Interactive Brokers - SGD now available for funding - Part 2

[reddevil0728]

Re fx rate
Am not sure thus am asking

Still not clear what you asking.

Can you give an example?

Yes, am asking charges/ fees on the fund/ ibkr. Am aware that all funds have fees imposed by fund managers, and that is separate from platform fees. Thanks for clarifying.

Fund fees, platform fees, and commission/transaction fees are separate thing.

what are you referring to?

 

[HoGnix]

Bought a HK stock today, but I only have US$ in my account (margin).
Do I need to convert US$ to HK$ today to cover the shortfall of HK$?
If I did not convert, Ibkr will auto convert US$ to HK$ for me or my account will have negative HK$ balance and interest will be charged?

 

[reddevil0728]

Other than 0.22% pa fees that pertains to the fund. Can I assume there is no other fees that I will need go consider before the purchase of the fund, for example, fees to pay to ibkr for using its platform.

The 0.22% is not a fee that you will see and something you should bother. At least not when choosing the broker.

It’s only something to compare if you are deciding which world index fund to buy.

you need to be aware of the commission IBKR charges for purchasing such funds

Ibkr has the best fx rates or which trading platform will you recommend ?

It’s probably as close to spot rate as you can get.

but you shouldn’t assess the broker purely based on this one dimension

 

[Eternit]

I've been DCA-ing into VWRA via RSP, now wanna do a one time manual purchase due to low price. I got this message below after clicking buy order, anything of concern?

 

[reddevil0728]

Mmm
I dun think u are replying my question.

I have already decided to purchase vwra, and am not considering any other etf. I am checking specific to this etf, vwra, in totality, what fees will I be paying, other than 0.22% which I know I have to pay if I am choosing this fund.

yes, i'm replying to your question nuance.

it's just that you aren't noting the nuance I am providing you with.

Let me try again now that you have confirmed you have decided on VWRA.

in that case you don't have to care about the 0.22%. because it's something that you wouldn't notice and you wouldn't see. because it's baked into the price of the ETF. you wouldn't see it as a separate line item.

Hence doesn't matter which broker you buy VWRA with, it will be the same.

So it is the fees of the broker that you care about hence you need to look at the commission.

the commission for IBKR for the purchase of vwra can be found here...

the reason why I mentioned this specific platform, ibkr, is because I read that this platform has the best rates, lowest rates or no rate, be it platform fees or from the exchange rates perspectives.

thanks for ur contribution.

no platform fees for vwra. but got commission.

then for exchange rates. as close to spot rate as you can get, but got commission for changing FX.

see here...

 

[sibeiTrolled]

I've been DCA-ing into VWRA via RSP, now wanna do a one time manual purchase due to low price. I got this message below after clicking buy order, anything of concern?

Likely a generic message

I think it is because data isn't live (there is a delay). Also did you set a limit when you are trying to buy?

 

[reddevil0728]

I've been DCA-ing into VWRA via RSP, now wanna do a one time manual purchase due to low price. I got this message below after clicking buy order, anything of concern?

nope. just telling u, u buying without live market data

 

[Eternit]

Hi guys, first time withdrawing some cash from IBKR account. Few questions:

1. Is it just me or is IBKR only offering wire transfer option? Anyone knows why don't they offer other options?

2. For wire transfer (only option available to me), I have to fill in all my bank details again. Don't they already have this detail when I deposit money? Why don't they have an option to withdraw to the same bank I used when depositing money? (or maybe I didn't find this option?)

3. So I filled in the withdraw bank info, and searched for "DBS" and it came out all the branches in SG I then used SWIFT code DBSSSGSG and IBKR assigned it to the Marina Bay branch (7171001), I guess this doesn't matter? Because I read from DBS website that you don't have to enter a branch code when receiving funds. My account number start with 120 so I guess my branch code should be 7171120...

 

[reddevil0728]

Hi guys, first time withdrawing some cash from IBKR account. Few questions:

1. Is it just me or is IBKR only offering wire transfer option? Anyone knows why don't they offer other options?

I supposed your account is with the SG entity and you are withdrawing SGD. yes there is only one.

will be good if you can send in a query and ask why they don’t offer more options and share with us their reply. TIA!

