TD Amertitrade Funding options?

[NCC_sux]

Hi guys,

Anyone using TD Ameritrade can tell me what are the low cost methods to fund the account?

I have heard of DBS Remit.

But can we use companies like InstaRem, Transferwise or CYS Remit?

Thanks in advance.

 

[Knightoftheblackrose]

I am using this trick I learnt from another thread on this Forum.

You simply write a CIMB USD cheque and deposit it into your TD AMERITRADE account , by post .

Details below .

TD AMERITRADE has a local Singapore office that accepts incoming USD cheques to fund your account . No incoming charges .

All you have to do is to open a CIMB USD Current Account .
CIMB will provide you with free USD cheque books .
You only have to maintain a minimum balance of USD 1K to avoid any bank charges .

TD AMERITRADE has instructions on their website on how to deposit funds .

As for withdrawal, TD AMERITRADE Charges USD 25 to do a TT back into your CIMB USD account .

CIMB has free incoming TT to handle the funds.

SUMMARY
1. Funding cost = FREE
2. Withdrawal cost = USD 25 each time

 

[littleredboy]

I compared both DBS remit and SGD cheque.
DBS remit, although no fees, the exchange rate is really really sibeiiiii jialat...The process takes around 1-2 business days (US timing)
Then I used SGD cheque and fund into TD Singapore account. They use their own bank, JPmorgan chase exchange rate = 1.36 back then. (around 4-5 business days US timing.)

For emergency, DBS remit is still more worth it compared to other banks.
If you can wait and no USD account, any banks' SGD cheque to TDA is perfectly ok.

Don't bother using Transferwise, instarem etc. They are only for personal to personal use, not for remit to brokers. TDA will reject the funds and it will bounce back to you. You may incur transactional fees to transferwise, instarem etc. I know, I paid the school fees to test.

I have not tried CIMB funding, but if you fund in SGD to USD account, try check the exchange rate anyway. But yeah CIMB inbound is free.

 

[NCC_sux]

I am using this trick I learnt from another thread on this Forum.

You simply write a CIMB USD cheque and deposit it into your TD AMERITRADE account , by post .

Details below .

TD AMERITRADE has a local Singapore office that accepts incoming USD cheques to fund your account . No incoming charges .

All you have to do is to open a CIMB USD Current Account .
CIMB will provide you with free USD cheque books .
You only have to maintain a minimum balance of USD 1K to avoid any bank charges .

TD AMERITRADE has instructions on their website on how to deposit funds .

As for withdrawal, TD AMERITRADE Charges USD 25 to do a TT back into your CIMB USD account .

CIMB has free incoming TT to handle the funds.

SUMMARY
1. Funding cost = FREE
2. Withdrawal cost = USD 25 each time

Hey thanks!

Just to check, how do you convert your SGD to USD? Do you do a bank transfer to CIMB?

I compared both DBS remit and SGD cheque.
DBS remit, although no fees, the exchange rate is really really sibeiiiii jialat...The process takes around 1-2 business days (US timing)
Then I used SGD cheque and fund into TD Singapore account. They use their own bank, JPmorgan chase exchange rate = 1.36 back then. (around 4-5 business days US timing.)

For emergency, DBS remit is still more worth it compared to other banks.
If you can wait and no USD account, any banks' SGD cheque to TDA is perfectly ok.

Don't bother using Transferwise, instarem etc. They are only for personal to personal use, not for remit to brokers. TDA will reject the funds and it will bounce back to you. You may incur transactional fees to transferwise, instarem etc. I know, I paid the school fees to test.

I have not tried CIMB funding, but if you fund in SGD to USD account, try check the exchange rate anyway. But yeah CIMB inbound is free.

Ah, so DBS remit is better than other banks but still worse than cheque.

Yea, I checked with TDA that they will reject fund transfers to the brokerage account, however, it seems like Transferwise can receive funds from the TDA though, but it is free. But if we are using CIMB

The only thing I realise for wire is that the account crediting is about 1-2 business days which is faster than cheque, but whether or not it is worth the fees is another questions.

