Interactive Brokers - SGD now available for funding

[Chiron]

Thanxs, pal

 

[OCBC Bank]

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

Hi Chiron,

Are you referring to transfers between your OCBC accounts? If Yes, the accounts will need to be linked to your internet banking service first. Please send us a secured email after logging in, in order for us to link up your accounts. Thereafter, you'll be able to perform transfers. If you are intending to transfer from other bank's accounts to OCBC, you'll need to log in to that other bank's internet banking instead. Please note that our bank code is 7339, and the branch code is the first 3 digits of your OCBC account number. You can expect to receive the funds in your OCBC account, within 2-3 business days. Hope this helps!


^Dylan
For OCBC Bank

 

[Chiron]

Hi pal, nope, I'm planning to transfer from my ocbc account to IB Citibank Singapore account.

 

[DigitalMan]

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

this is already sufficient. The branch code is not impt. Can be 001, 011 or the private one. Impt is have your user ID as the "comment" so that they can match this to your acct. And also inside interative, u have to inform them of funds coming in.

Edited:
Interactive has added new information for transfer. The branch code "001" has been added.

 

[dao]

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.

Both DBS and Citibank GIRO transfer came in on Monday. DBS came in 2 hours earlier because I didn't state my account# when I did Citibank transfer.

Thus, this will be a typical GIRO transfer from any banks (DBS, OCBC, Citibank, etc) to IB (Citibank NA). It will take 1-2 business day. And there is no transfer fee.

 

[Chiron]

Funds went into IB successfully yesterday. Took 2 working days. No charges. Thanxs for all the guidance.

 

[liuliuwang]

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.

great, thanks for the info !

 

[flantee]

Hi All, I have a newbie question. I read that when I fund it in SGD, the actual money in the account is SGD. So if the USDSGD rate changes, the amount of my account (base currency is USD) changes. My question is this. I think the USD is going to rise soon. How do I change the SGD in my account to USD? Sorry, I mostly trade ETFs so I don't really know. Thanks.

 

[scanchain]

Hi All, I have a newbie question. I read that when I fund it in SGD, the actual money in the account is SGD. So if the USDSGD rate changes, the amount of my account (base currency is USD) changes. My question is this. I think the USD is going to rise soon. How do I change the SGD in my account to USD? Sorry, I mostly trade ETFs so I don't really know. Thanks.

Assuming your base currency is SGD, you will need to buy USD.SGD.

I have a link to the IB video for forex conversion but I do not have sufficient post count to post the link. PM me if you want to get the link.

 

[kent07]

hi, does anyone know how do i view my dividend payouts in IB? i have some shares on the LSE so the dividend payout will be in GBP?

 

[chienwei]

this is already sufficient. The branch code is not impt. Can be 001, 011 or the private one. Impt is have your user ID as the "comment" so that they can match this to your acct. And also inside interative, u have to inform them of funds coming in.

Edited:
Interactive has added new information for transfer. The branch code "001" has been added.

When registering for an IB account, at the "Funding" page, there is only one option for SGD, which is "Wire".
How can I inform IB if I am using internet banking, from DBS?

 

[chienwei]

1) Yes

2) 1 acct several market. The other types of accounts are mainly institutional.

3) U can choose... doesnt matter SG or not. Cost Plus is like 50c per 100 share trade. Flat plus is fixed $x for any type of trade limited at X shares. If u go in and out a few million shares a day maybe flat plus got cost saving.

4) Yep.. spot

5) Not sure my guess is u receive in the native currency. It is then up to u when u want to convert by going thru their FX spot market.

6) Market Data, think $10. Another $10 is for commionsions u didnt use /mth. If u trade up to $5 worth of comms, then u pay only $5, no matter what min $10.. If no cash can hv negative cash ? Then start deduct interest ?

7) ?? dk why the trouble

8) This is a US brokerage qns. better ask them

For question 6, I see in the following link that there is some special connection fee. Anyone knows what is that? and is that an additional cost?

https://www.interactivebrokers.com/en/index.php?f=4969

 

[Shiny Things]

For question 6, I see in the following link that there is some special connection fee. Anyone knows what is that? and is that an additional cost?

https://www.interactivebrokers.com/en/index.php?f=4969

I answered this in your other thread, but the answer is no, you don't need to pay that.

