Interactive Brokers - SGD now available for funding - Part 2

[highsulphur]

“fees” shown as 0 though..

Lucky you

I really dunno why though

 

[reddevil0728]

“fees” shown as 0 though..

seems like you are on tiered pricing?

What ticker is this? all ticker like that?

 

[loackerc]

seems like you are on tiered pricing?

What ticker is this? all ticker like that?

yes on tiered pricing

all tickers like this, us stocks and options. Is there any fees on your us stocks?

 

[reddevil0728]

yes on tiered pricing

all tickers like this, us stocks and options. Is there any fees on your us stocks?

interesting... then like that i wonder if is cause your residency or address you input is not in SG.

there are fees (GST) on commission for both

 

[Arandalo]

https://www.interactivebrokers.com.sg/en/trading/why-ibkr-lite.php

Features​	IBKR Lite​	IBKR Pro​
Commissions:​
US Exchange-Listed Stocks / ETFs​	Commission-free1, 6​	Fixed or Tiered Pricing​
Other Stocks / ETFs​	Fixed Pricing​	Fixed or Tiered Pricing​
Options​	Fixed Pricing​	Fixed or Tiered Pricing​
Futures​	Fixed Pricing​	Fixed or Tiered Pricing​
Currencies​	Tiered Pricing​	Tiered Pricing​
Bonds​	Tiered Pricing​	Tiered Pricing​
Mutual Funds​	Fixed Pricing​	Fixed or Tiered Pricing​
Account Fees:​
Minimum Balance​	USD 0​	USD 0​
Maintenance Fee​	USD 0​	USD 0​
Interest Paid on Instantly Available Cash Balances2​	Benchmark minus 1%​	Benchmark minus 0.5%​
Interest Charged for Margin Loan3​	Begins at Benchmark plus 3%​	Begins at Benchmark plus 2.5%, with lower rates for higher loan values.​
AutoFX Conversion Basis Points​	9 bps​	3 bps​
Eligible Accounts:​	​	​
Singapore Retail Investors4​	​	​
Account Features:​	​	​
Stock Yield Enhancement Program​	​	​
Market Data - US Listed Stock/ETFs​	Complimentary non-consolidated, real time streaming data* for primary exchanges for US Equities and ETFs.​	Complimentary non-consolidated, real time streaming data* for primary exchanges for US Equities and ETFs.​
Market Data - Other Products​	Low-cost data bundles and a la carte subscriptions available.​	Low-cost data bundles and a la carte subscriptions available.​
Outside Regular Trading Hours5​	07:00 - 20:00​	04:00 - 20:00​
Trading Technology:​	​	​
Client Portal​	​	​
IBKR Mobile​	​	​
IBot​	​	​
IBKR Desktop​	​	​
Trader Workstation (TWS)​	​	​
IBKR APIs​	N/A​	​
Algos​	†​	​
Condition Orders & Advanced Order Types​	​	​
Paper Trading​	​	​
Mutual Fund / ETF Replicator​	​	​
Risk NavigatorSM​	​	​

Spoiler: Who is eligible for IBKR Lite at IBKR Singapore?

For IBSG clients, IBKR Lite is currently offered to only direct individual clients only, including both Cash and Margin type accounts. Direct accounts must be natural persons (i.e. cannot be Legal Entity, Org, etc.).

Please Note

• IBSG clients with linked IBLLC accounts, or IBL account segments are not eligible for IBKR Lite

https://www.interactivebrokers.com.sg/lib/cstools/faq/#/content/1009998621

Spoiler: How do I change my account to an IBKR Lite account with IBKR Singapore?

Eligible clients can use the button above or follow the below procedure to switch from IBKR Pro to IBKR Lite (and vice versa):

1. Log in to Client Portal.
2. Click the User menu (head and shoulders icon in the top right corner) followed by Settings.
3. Under Account Settings find the Account Configuration
4. Click IBKR Pricing Plan.
5. The IBKR Pricing Plan screen opens up.
6. Select IBKR Lite or IBKR PRO.
7. Click CONTINUE and follow the prompts on the screen.

If you see an info icon instead of the gear icon then you do not currently qualify for IBKR Lite. Click on the info icon to see the reason for not qualifying.

Please Note

• Any outstanding “Good-til-Cancelled” (GTC) orders will be cancelled when an account is re-classified.

https://www.interactivebrokers.com.sg/lib/cstools/faq/#/content/1009998751

IBKR Lite is now officially available (to select).

 

[0218crawford]

• Margin accounts are ineligible for the IBKR Lite Plan.

got the above error message when trying to change to lite leh.

