Interactive Brokers - SGD now available for funding

[kent07]

can i get some help from seasoned interactive brokers forumers? have recently wired funds to my IB cash account but am problems converting SGD into my desired currency, ie GBP. how to i go about doing so?

 

[Shiny Things]

can i get some help from seasoned interactive brokers forumers? have recently wired funds to my IB cash account but am problems converting SGD into my desired currency, ie GBP. how to i go about doing so?

You just need to do an FX trade - buying GBPSGD in whatever amount of SGD - and change the destination from IDEALPRO to FXCONV before you trade.

 

[milkaa]

It seems IB has changed this. When I chose my market data subscription, there is one "US bundle" data which costs 10$ per month and will be waived if monthly bro >30usd.

So total cost per month is USD20 if I trade less than 10 transactions a month?

Thanks!

 

[lipo99]

How long does it take to activate the ib account

 

[kent07]

You just need to do an FX trade - buying GBPSGD in whatever amount of SGD - and change the destination from IDEALPRO to FXCONV before you trade.

i checked with IB and they said there is no FX pairing of SGD/GBP, so i will need to convert SGD to some other currency and then convert that to GBP, is that right?

 

[Andrefre]

How long does it take to approve account?

Can someone advice on whether you should wait for your account to be approved before sending them the money? I read that if you send them money before account approval, the money is "frozen" until your account is active.

Q: how long does it take for account approval from "Application Review Pending"?

Q: Should I send them the $13k now?

P.S. In addition, I called and they said that "Singapore residents" can't trade SGX stocks on IB, not "Singaporeans". If you live or work overseas...
Thank you!

 

[iammole]

Update:
I did the above transfer on last Friday, Aug 23.
IB received on Aug 26, Monday.
I received a msg from IB.
After log into TWS, click Account button, I can see the Cash SGD 10$.

so, it is good.

but I am wondering if I want to "withdraw" money from IB in the future, will Citibank use this so-called "interbank transfer", which is free, or, it will use TT, which DBS will charge 10$ for incoming fund.

also interested in this qns... now that IB has a Spore-based bank acct, whether when u withdraw from IB, the transaction is done using TT or interbank giro (i.e FOC) method.

can pros confirm, since now IB is using a Spore-based bank, this means that I can use any other banks to do a interbank giro to IB correct? (this is also depends on how IB returns the money back to us... the charges among the banks)

 

[liuliuwang]

How long does it take to activate the ib account

After I finished the online application, it approved within 2 days. Then, I used DBS online bank to transfer money to IB Citibank account. I did 3 times, 5000SGD each time(since this is free of charge anyway). The money was credited in my IB account within 2 working days after each transfer.

After that, I started trading.

 

[liuliuwang]

i checked with IB and they said there is no FX pairing of SGD/GBP, so i will need to convert SGD to some other currency and then convert that to GBP, is that right?

I think so.

I trade HSI future, so I need to convert SGD into HKD. And I have to do two trades in TWS:

1. Buy USD.SGD
2. Sell USD.HKD

 

[iammole]

Yes, they charge it, I have been paying this $10 per month for 2-3 years with out any trading, I started trading last month, for over $30 commission, so the $10 is waived and also the $10 US market data fee also waived.

I just signed up. The "US bundle" data is chargable if u don't hit the $30 comm per mth. But if u don't tick/subscribe it, it won't be charged to you.

 

[fujitsu555]

I just signed up. The "US bundle" data is chargable if u don't hit the $30 comm per mth. But if u don't tick/subscribe it, it won't be charged to you.

Hi! So can you see the bid/sell price, real time or lagged, when you want to trade a counter?

 

[iammole]

Hi! So can you see the bid/sell price, real time or lagged, when you want to trade a counter?

haven't logged in yet. During signup, u can choose between "realtime data" (mentioned chargable, didn't say how much) and "delayed" (FOC, delayed by at least 20mins).

 

[dao]

Update:
I did the above transfer on last Friday, Aug 23.
IB received on Aug 26, Monday.
I received a msg from IB.
After log into TWS, click Account button, I can see the Cash SGD 10$.

so, it is good.

but I am wondering if I want to "withdraw" money from IB in the future, will Citibank use this so-called "interbank transfer", which is free, or, it will use TT, which DBS will charge 10$ for incoming fund.

Thanks for sharing. I did the same transfer using DBS on today, Friday 10+am. And I also did the transfer using Citibank on the same day, same time. I want to see which one will arrive faster.

The last time I did USD transfer from Citibank, it just takes a few hours. But I incurred a TT charge.

This time I did a SGD transfer from Citibank. I cannot setup using pay Other Citibank Account. Got an error during setup. Need to use by Electronic Transfer (Giro/MEPs). If use 'Pay Other Citibank Account', the transfer will be immediate.

Let's see whether DBS or Citibank will reach IB first. Since both are using Giro, my bet is they will be about the same. I will update back.

 

[Yowzer]

I just signed up. The "US bundle" data is chargable if u don't hit the $30 comm per mth. But if u don't tick/subscribe it, it won't be charged to you.

So there will still be at least a minimum of $10 charged monthly which is the account activity fee. This fee is waived only upon hitting a minimum no. of trades?

 

[Shiny Things]

So there will still be at least a minimum of $10 charged monthly which is the account activity fee. This fee is waived only upon hitting a minimum no. of trades?

Yep, that's right, though it's a minimum commission amount ($10/mo), not a minimum number of trades.

 

[scanchain]

Earlier someone asked about withdrawing money from IB. I tried it and was able to withdraw to DBS bank in SGD. The best part is there is no fee at all (none at IB, none at DBS). This is because IB allows the first withdrawal in a month for free; subsequent withdrawals will cost S$15.

 

[Chiron]

Opened an IB account recently, and after reding through this thread and the IB help site, still blur about the transfer. My bank is OCBC. OCBC can internet transfer the fund into my IB account? How to go about doing it? Thanxs

 

[scanchain]

Opened an IB account recently, and after reding through this thread and the IB help site, still blur about the transfer. My bank is OCBC. OCBC can internet transfer the fund into my IB account? How to go about doing it? Thanxs

Not sure about OCBC. But for DBS, you basically just add a new payee

Payee bank = Citibank NA
Payee account number = 0850832021
My initials = nnnnnnnn

where nnnnnnnn is my account number at IB.

 

[Chiron]

Thanxs. Tried this morning. Added into my payee bank. The branch I use 001. Some use private, any diff? Will try the fund transfer tonight

 

[scanchain]

Thanxs. Tried this morning. Added into my payee bank. The branch I use 001. Some use private, any diff? Will try the fund transfer tonight

I think the branch does not matter. The branch in mine ended up as "CAPITAL SQUARE ICG(001)".