🔴Learn more about Interactive Brokers: www.interactivebrokers.com/mkt/?src=zietPY2&url=%2Fen%2Fwhyib%2Foverview.php%3Fnored%3Dt By just clicking the above link, you will be able to support my channel without any cost to you! Thank you so much! 🔵𝗚𝗲𝘁 𝗙𝗥𝗘𝗘 𝗧𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝘄𝗶𝘁𝗵 𝗪𝗶𝘀𝗲 (𝘂𝗽 𝘁𝗼 𝗥𝗠 𝟮,𝟱𝟬𝟬) ➡ wise.com/invite/u/weif84 If you are having issues converting your currency, try changing your base currency in your account settings (IBKR web portal). When you convert your currency, the fee taken by IBKR will be denominated in your base currency.
What about withdrawing USD from broker account back to MYR in msia banks? Do you have suggestions on how we can save on the currency exchange fees, thanks in advance
@@alexisfreestyle Check out this video for USD withdrawal back to MYR: th-cam.com/video/6TJcJuvnP5c/w-d-xo.html The only way to save on currency exchange fees is to setup a CIMB SG bank account and local transfer from IBKR for free: th-cam.com/video/iewPJW2VFvk/w-d-xo.html Then from SGD just pull it back to MYR with Wise
Good job Ziet! Managed to open up my CIMB SG and deposited into IBKR using your step by step video. Keep up the good work Ziet. Looking forward to see more videos from you!!
Hi habib, apologies as I missed that part, i have covered it on my instagram story from time to time but feel free to DM me again anytime if you need any help! I might reconsider doing an update on the cimb sg video in the middle of next year 😁
Hi Ziet , Firstly i appreciate your effort for replying to every single comment and i actually in love with your content , My question is it important to open a malaysian bank account ?! or i can use wise directly using my bank !
I know Wise to IBKR works but I wouldn't recommend it due to the risk of Anti Money Laundering compliance investigation that IBKR may launch from time to time. Lowyat forumers have reported they've been investigated before, so I'd avoid for the peace of mind!😊
Ziet, really like your no nonsense video...straight to the point. I m planning to DCA-ing on CSPX (1-2units monthly). Hence does it mean i need to repeat all these steps to fund my IBKR monthly ? Do u have any suggestion on advice for simplification or I have no choice but to do it monthly as per your step-by-step? Thanks
Hi Leonard, thank you very much for your nice words! Re your question, if your plan is to fund it monthly, then yes you have to repeat the steps but once you do it once or twice, you will be able to do it even without this video (its actually pretty simple and can be done in under 10 minutes hehe) There are no other simplified method (except for the other funding option like Wise-ACH transfer which I've also covered before) - but I would strongly recommend this method as the best for Malaysians/Singaporeans. Let me know if you have anymore questions!
@@ZietInvests Correct me if I am wrong, but you are saying CIMB SG + Wise is being recommended compared to WISE-ACH ? I thought its easier using WISE-ACH and cheaper too ?..
Hi Ziet. First of all, i love your content! Im currently setting up my IBKR account by following your step by step guidance. I have a question, if i may ask for your advise, if i use only client portal on web browser to trade, do i need to subscribe to market data? Or i can simply trade without subscribing to market data? Thanks in advance!
Hi Zulhusni! You don't need to subscribe to market data at all (I'm am investor with IBKR for almost a year now and I've always depended on external sources for near to real-time data, such as Google Finance, Marketwatch, investing.com, Yahoo Finance). You can refer to this video too: th-cam.com/video/Ss43qRx70ic/w-d-xo.html That aside, I have a video (IBKR Web Portal tutorial) addressing this too next Friday, so stay tuned! Hope this helps!
Hi Ziet! I always look forward to your videos and I'm an early investor. I know you have shared quit a few videos already about funding an IBKR account. But can I still ask what will be the cheapest method? I have both a Singapore DBS account and a Wise multi currency account (I am Malaysian btw). Should I directly transfer money from my DBS account to IBKR or should I transfer from DBS to Wise to IBKR? Just wanted to get your thoughts. Thank you so much!!!
Can bind between IBKR with Wise ACH. Deposit fund can use Malaysia local bank, so I think the process could be more cheaper and efficient like this : Any MY bank -> Wise USD -> IBKR USD via ACH. Not sure how much we can save here.
Thanks Ziet for you detail guide and very well explained . Hopefully can have an episode talking about dividend part , is it like direct credit nett in our TradeStation ? And WHT part as well thanks and stay safe
Hi Sy, I do have a video talking about dividend WHT here: th-cam.com/video/VIM1fczQdAE/w-d-xo.html Your dividend will be credited into your IBKR account, less of the withholding tax, in cash.
@@SyLeowMy CIMB SG is a bank account thou. You might want to wait for my friday video this week, im introducing a good SG broker that can be funded with CIMB SG!