2. For wire transfer (only option available to me), I have to fill in all my bank details again. Don't they already have this detail when I deposit money? Why don't they have an option to withdraw to the same bank I used when depositing money? (or maybe I didn't find this option?)

Different thing.

will be good if you can send them a query to ask and share with us their reply. TIA!

3. So I filled in the withdraw bank info, and searched for "DBS" and it came out all the branches in SG I then used SWIFT code DBSSSGSG and IBKR assigned it to the Marina Bay branch (7171001), I guess this doesn't matter? Because I read from DBS website that you don't have to enter a branch code when receiving funds. My account number start with 120 so I guess my branch code should be 7171120...

Just follow what’s on DBS website.

 

[stanlawj]

Hi guys, first time withdrawing some cash from IBKR account. Few questions:

1. Is it just me or is IBKR only offering wire transfer option? Anyone knows why don't they offer other options?

2. For wire transfer (only option available to me), I have to fill in all my bank details again. Don't they already have this detail when I deposit money? Why don't they have an option to withdraw to the same bank I used when depositing money? (or maybe I didn't find this option?)

3. So I filled in the withdraw bank info, and searched for "DBS" and it came out all the branches in SG I then used SWIFT code DBSSSGSG and IBKR assigned it to the Marina Bay branch (7171001), I guess this doesn't matter? Because I read from DBS website that you don't have to enter a branch code when receiving funds. My account number start with 120 so I guess my branch code should be 7171120...

Wire transfer for SGD option means local interbank transfer for SG context.

 

[highsulphur]

Anyone here has moved from ibkr llc to ibkr sg?

I don't see many benefits of having a LLC account over sg account now

 

[singaporean11]

Anyone here has moved from ibkr llc to ibkr sg?

I don't see many benefits of having a LLC account over sg account now

IBKR LLC has FDIC insurance.
IBKR SG has FDIC insurance?

And anybody using IBKR to buy/sell HK/China stocks and custody of HK/China stocks, you may want to beware of the risk that when US President Trump scales up his war with China, nobody knows whether he will order all US companies and Banks and Brokers (of which IBKR is one, regarding of IBKR LLC or IBKR SG) to freeze all trade/transactions of HK/China stocks!

Nothing is not possible under Trump with his United States Secretary of the Treasury had also warned that US still have many "nuclear trade weapons" under their sleeves!

 

[reddevil0728]

Anyone here has moved from ibkr llc to ibkr sg?

I don't see many benefits of having a LLC account over sg account now

SIPC protection?

Access to more currency wallets?

 

[reddevil0728]

Hi all, im thinking to diversify from just relying on IBKR for foreign stocks.

Is Tiger broker a good comparable broker to IBKR? The margin interest seems similar to IBKR and has paynow but got gst, higher commission charge and lousier fx rate. These are so far I can tell the differences.

wouldn't it be more logical to ask in the threads of the respective brokers?

 

[reddevil0728]

IBKR LLC has FDIC insurance.
IBKR SG has FDIC insurance?

don't think so.

And anybody using IBKR to buy/sell HK/China stocks and custody of HK/China stocks, you may want to beware of the risk that when US President Trump scales up his war with China, nobody knows whether he will order all US companies and Banks and Brokers (of which IBKR is one, regarding of IBKR LLC or IBKR SG) to freeze all trade/transactions of HK/China stocks!

Nothing is not possible under Trump with his United States Secretary of the Treasury had also warned that US still have many "nuclear trade weapons" under their sleeves!

definitely possible.

 

[highsulphur]

SIPC protection?

Access to more currency wallets?

SIPC insurance isn't a lot at 500k

 

[reddevil0728]

SIPC insurance isn't a lot at 500k

but more than 0 for IBKR SG right

 

[razoreigns]

If Singapore introduce estate duties or wealth taxes, having IBkR SG might be a disadvantage

 

[reddevil0728]

If Singapore introduce estate duties or wealth taxes, having IBkR SG might be a disadvantage

hmmm how so? why is it more disadvantageous than having IBKR LLC?

 

[singaporean11]

If Singapore introduce estate duties or wealth taxes, having IBkR SG might be a disadvantage

Is holding cash in IBKR SG subject to US estate duty?
IBKR SG has no insurance for all the cash and stocks/bonds held under its custody right?