 

[hwmook]

• Margin accounts are ineligible for the IBKR Lite Plan.

got the above error message when trying to change to lite leh.

Change to cash then lite. Lite account charge higher interest rate for margin so you probably don't want to save a few dollars and get charged higher interest.

 

[Spirax]

https://finance.yahoo.com/news/interactive-brokers-launches-zero-commission-020000901.html

Suspect IBKR Singspore to counter robinhood free trading competition later
https://fintechnews.sg/113455/digitalassets/bitstamp-by-robinhood-singapore/

 

[VEF888]

I have a IBKR US account, and for funding always wired USD via dbs to the account.

Is it possible to remit SGD to the account? IBKR's deposit instruction for SGD provides a Virtual Account Number (VAN) for Citibank NA (local Singapore address), wondering if I can do a fast transfer to that account (with my IBKR/Name in comment section)? as it's more beneficial to transfer SGD to the account and then convert using IBKR to USD, just like IBKR lite SG account.

Thanks.

 

[CrashWire]

I have a IBKR US account, and for funding always wired USD via dbs to the account.

Is it possible to remit SGD to the account? IBKR's deposit instruction for SGD provides a Virtual Account Number (VAN) for Citibank NA (local Singapore address), wondering if I can do a fast transfer to that account (with my IBKR/Name in comment section)? as it's more beneficial to transfer SGD to the account and then convert using IBKR to USD, just like IBKR lite SG account.

I don't see why cannot.

 

[VEF888]

I don't see why cannot.

yes, just wanna hear from those who has done it before.

 

[reddevil0728]

I have a IBKR US account, and for funding always wired USD via dbs to the account.

Is it possible to remit SGD to the account? IBKR's deposit instruction for SGD provides a Virtual Account Number (VAN) for Citibank NA (local Singapore address), wondering if I can do a fast transfer to that account (with my IBKR/Name in comment section)? as it's more beneficial to transfer SGD to the account and then convert using IBKR to USD, just like IBKR lite SG account.

Thanks.

yes, just wanna hear from those who has done it before.

eh this is nothing new leh. it's quite common? what's your concern? in fact the by right way is to transfer sgd to ibkr then convert unless you already have usd somewhere else.

you mean you always convert then transfer???

 

[VEF888]

eh this is nothing new leh. it's quite common? what's your concern? in fact the by right way is to transfer sgd to ibkr then convert unless you already have usd somewhere else.

you mean you always convert then transfer???

having been always using tt to transfer my DBS USD account to IBKR, but this time want to try sending SGD instead.

seems a bit surreal, that you can actually transfer SGD via fast and then Citibank wiring the money to IBKR, all FOC.

 

[reddevil0728]

having been always using tt to transfer my DBS USD account to IBKR, but this time want to try sending SGD instead.

seems a bit surreal, that you can actually transfer SGD via fast and then Citibank wiring the money to IBKR, all FOC.

hmmmm i think people have been doing that since forever? when did you start using IBKR?

 

[crystalnox]

having been always using tt to transfer my DBS USD account to IBKR, but this time want to try sending SGD instead.

seems a bit surreal, that you can actually transfer SGD via fast and then Citibank wiring the money to IBKR, all FOC.

I don't think Citi wires the money to IBKR, it's probably just kept within Citi in IBKR's name.

 

[VEF888]

I don't think Citi wires the money to IBKR, it's probably just kept within Citi in IBKR's name.

ah yes of course since IBKR has a legal entity in Singapore.

 

[reddevil0728]

ah yes of course since IBKR has a legal entity in Singapore.

Even before that already can do the same

 

[highsulphur]

having been always using tt to transfer my DBS USD account to IBKR, but this time want to try sending SGD instead.

seems a bit surreal, that you can actually transfer SGD via fast and then Citibank wiring the money to IBKR, all FOC.

99% of my transfer to ibkr llc was in the sgd to their citi account.

 

[CrashWire]

having been always using tt to transfer my DBS USD account to IBKR, but this time want to try sending SGD instead.

seems a bit surreal, that you can actually transfer SGD via fast and then Citibank wiring the money to IBKR, all FOC.

Wah so you've been letting DBS earn the FX spread all this time?

I think 98% of Singapore IBKR users exchange in IBKR, because it's almost a flat $2 each time.

 

[reddevil0728]

Wah so you've been letting DBS earn the FX spread all this time?

I think 98% of Singapore IBKR users exchange in IBKR, because it's almost a flat $2 each time.

How you know they stats?