Thanks Ziet! Very informative. On the WISE transfer, is it ok to put the purpose as Saving since this is for investment? Also the limit in WISE is RM30K per transaction. If want to transfer RM50K, so we need to split into 2 (RM30K + RM20K) and in 2 different days? Any limit to do so on the same day? By the way, I heard from a friend that sometime he will get a call from bnm or other authority to check on the transfer. Do you face it before? Not sure whether it is a scam :P
Hi Ron, "Savings" should be fine since you are transferring to another savings account in singapore. And yes, the limit for WISE is RM 30k/day, i believe you need to do it another day for additional transaction, else you can also use other services like BigPay (RM 10k), InstaReM, Sunway Money etc. So far I have not been investigated by any authority, just make sure to keep your transaction slip and if you have nothing to hide, there shouldn't be anything to worry about (its a legit transfer to my own CIMB SG account which is also tracked by the malaysian government what)
Hi Ziet, thanks for sharing such awesome content! It's all clear and concise. I have a question, I just happened to have a fund in USD which I currently deposited in CIMB Sg Foreign Currency Account and I'm planning to use that fund to trade in IBKR for US stocks. I'm hoping to avoid the currency exchange since my fund is already in USD. Do you know if I can transfer my USD fund directly to IBKR from my CIMB Sg Foreign Currency Account, and if there is any fees involved? Thanks
Hi there, unfortunately i don't have a FCA to give you an accurate answer because I am not sure whether an FCA can deposit into a brokerage account, and how would IBKR deem FCA as - whether its your name or 3rd party name. I guess the first thing you can do is call CIMB to check if you can transfer to another US bank account (i.e. JPMorgan Chase NA) and whether the sender will be your name or CIMB's name. If it's your name and it can be done, then you can proceed to deposit into IBKR.
Hi Bryan, that is correct, but after the conversion losses, the net difference between both of them is pretty negligible. One can get away without Wise too but this was only made possible recently when cimb removed their transfer fee between cimb my and cimb sg (not sure if its only temporary/seasonal)
If you transfer 1000sgd every month, one month would cost you about 25myr conversion rate, total it up for a year would be about 300myr... That's just small amount of money, but if it's large amount you would definitely see the difference 🤔
Hi there, you can actually just FAST Transfer from any SG bank account into IBKR like what i did here with CIMB SG! It’s the same wire transfer process
Awesome sharing Ziet. A query: is it equally competitive if I fund from Maybank Msia (RM) via Wise to Maybank Spore (SGD) then to IBKR? Any comparison before? I asked this simply because I do not have local CIMB acc but only local maybank acc.. Also, can I open a Maybank Spore Acc via online ? Tq
Hi, it's the same, Maybank SG or CIMB SG. Yes you can open Maybank SG online but some part of it requires you to visit a physical branch, can refer my thoughts on that: th-cam.com/video/gcpG2NN689I/w-d-xo.html Hope this clarifies!😊
Hi. Thanks for the informative video. Do you have any info/video on transferring (deposit/withdraw) funds in USD between IBKR and a Singapore local bank, without doing SGD-USD conversion pls?
Hi Vincent, not sure if i understand you correctly, but to withdraw to a SG bank you will need to withdraw in SGD (from IBKR) to avoid the FTT fees. Else, sure, you can withdraw USD to your SG bank but keep in mind the expense FTT fees (forex losses) apply. Unfortunately, I don’t have any video to withdraw USD directly as I don’t think its an economical option.
Hi bro, i learned a lot as a beginner! Thanks! And would you mind compare to MIDF conversion rate as well? When I calculate the conversion rate given, it will cost me about 1.58% in total from MYR to USD and to MYR again. Was that amount considerably expensive?
Hi Saif, 1.58% is still not too bad (better than FTT around 3%, but worse than this Wise + CIMB SG method), can't really complain if you don't want to go through the hassle of setting up CIMB SG account (which is troublesome, but worth it for the long term). That said IBKR being able to trade fractional shares, super low fees (0.35 USD) just screams cost saving and DCA friendly haha!
Hi, thanks for all the video. I created an IBKR by watching your previous video. Question, if I already have some SGD in WISE, I assume I can transfer that SGD amount to CIMB SG and then to IBKR?
Thanks Ziet, so ez to understand the steps! Btw I have a question. Currently I don't have Sg savings account. However, I have UOB Malaysia account with USD, SGD, AUD Foreign currency account. My question is whether I can use Wise to convert MYR to USD within my Malaysia savings accounts (from MYR savings account to my UOB Malaysia USD Foreign currency account). And eventually transfer the USD to Interactive Broker from my USD foreign currency in UOB Malaysia
You have to check with UOB whether their Foreign Currency Account accepts funding from Wise. From my knowledge, you can only buy SGD/USD from your MYR inside UOB and store them as cash, hence the rate should be determined by UOB, then again im not sure so best to check with UOB on this. On the transfer to IBKR USD front, again, check with UOB whether your FCA can transfer to a US bank account that will give you ABA routing number and etc, and even if they do, I believe a outbound transfer fee is applicable (usually around 5 USD). From my knowledge, FCA's function is limited in this aspect hence why I never explored that route. Keep us updated!
