Interactive Brokers - SGD now available for funding - Part 2

[Arandalo]

Hmmm have you actually tested it yourself?

Do you have an example of a counter you frequently trade?

I trust the sources that have did the calculations. But just to proof it as well I changed my pricing plan from fixed to tiered to gather the commission and fees.

Fixed pricing plan:

Tiered pricing plan:

 

[Arandalo]

Has to be the same

Apparently not because more fees are incurred when selling mainly due to SEC Transaction Fee. It is noticeable only when the value of the trade is larger and applies to both tiered and fixed pricing plan.

More details in this post:
https://forums.hardwarezone.com.sg/...ble-for-funding-part-2.6411054/post-156199485

 

[highsulphur]

Apparently not because more fees are incurred when selling mainly due to SEC Transaction Fee. It is noticeable only when the value of the trade is larger and applies to both tiered and fixed pricing plan.

More details in this post:
https://forums.hardwarezone.com.sg/...ble-for-funding-part-2.6411054/post-156199485

OK. I don't trade US counters. Just lse stocks. Didn't know about the difference

 

[mousepad_88]

I know that I can see the performance of my portfolio under portfolio analyst report however may I know how do I check what is my forex adjusted return of my portfolio as my base currency is in USD? Basically ,I will like to know if converted back to SGD, what is my portfolio performance like .

Anyone know?

 

[reddevil0728]

Anyone know?

nobody replied maybe dunno? you didn't concurrently go ask IBKR support like what the user above did?

 

[Arandalo]

Anyone know?

I just set my base currency to SGD so whenever I look at my net liquidation value (NAV) it already factors in forex in real time. Otherwise just look at your returns in USD then multiply by the forex rate to see current returns in SGD?

 

[Mecisteus]

Anyone slapped with the following transaction fees recently ?

Basically if you sell USD$10k worth of lets say NVDA shares, there is a 24% tax on the $10k ??? wtf

US Tax Withheld @ 24% on Trade Proceeds

 

[Mecisteus]

Chatted with their CSO. She said probably related to tax. She is raising my issue.

Quite shocking for my nearly 10 years old account. Good thing I checked the statement.

 

[sglandscape]

Anyone slapped with the following transaction fees recently ?

Basically if you sell USD$10k worth of lets say NVDA shares, there is a 24% tax on the $10k ??? wtf

US Tax Withheld @ 24% on Trade Proceeds

This does not seems right. Did you update your tax residency at least yearly?

 

[sglandscape]

Anyone slapped with the following transaction fees recently ?

Basically if you sell USD$10k worth of lets say NVDA shares, there is a 24% tax on the $10k ??? wtf

US Tax Withheld @ 24% on Trade Proceeds

This does not seems right. Did you update your tax residency at least yearly?

 

[x_men_naruto96]

Anyone slapped with the following transaction fees recently ?

Basically if you sell USD$10k worth of lets say NVDA shares, there is a 24% tax on the $10k ??? wtf

US Tax Withheld @ 24% on Trade Proceeds

Based on quick gg search, this should I apply for US citizen and resident alien only. Non-resident should not be leh

 

[Mecisteus]

This does not seems right. Did you update your tax residency at least yearly?

I don't see any notification from IBKR.

I believe should be status quo as I have been with IBKR since 2014.

Based on quick gg search, this should I apply for US citizen and resident alien only. Non-resident should not be leh

Yeah I guess so.

It was shocking at first.

 

[highsulphur]

I don't see any notification from IBKR.

I believe should be status quo as I have been with IBKR since 2014.


Yeah I guess so.

It was shocking at first.

Did you find out the reason?

 

[Mecisteus]

Did you find out the reason?

IBKR still hasn't send me an update.

 

[jinsatkilife]

I don't see any notification from IBKR.

I believe should be status quo as I have been with IBKR since 2014.


Yeah I guess so.

It was shocking at first.

ur a US citizen or resident alien or working in US?

 

[Naqsaq]

Finding mixed information on automatic currency conversions on cash accounts. Did my first manual monthly purchase without converting SGD to USD manually first, and everything went smoothly, except for:

1. a notification "..IBKR executed a currency conversion in your account either because a negative cash position is not allowed in this account type or the negative cash position was caused by a recurring investment trade."
2. an "Adjustment" transaction of ~-$22 labeled as "FX Translations P&L" about a week after the purchase.

What's the current correct/cheapes way to do this? Recurring investment doesn't really work for me as my monthly amount is rarely constant.

EDIT: margin account -> cash account

 

[reddevil0728]

Finding mixed information on automatic currency conversions on cash accounts. Did my first manual monthly purchase without converting SGD to USD manually first, and everything went smoothly, except for:

1. a notification "..IBKR executed a currency conversion in your account either because a negative cash position is not allowed in this account type or the negative cash position was caused by a recurring investment trade."
2. an "Adjustment" transaction of ~-$22 labeled as "FX Translations P&L" about a week after the purchase.

What's the current correct/cheapes way to do this? Recurring investment doesn't really work for me as my monthly amount is rarely constant.

EDIT: margin account -> cash account

the FX translations P&L is just some accounting measure. not an actual charge

 

[thretiredDad]

can check how to update signature?

 

[reddevil0728]

can check how to update signature?

You mean the type written kinda I thought is follow name?

 

[highsulphur]

You mean the type written kinda I thought is follow name?

I have never seen IBKR asking for signature sample