien. For nonresident alien, they ask a few extra questions about affiliation with foreign governments or receiving payments from such entities, etc. Do note that these questions were all face to face, in person, during a trip there. They need 2 government issued IDs, one can be a Singapore DL.

But honestly — it is not worth the hassle to do all that. Even though PNC offers free domestic wires, mailing in a check is easier and doesn’t cost anything more. I was using TransferWise to send the money to PNC which incurred a similar loss on exchange rate anyway.

If exchange rate is your concern, I don’t believe you can beat trading the currency yourself directly in the forex market with IBKR. It might be worth exploring whether IBKR to TDA funding is possible. I would guess IBKR LLC should be able to wire, maybe for a $25 fee (typical fee with US brokers), but not totally sure.

Ah, so you still need a trip to the US, and not to a branch in sg like citigroup?

yes, can wire direct to TD account but im afraid its hard for them to know its me if money is lost somewhere

 

[F1ngolf2012]

Ah, so you still need a trip to the US, and not to a branch in sg like citigroup?

yes, can wire direct to TD account but im afraid its hard for them to know its me if money is lost somewhere

TDA accepts transfers from other brokers. I believe they are quite strict on the funding coming from person who is the TDA account owner i.e. not third party funding. Do note that for withdrawal from TDA account, I was told that the fund needs to go back to the account which funded it.

 

[moolala]

TDA accepts transfers from other brokers. I believe they are quite strict on the funding coming from person who is the TDA account owner i.e. not third party funding. Do note that for withdrawal from TDA account, I was told that the fund needs to go back to the account which funded it.

yeah its too risky, esp that last point

think i will just eat the tt charges, more exp but piece of mind

 

[jasvonvios]

Want to setup an account, please PM me Yr referral code to split bonus.

 

[celtosaxon]

yes, can wire direct to TD account but im afraid its hard for them to know its me if money is lost somewhere

First time you wire from an account they don’t recognize, they requested proof that the account belongs to you - copy of bank statement will do. Once they have that on file, subsequent wires flow through instantly.

 

[moolala]

First time you wire from an account they don’t recognize, they requested proof that the account belongs to you - copy of bank statement will do. Once they have that on file, subsequent wires flow through instantly.

which means this method of transferring direct from IBKR to TD is not workable

i think better not risk, better to eat the TT charges and then go scalp back the money from market

 

[calhanzel]

Hi, looking to open an account with TDA. Anyone interested in splitting the referral bonus (50:50)? Pm me thanks.

 

[Eneguy]

Want to setup an account, please PM me Yr referral code to split bonus.

Hi, looking to open an account with TDA. Anyone interested in splitting the referral bonus (50:50)? Pm me thanks.

Pmed both of you

 

[F1ngolf2012]

which means this method of transferring direct from IBKR to TD is not workable

i think better not risk, better to eat the TT charges and then go scalp back the money from market

Wonder why do you say it is not workable if you are also the account owner of IBKR? My main issue is more with when I need to make withdrawal later whether they have flexibility for me to direct the fund to another bank account.