Thanks Ziet. Ya after I checked the fees. Overall it is still higher than the approach u have recommended. exp: the 5usd per transaction and the rate given is not as good as the spot rate from Wise. So eventually I just selected your approach😂
Hi Koghi, I will probably consider it, but in the meantime i have something even more interesting than MIDF Invest prepared (hint: a much better broker), hopefully you will stay tuned for it!
Hi Ziet - great video as always. May i ask - if i intend to purchase Ireland domicile ETFs listed in LSE on IBKR - do i need to convert to GBP then? or can i purchase them in USD?
Hi Robertson, depends on the currency they are trading at, some ireland domiciled ETFs trade with USD, some with GBP. Check their fund fact sheet and corresponding ticker & CUSIP :)
Hi Ziet, thanks for the helpful videos & loving that fork idea🤭I just transferred from CIMB Sg to IBKR today, and when i checked my account, it seems that it has automatically been converted to USD when they received the fund. Any idea if that's the case recently for IBKR user that deposit fund. I may be wrong but in case I am, is there any way to know if my deposited fund has been converted? Dont want to end up getting charged everytime it convert per transaction. Thanks in advance!
Hi Angie! Your cash is actually still in SGD cash inside IBKR - the dashboard just shows you your "USD equivalent" amount of cash, but actually (if you look at your Cash Report in IBKR) - its still in SGD cash! You still need to convert it manually 😊
Hi Ziet, thank you for this straight-to-the-point video! I have a question - I have funds in HK account in HKD, but residing in Malaysia now, shd I open IBKR account from Malaysia and transfer funds directly from my HK bank (convert to USD)? Thank you!
Hi there! I believe you can directly transfer HKD from your HK bank into IBKR, no need to additional MYR conversion. Once arrived in IBKR (HKD), you can convert within IBKR into USD :)
Can I just deposit straight away with MYR since it's accepted/available now in IBKR? Or should I still follow your method? Which one is cheaper in the long run? I appreciate your amazing videos!! So helpful!
Hi there, depends on how you plan to deposit money in. Which currency are you funding? If you deposit in with a currency that they accept such as SGD or USD then it should be free of charge, unless you are doing Foreign Telegraphic Transfer from your bank then you will be subjected to agent bank fee.
Hi... I really enjoyed your video. I want to trade American stocks like you. I have a question. I am a foreigner in Malaysia and have only HSBC account. Then can I open an HSBC Singapore account and invest in stocks like you?
If say something happened to IBKR UK (say some scandal between the CEO and some politicians) and had to shutdown operations. What will happen to the stocks? Btw I stumbled upon your video when I was researching about wise and find your contents really informational and easy to understand :) thanks!
Hi JC, depending on which entity you're under (IBKR US, SG, UK etc.), it should be frozen until the regulator assign another entity to takeover the shares, or the court case is settled etc. And thank you for your nice words!
@@ZietInvests Icic - will there be a chance an entity never get assigned? Second question.. Opening CIMB SG acct and IBKR SG account.. as a Malaysian if u earn a dividend from a US stocks, then how will the WHT be treated?
thanks for your useful information. I am a Japanese planning to move to malaysia. Would non-malaysian be able to open account of CIMB Singapore if I get to open CIMB malaysia over there? sorry for asking you this kind of question even though you're malaysian.
Hi Ziet, thanks for this video, may I know normally how long it takes for my money from Malaysia bank to IBKR. Because sometimes I saw US stock very cheap and plan to top up my acc and buy it ... Option 1 Direct deposit to IBKR through wise Option 2 deposit through Cimb Sg Which one do you recommend?
Hi Sheng Yong, Option 1 usually take 1 day to see it reflected, and about 1-2 days for settlement. Option 2 usually within 6-8 hours to see it reflected, then another trading day for settlement upon conversion. For speed and reliability, I would strongly suggest you go for Option 2 - CIMB SG + Wise > SGD > USD
Hi Ziet, great guide, Tqvm! I was almost there but got stuck at the OTP. There is only one option for OTP - Security Device. It doesn't have sms option. Did I miss a step?
Hi Shaik, you are referring to CIMB Clicks SG right, you should download the CIMB Clicks SG mobile app and setup the digital token to authorize your transfer
@@ZietInvests Hi Ziet, thank you for the helpful tutorial video. I am stuck at this part where I downloaded CIMB Clicks SG mobile app, but I have no idea how to setup the digital token. There is no option available for it, and I don't have a security device. Can you share how I can move forward from here please?
hi Ziet, tks for the great video. i just done transfer from cimb sg to IBKR bank a/c. Understanding that the transfer will take one business day. Mean whiles, possible to check from either cimb sg or IBKR client portal whether or not the transfer is in process?
Hi, during trading days usually within few hours the SGD will reach IBKR SGD account ~ You can see from your transfer slip (CIMB SG) that your funding is successful, but it takes time for it to be reflected in your IBKR SGD account
hi Ziet, encounter a problem after submiting for currency convertion SGD -> HKD. A message appear stated order not accepted, insufficient cash -2.00 USD in my account. Why ? Thks for your advise bro.