 

[chienwei]

I answered this in your other thread, but the answer is no, you don't need to pay that.

Haha, thanks again.

Btw, would you know about withdrawal fees?
https://www.interactivebrokers.com.hk/en/index.php?f=otherFees&p=withdrawal

"after the first withdrawal of every month..." does this means the first withdrawal is free?

 

[Shiny Things]

"after the first withdrawal of every month..." does this means the first withdrawal is free?

Yep, it's free.

 

[#oliver]

2 questions:

1. How to choose between Cost Plus or Flat Rate commission structure to lower total fees paid?

2. On buy/sell a foreign stock, is there a spread applied on the foreign exchange conversion e.g. SGD/USD? If so, how much is that?

 

[DigitalMan]

2 questions:

1. How to choose between Cost Plus or Flat Rate commission structure to lower total fees paid?

2. On buy/sell a foreign stock, is there a spread applied on the foreign exchange conversion e.g. SGD/USD? If so, how much is that?

1) Default setting is Flat Rate, count by per share basis. If u buy alottttt then Cost Plus might be cheaper. But Cost Plus has other exchange costs as well...

2) Everything is manual done by you. U do your own conversion from SGD->USD, then can buy US stocks using the USD u have. After u sold, it will be remain in USD until u, again, do your own conversion to SGD. U decide your own spread.

 

[kritphine]

Hi all,

Just a quick question for those who trade US market on IB.

Recently I noticed that my order sometimes did not get executed even when my buy order price was higher than highest bid (or vice versa for sell order). This happened several times for stocks with high daily volume and relatively large buy-sell spread.

Anyone experienced this before? It's very very annoying on a good scalping day

 

[Shiny Things]

Hi all,

Just a quick question for those who trade US market on IB.

Recently I noticed that my order sometimes did not get executed even when my buy order price was higher than highest bid (or vice versa for sell order). This happened several times for stocks with high daily volume and relatively large buy-sell spread.

Uh, hang on - if your buy order price is higher than the highest bid, that doesn't necessarily mean you're going to get filled. You're only going to get filled if your buy order is higher than the lowest offer. Was that what you meant to write?

If it is, and your bid was higher than the lowest offer - not just equal to, but higher than - then I think they owe you a fill.

If what you originally wrote was correct, though, then they don't owe you anything: there's a seller and a buyer to every trade. If you've just posted a lonely bid out there, and the offer's one cent higher than your bid, then there's nobody to trade with you so there's no trade.

Side question: are you using smart routing, or did you route to a particular exchange? If you routed to a high-cost exchange like Nasdaq, your order's going to be a lot less attractive (and a lot more prone to adverse selection) than if you routed to an inverse-maker-taker exchange like BYX.

 

[Shiny Things]

2 questions:

1. How to choose between Cost Plus or Flat Rate commission structure to lower total fees paid?

Unless you trade a cartload it doesn't really matter. Flat Rate is basically one cent per share with a $1 minimum; Cost Plus is roughly 0.4 cents per share plus exchange fees (anywhere from -0.01 cents to 0.3 cents).

That applies anywhere up to 300,000 shares a month - so unless you're a hedge fund or a pretty heavily caffeinated scalper, the two are pretty much identical. Above 300k shares a month, cost-plus works out a lot cheaper than flat-rate. (Above 100 million shares a month, you're paying eight one-hundredths of a cent per share plus exchange fees, which is nice work if you can get it.)

2. On buy/sell a foreign stock, is there a spread applied on the foreign exchange conversion e.g. SGD/USD? If so, how much is that?

You'll need to buy the USDSGD yourself first, using an FX trade (which you can do from TWS). The spread is basically exactly the same as interbank, so - probably two or three pips, if you're doing it in Singapore market hours. Maybe even one pip. Hell of a lot better than paying 80 pips at Change Alley, or 200 pips at your friendly local bank.

Pro tip: if you need to exchange your SGD into dollars, do it during the day in Singapore - not while you're sitting up late at night in front of your computer screen punting Pear Computers stock. The spread on USDSGD is a hell of a lot tighter during Singapore hours than it is during NY trading hours.