Argh, why doesn't TDA have a local bank account that we could transfer funds to? Like Oanda or IB.

 

[Knightoftheblackrose]

Hi !

I have other CIMB SGD savings accounts that I used for conversion over to USD.

If you use their CIMB SGD star saver account for the conversion, CIMB will not charge you for any admin fees .
So this takes care of the FREE Admin fees side of the conversion.

Next question you might have is, what is the way to minimise exchange rate conversion fees ?

If you exchange at least 20k of USD funds with CIMB, you can use the method described below.

For my initial conversion from SGD to USD, I made a personal trip down to talk to the Branch Manager in their Orchard Road Branch at Knightsbridge, and asked for a special preferential rate .
CIMB maintains a standard Board Rate for conversion.

Here’s the special rate I got, for your comparison.
We use the Oanda Interbank rate for comparison , at the time specific to my conversion.

1. Oanda Interbank Rate = 1.3517
2. CIMB Board Rate = 1.3676
3. CIMB Preferential Rate = 1.3596.

Please note that you have to go down personally to get this rate .

Requests by Telephone calls will not be entertained .

Cheers !

Hey thanks!

Just to check, how do you convert your SGD to USD? Do you do a bank transfer to CIMB?

 

[NCC_sux]

Hi !

I have other CIMB SGD savings accounts that I used for conversion over to USD.

If you use their CIMB SGD star saver account for the conversion, CIMB will not charge you for any admin fees .
So this takes care of the FREE Admin fees side of the conversion.

Next question you might have is, what is the way to minimise exchange rate conversion fees ?

If you exchange at least 20k of USD funds with CIMB, you can use the method described below.

For my initial conversion from SGD to USD, I made a personal trip down to talk to the Branch Manager in their Orchard Road Branch at Knightsbridge, and asked for a special preferential rate .
CIMB maintains a standard Board Rate for conversion.

Here’s the special rate I got, for your comparison.
We use the Oanda Interbank rate for comparison , at the time specific to my conversion.

1. Oanda Interbank Rate = 1.3517
2. CIMB Board Rate = 1.3676
3. CIMB Preferential Rate = 1.3596.

Please note that you have to go down personally to get this rate .

Requests by Telephone calls will not be entertained .

Cheers !

Thanks! I'll ask CIMB if the FastSaver has admin fee waivers.

I'll see if I have enough funds because if I really wanna save on FX I could go thru FSMOne, but the platform is really terrible and the comms is via a % versus TDA/Charles Schwab.

Plus I'm juggling funds between SG, HK and US.

Else, I'll have to stick with DBS Remit.

 

[Knightoftheblackrose]

Hi,

I can confirm that the fastsaver account will attract admin charges .

I have both the CIMB Fast saver and the CIMB Smartsaver bank accounts.
Like most people , I kept most of my spare excess funds in the fast saver account to earn the 1% interest rate .

Initially I wanted to use my funds from the Fastsaver account .
However, the counter staff advised me to effect the SGD to USD conversion from my Smart saver account instead, in order to avoid admin charges .

So I did a transfer using the CIMB phone app in front of her on the spot.

Thanks! I'll ask CIMB if the FastSaver has admin fee waivers.

I'll see if I have enough funds because if I really wanna save on FX I could go thru FSMOne, but the platform is really terrible and the comms is via a % versus TDA/Charles Schwab.

Plus I'm juggling funds between SG, HK and US.

Else, I'll have to stick with DBS Remit.

 

[NCC_sux]

Hi,

I can confirm that the fastsaver account will attract admin charges .

I have both the CIMB Fast saver and the CIMB Smartsaver bank accounts.
Like most people , I kept most of my spare excess funds in the fast saver account to earn the 1% interest rate .

Initially I wanted to use my funds from the Fastsaver account .
However, the counter staff advised me to effect the SGD to USD conversion from my Smart saver account instead, in order to avoid admin charges .

So I did a transfer using the CIMB phone app in front of her on the spot.

Wah thanks man for the info!

 

[vineetrvce]

Did you try to convert SGD to USD via Instarem or others to CIMB USD Current account?

Cheers!