Hello, thanks for this, I'm new to this. Can someone explain why do we need to open an SG bank account (ie. Why does the money need to go through an Sg bank) instead of transferring directly from a Malaysian bank account to Wise and then to Interactive broker? Am I missing something?
Hi, before Wise was able to do this without any hiccups, having a SGD bank account is the cheapest method because IBKR accepts SGD natively, alongside other major currencies like USD, GBP etc. but not MYR, hence why Malaysians can opt for a SGD bank account (CIMB SG) from Malaysia since local SGD-SGD transfer is free. Hope this explains!
Hi Ziet, thanks for the informative video. Too bad , when i tried to use Wise with fund from Maybank, not available. Then when I use Maybank Spore TT USD direct to IB, the SGD40 charge n proccessing fee is extremely high on Maybank Spore and when I received in IB, also USD 24 less. Does IB or the receiving bank ie Citibank, charge a fee for deposit into my account?
Hi Ivan, usually the agent bank in US will charge around 25 USD per transfer, if you FTT from a Malaysian/Singaporean bank into a US bank directly. (nothing to do with IB as IB does not charge any deposit fee) Have you checked out this video of Wise funding tutorial? It will save you significantly more money: th-cam.com/video/dJYzHEnBhJs/w-d-xo.html
Hi tzongyew, you can download CIMB Clicks SG mobile app to setup digital token (that is your security device): apps.apple.com/my/app/cimb-clicks-singapore/id383326796
Hi Ziet, do u know how much it will cost to transfer from CIMB MY to CIMB SG? Is the fees significantly higher than funding CIMB SG using Wise. Btw, great videos, thanks a lot.
Curious. Why not just use wise to transfer USD into your USD account with a local bank. Then just remit the USD to your IB account directly. Shd be able to avoid the bad fx rate from local bank and also double conversion from RM to SGD to USD
1. Most local Foreign Currency Account (FCA) account doesnt accept funding from 3rd party such as Wise. 2. FX rate of local FCA account is unknown - i have not tried it before, but its at the bank's mercy. I could be wrong but so far I have not heard of someone using FCA to do these transactions before, if it's any good, I will be one of the first few to jump on that method haha!
@@ZietInvests i hv transferred funds from my overseas broker into my FCA before without issue, so yes, the accounts can accept third party transfers FX rate of the local bank shd not matter right? You wld technically be using wise fx rates to convert your RM into USD before it reaches your FCA. Once in, the USD can be wired out to IB I am new to wise. So am really curious how it works
@@AL-xd4qe That’s a really interesting perspective, if that’s the case then yes FX shouldn’t be an issue (You can try using Wise and fund it) - im curious to know how it turns out! by the way, does your FCA charge inbound/outbound transfer fee? I recall there’s something like 5 to 7 USD per outbound USD transfer
@@ZietInvests cant recall if there were any charges for outbound/inbound FCA as it has been a while since i sent or received monies out from / into FCA. I know if i remit from my RM account definitely no charges. Tried playing around within wise the other day and there is a rm30k cap.
Hi, Ziet, thanks for your video, i managed to fund in SGD to IB account after watching, however i noticed that the SGD was converted to USD automatically and without my acknowledgement after few days, i had informed IB but the same happened after 2nd trial, may i know what's going wrong?
Hi Chee, it did not convert, it just shows your USD equivalent market value at the front page, tap into your portfolio and you should see your cash is still in SGD
Hi Ziet, I would like to clarify funding IBKR using Wise. So, in this video, you mentioned that IBKR does not accept direct funding from Wise and it is risky, but you have another tutorial on funding IBKR using Wise ACH Transfer. So, it is OK to use Wise? Please clarify, thanks!
Hi Dhinnesh, that's a good question! The reason why I did not endorse the Wise ACH Transfer in this video was because at the point of making this video, Wise multi-currency account was still not legally allowed to operate here in Malaysia. Now that it is licensed to operate for their multi-currency account, I have went and ask IBKR if they are ok with accepting that, and apparently they are ok with it but have cautioned that sometimes the fund may be delayed, but all ok as long as got funding slip! So since Malaysia side is clear, and IBKR side is clear - its only right that I introduce the Wise ACH transfer method to everyone! But personally, I still prefer this CIMB SG + Wise method, instead of using Wise ACH transfer method, hope this helps!
hi I ve been trying to apply for cimb SG for a few hours. But after i fill in the first page of personal details, it always tells me they are having connectivity issue and to try again later. The thing is I ve been trying for few hours and nothing changed. Is there anything wrong here?
Hi Shuang Yao, that is a first to me, try using Chrome or delete your cookies, or try again later? Feel free to DM me on instagram if you have any issue! (Make sure you turn off your VPN)
Hi, you can refer to this withdrawal video: th-cam.com/video/6TJcJuvnP5c/w-d-xo.html In essence, 1. IBKR SG to CIMB SG - free local transfer 2. CIMB SG to MY bank (MYR) via Wise - should incur some fees which you can calculate on Wise's website Alternative to 2., you can also use CIMB Clicks internal transfer to bring back your SGD though I have not tried it myself, some say the rates are as good as Wise
Hey Ziet, I'm Malaysian. And I have both accounts at Malaysia and New Zealand and currently at NZ. Would like to fund to IBKR from NZ bank account. Is it true we can't fund from Transferwise? Good to know that. In that case, I should first fund the NZD into IBKR, and then convert it to USD or GBP on my IBKR account, right?
Hi Chye Heng, we can fund them with TransferWise as I’ve checked that with IBKR few months ago - they are cool with that as long as we can provide them the transaction slip, more details here: th-cam.com/video/dJYzHEnBhJs/w-d-xo.html That said, your steps are correct, deposit NZD into IBKR directly, then convert to USD or GBP ;)
As I have multi currency account with hsbc in M'sia, isn't it simpler for me to keep it all in S$ (what I have now , and some USD) or convert within the bank if I bank in MYR? Also will IB accept my S$ from my M'sian HSBC acc.. thanks.
Hi Gordon, you would have to check whether HSBC MY allow you to transfer SGD out to IBKR (SGD) ~ the reason why i never covered multi currency account by HSBC is due to certain limitations and outbound transfer fee, which can be eliminated by having a CIMB SG account in the first place (but of course, i understand the hassle of opening one). To convert or not, that depends on your objective, note that each conversion in your HSBC app would probably incur conversion losses (a spread that HSBC takes as "fee" although it is "free-of-charge")
Hi Soon Hung, you cannot directly Wise into IBKR due to IBKR's policy of only accepting funding from your personal bank account. If you dont have the CIMB SG account, your only method to fund it is through Maybank FTT
Hi Ziet, can you do a tutorial on how to transfer from CIMB SG to Wise? Bcs there is no option for online banking from Cimb SG to Wise. It seems i have to do it via Cimb Sg to Cimb MY only, cannot do it through Wise. Is it possible?
Hey , ziet recently i had successfully open IB account which still not yet funding , but when i go through your youtube video saying that we need to open the tradestation global under IBKR , actually what's different ? but i also follow your step to open account Tradestation Global using your youtube link , but right now still pending for National IC verified , system keep on saying can't verified ( almost 3 days saying same things) , my main purpose is trading for Option, what's your suggestion ? thanks for advise
Hi Albert, I think i've answered your question on another video - the difference is TSG is an introducing broker (like an agent) that absorbs the inactivity fee imposed by IBKR, but recently IBKR just removed the inactivity fees (refer this video: th-cam.com/video/fvwoBjGPG8Y/w-d-xo.html), making IBKR a better choice overall, but TSG is not bad either. If you are actively trading, it will be most cost effective to trade with IBKR (yes you can open another IBKR account even though you have a TSG-IBKR account). That said, you can always email TSG at (globalsupport@tradestation-international.com) to assist you in getting your IC manual verification done.
Hi Ziet, if I am resided in Spore and have created a Singapore Wise account, will I be able to transfer RM from my Malaysia bank account? Or should I create another Wise account for Malaysia?
Hi Jeslyn, no need to create another Wise account, I believe you can create a MYR Balance inside your current Wise account. Can refer this video for the Multi-Currency account features: th-cam.com/video/H99ohWsnoIM/w-d-xo.html Let me know if this helps!
Thanks for your video sharing but when I use CIMB Sg to local transfer via FAST, it required security code instead of ask confirm from mobile phone, is this due to setting? how to to change it? tqvm
Hi Kw, if i understand correctly, you need to setup a digital token if you haven't done so (can download CIMB SG mobile apps and see below, Digital Token (dont login first)). Hope this helps!
Hi Chee Peng, If you are not aware yet, Wise has 2 services on their app: A) Overseas remittance service (sending money overseas) - no issue with this, can proceed to use 😊 B) Balance (Borderless account) - This service has been removed by Wise for Malaysian clients as the Malaysian Government no longer allow this feature to run on their app. I have confirmed this with their customer support, so if you are exploiting this feature for ACH Transfer to brokers, just note that it is unregulated and you have to bear your own consequences. Refer here for the list of country not allowed to open Balance: wise.com/help/articles/2813542/why-cant-i-open-a-balance That said, it is not illegal, B) is just unregulated, so use it at your own risk. Also, Lowyat forumers have ran into situations where IBKR investigate them to check on their funding proof, so I can't guarantee you whether IBKR will knock your door or not.
@@OhCheePeng If you got it through, then just let it be. Moving forward I wouldn't recommend you to do it, best to fund from a bank of your own name, eliminates the risk of any investigation.
Hi Ziet, not sure whether it's still the same process currently as I'm doing this almost a year later than when this video was published. I got my CIMB Sg account approved, and I can straight away transfer funds from Msia account to Sg account via FAST. Does that mean Wise is no longer required?
Hi there, you may want to check out this video: th-cam.com/video/RzCKxh9syCE/w-d-xo.html What you are doing is internal transfer from MY -> SG which incurs slightly worse forex rate even though it is "Free". Hope this clarifies!
Hi Lee, yes you are able to do that 24/7, I always transfer SGD from CIMB SG to IBKR SGD account at night around 11pm, no issue for me so far. And, no difference, since its a local transfer, no fee and currency conversion involved.
Hi Ziet, I'm a beginner learning how to open a IBKR account. Now I'm facing an issue which is, when I try to fund on IBKR website, after select the currency want to deposit (SGD), my page don't have the option (Bank Wire), there only have (Bank Transfer & Transfer from Wise Balance). Please advise which one should I choose, many thanks Ziet!
Hi grace, from my knowledge, they require quite a high amount of cash to be eligible for interest, can read more here: www.interactivebrokers.com/en/index.php?f=46385
Hi Ziet, thanks for the video. I have both CIMB MY and CIMB SG, is it still cheaper to transfer MYR to CIMB SG via Wise? compared to transferring from CIMB MY to CIMB SG? thanks
Hi Ziet, if I don't convert my currency from SGD to USD/HKD before trading, am I still able to buy US/HK stocks directly? Will IBKR convert the currency automatically when I buy US/HK stocks?
Hi Henry, you need to manually convert to USD/HKD to buy. They used to be able to auto convert for each trade (at 2 USD each conversion) while I was at TSG, but recently I've realised that (after delinking from TSG) it needs to be done manually. Not the hardest thing to do by all means, just a click of a button + 2 USD.
@@ZietInvests @Ziet Invests yes, it is easy to convert currency, but sometimes I may miss the "good time" to buy some stocks (when the stock market is just crash for 1 to 2 days before it rebound back), for example, the recent crash of Chinese tech stocks as it still needs 2 settlement days before I can use to USD/HKD fund to trade.
@@Henry-kx8ql Haha no worries man, no one can time the market perfectly, I'd prefer to just buy consistently whenever I have extra cash and keep some as spare 😊
Hey Ziet, what do you think of MIDF invest? It just got launched today. Would you reckon it fare better than apps like TSG-IB? Think this would be a decent next video to watch
Hi Ruben, there's a few reasons why it wouldn't be better than TSG-IBKR: 1. It's using Saxo back-end, saxo is known to not execute better than IBKR. 2. Commission fees are high - promotional rate ends this month i think? Though I might need to take a deeper look at it first haha!
from the email I got from CIMB when I open the CIMB SG account it said and I quote: " Note: We do not accept initial deposits from Remittance Agencies such as Wise, Western Union etc." Anyway I had done my transfer via wise. Not sure what will happen. I'll juz wait then. if you have any advice do let me know. cheers!
Hi Ziet - in the above, you mention not to send money directly from IBKR from Wise. By this do you mean Wise's Borderless Account? Thanks for your response.
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🔵𝗚𝗲𝘁 𝗙𝗥𝗘𝗘 𝗧𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝘄𝗶𝘁𝗵 𝗪𝗶𝘀𝗲 (𝘂𝗽 𝘁𝗼 𝗥𝗠 𝟮,𝟱𝟬𝟬) ➡ wise.com/invite/u/weif84
If you are having issues converting your currency, try changing your base currency in your account settings (IBKR web portal). When you convert your currency, the fee taken by IBKR will be denominated in your base currency.
What about withdrawing USD from broker account back to MYR in msia banks? Do you have suggestions on how we can save on the currency exchange fees, thanks in advance
@@alexisfreestyle Check out this video for USD withdrawal back to MYR: th-cam.com/video/6TJcJuvnP5c/w-d-xo.html
The only way to save on currency exchange fees is to setup a CIMB SG bank account and local transfer from IBKR for free: th-cam.com/video/iewPJW2VFvk/w-d-xo.html
Then from SGD just pull it back to MYR with Wise
@@ZietInvests Only CIMB SG bank? What about UOB bank SG?
@@ZietInvests Thank you!
@@xuinnielee1885 Any SG bank will work 😊
Ziet's videos helped me to start trading in US. Good videos!
Yayyyy to the moon we go 🚀🚀🚀🚀
You helped me save so much money 🤩 I didn’t know about the lump sum currency exchange on the IB portal itself thanks thanks
hoho no worries at all! all the best with your investing journey
Good job Ziet! Managed to open up my CIMB SG and deposited into IBKR using your step by step video. Keep up the good work Ziet. Looking forward to see more videos from you!!
Yayy congrats Sang Yong, so happy for you! All the best with your investments and of course, stay tuned for more content!!😊
@@ZietInvests Do you intend to conduct any Zoom get together anytime soon since you have many followers?
Great improved video , I have been following your youtube
Thank you so much for the support Emy, it makes all of these worth it! Have a great weekend!
Just d video I needed, great video 👍
So glad it helped you, I have been asked about this almost everyday 😂 Finally had the opportunity to do it haha!
Ziet, I managed to increase my daily limit. Thank you
Awesome!
@@ZietInvests is there a guide that I can follow to increase my daily limit for my SgCIMB account from Malaysia please?
Thank you so much formaking this video, was so helpful for me cuz it was my first time! Tq Tq!
You're most welcome!! Welcome onboard IBKR!
Clear explanation Ziet >TQ
You’re welcome Sashi! 😊
Very easy to understand. Thanks very much
Glad it was helpful to you Bob, have a great weekend!
Hi.. excellent video guide. Please add a little bit on activating the CIMB Clicks Digital Token.
Hi habib, apologies as I missed that part, i have covered it on my instagram story from time to time but feel free to DM me again anytime if you need any help!
I might reconsider doing an update on the cimb sg video in the middle of next year 😁
Hi Ziet , Firstly i appreciate your effort for replying to every single comment and i actually in love with your content , My question is it important to open a malaysian bank account ?! or i can use wise directly using my bank !
HI buddy, you can use Wise directly from your bank, but I would highly recommend getting the CIMB SG bank account (or just any SG bank account)!
Amazing content. Thank you once again!
You’re most welcome!☺️
Thanks to you for explaining
No problem at all! Have a great weekend😊
The video quality keeps getting better! Mind sharing what software you used to edit them?
Hehe thank you so much, I use Final Cut Pro X on my Macbook Pro to edit them 😊
transfer can be done directly from wise to ibkr (myr to sgd), then convert sgd to usd in ibkr thru forex.
I know Wise to IBKR works but I wouldn't recommend it due to the risk of Anti Money Laundering compliance investigation that IBKR may launch from time to time. Lowyat forumers have reported they've been investigated before, so I'd avoid for the peace of mind!😊
great content, subscribed...
Thank you QJ!
Great content bro.
Hehe thank you 🥰🥰
Bro. Thanks for this.
You're most welcome brother!
Ziet, really like your no nonsense video...straight to the point. I m planning to DCA-ing on CSPX (1-2units monthly). Hence does it mean i need to repeat all these steps to fund my IBKR monthly ? Do u have any suggestion on advice for simplification or I have no choice but to do it monthly as per your step-by-step? Thanks
Hi Leonard, thank you very much for your nice words!
Re your question, if your plan is to fund it monthly, then yes you have to repeat the steps but once you do it once or twice, you will be able to do it even without this video (its actually pretty simple and can be done in under 10 minutes hehe)
There are no other simplified method (except for the other funding option like Wise-ACH transfer which I've also covered before) - but I would strongly recommend this method as the best for Malaysians/Singaporeans.
Let me know if you have anymore questions!
@@ZietInvests Correct me if I am wrong, but you are saying CIMB SG + Wise is being recommended compared to WISE-ACH ? I thought its easier using WISE-ACH and cheaper too ?..
Hi Ziet. First of all, i love your content! Im currently setting up my IBKR account by following your step by step guidance. I have a question, if i may ask for your advise, if i use only client portal on web browser to trade, do i need to subscribe to market data? Or i can simply trade without subscribing to market data? Thanks in advance!
Hi Zulhusni! You don't need to subscribe to market data at all (I'm am investor with IBKR for almost a year now and I've always depended on external sources for near to real-time data, such as Google Finance, Marketwatch, investing.com, Yahoo Finance).
You can refer to this video too: th-cam.com/video/Ss43qRx70ic/w-d-xo.html
That aside, I have a video (IBKR Web Portal tutorial) addressing this too next Friday, so stay tuned!
Hope this helps!
Hi Ziet! I always look forward to your videos and I'm an early investor. I know you have shared quit a few videos already about funding an IBKR account. But can I still ask what will be the cheapest method? I have both a Singapore DBS account and a Wise multi currency account (I am Malaysian btw). Should I directly transfer money from my DBS account to IBKR or should I transfer from DBS to Wise to IBKR? Just wanted to get your thoughts. Thank you so much!!!
Can bind between IBKR with Wise ACH. Deposit fund can use Malaysia local bank, so I think the process could be more cheaper and efficient like this : Any MY bank -> Wise USD -> IBKR USD via ACH. Not sure how much we can save here.
I think the saving is the same as this: th-cam.com/video/8YeDT2ol1K0/w-d-xo.html
Thanks Ziet for you detail guide and very well explained . Hopefully can have an episode talking about dividend part , is it like direct credit nett in our TradeStation ? And WHT part as well thanks and stay safe
Hi Sy, I do have a video talking about dividend WHT here: th-cam.com/video/VIM1fczQdAE/w-d-xo.html
Your dividend will be credited into your IBKR account, less of the withholding tax, in cash.
@@ZietInvests Thanks a lot ziet time to do some revision haha
Hi @@ZietInvests any way to setup cimb sg for trade SGX through online ? wondering is it more cost effective compare to using IBKR for sgx trade
@@SyLeowMy CIMB SG is a bank account thou. You might want to wait for my friday video this week, im introducing a good SG broker that can be funded with CIMB SG!
Ziet Invests great thanks looking forward
Thanks for the info man
Have a great weekend bud!
Thanks Ziet! Very informative. On the WISE transfer, is it ok to put the purpose as Saving since this is for investment? Also the limit in WISE is RM30K per transaction. If want to transfer RM50K, so we need to split into 2 (RM30K + RM20K) and in 2 different days? Any limit to do so on the same day?
By the way, I heard from a friend that sometime he will get a call from bnm or other authority to check on the transfer. Do you face it before? Not sure whether it is a scam :P
Hi Ron, "Savings" should be fine since you are transferring to another savings account in singapore.
And yes, the limit for WISE is RM 30k/day, i believe you need to do it another day for additional transaction, else you can also use other services like BigPay (RM 10k), InstaReM, Sunway Money etc.
So far I have not been investigated by any authority, just make sure to keep your transaction slip and if you have nothing to hide, there shouldn't be anything to worry about (its a legit transfer to my own CIMB SG account which is also tracked by the malaysian government what)
Nice microphone holder!
Hahah thank you 😂😂
Hi Ziet, thanks for sharing such awesome content! It's all clear and concise. I have a question, I just happened to have a fund in USD which I currently deposited in CIMB Sg Foreign Currency Account and I'm planning to use that fund to trade in IBKR for US stocks. I'm hoping to avoid the currency exchange since my fund is already in USD. Do you know if I can transfer my USD fund directly to IBKR from my CIMB Sg Foreign Currency Account, and if there is any fees involved? Thanks
Hi there, unfortunately i don't have a FCA to give you an accurate answer because I am not sure whether an FCA can deposit into a brokerage account, and how would IBKR deem FCA as - whether its your name or 3rd party name.
I guess the first thing you can do is call CIMB to check if you can transfer to another US bank account (i.e. JPMorgan Chase NA) and whether the sender will be your name or CIMB's name.
If it's your name and it can be done, then you can proceed to deposit into IBKR.
@@ZietInvests Thanks for the advice! I'll do that. Take care and all the best!
Hi i wonder you have gotten your answer on this ?@@leehuikhoo4830
Hey Ziet, just to help shed some light. There are no bank charges if we send our money from CIMB MY to CIMB SG so we can do it directly
Hi Bryan, that is correct, but after the conversion losses, the net difference between both of them is pretty negligible. One can get away without Wise too but this was only made possible recently when cimb removed their transfer fee between cimb my and cimb sg (not sure if its only temporary/seasonal)
If you transfer 1000sgd every month, one month would cost you about 25myr conversion rate, total it up for a year would be about 300myr...
That's just small amount of money, but if it's large amount you would definitely see the difference 🤔
hi! :) could you do a video on the cheapest way to fund interactive brokers from Singapore?
Hi there, you can actually just FAST Transfer from any SG bank account into IBKR like what i did here with CIMB SG! It’s the same wire transfer process
Awesome sharing Ziet. A query: is it equally competitive if I fund from Maybank Msia (RM) via Wise to Maybank Spore (SGD) then to IBKR? Any comparison before? I asked this simply because I do not have local CIMB acc but only local maybank acc.. Also, can I open a Maybank Spore Acc via online ? Tq
Hi, it's the same, Maybank SG or CIMB SG.
Yes you can open Maybank SG online but some part of it requires you to visit a physical branch, can refer my thoughts on that: th-cam.com/video/gcpG2NN689I/w-d-xo.html
Hope this clarifies!😊
Hi. Thanks for the informative video.
Do you have any info/video on transferring (deposit/withdraw) funds in USD between IBKR and a Singapore local bank, without doing SGD-USD conversion pls?
Hi Vincent, not sure if i understand you correctly, but to withdraw to a SG bank you will need to withdraw in SGD (from IBKR) to avoid the FTT fees.
Else, sure, you can withdraw USD to your SG bank but keep in mind the expense FTT fees (forex losses) apply.
Unfortunately, I don’t have any video to withdraw USD directly as I don’t think its an economical option.
Hi bro, i learned a lot as a beginner! Thanks! And would you mind compare to MIDF conversion rate as well? When I calculate the conversion rate given, it will cost me about 1.58% in total from MYR to USD and to MYR again. Was that amount considerably expensive?
Hi Saif, 1.58% is still not too bad (better than FTT around 3%, but worse than this Wise + CIMB SG method), can't really complain if you don't want to go through the hassle of setting up CIMB SG account (which is troublesome, but worth it for the long term).
That said IBKR being able to trade fractional shares, super low fees (0.35 USD) just screams cost saving and DCA friendly haha!
@@ZietInvests awesome bro. Surely I will find myself using IBKR for the long term. Thank you very much. Hope you find your success!
@@saifthegreat9073 Thank you and all the best in your investments!!🥰
Hi, thanks for all the video. I created an IBKR by watching your previous video. Question, if I already have some SGD in WISE, I assume I can transfer that SGD amount to CIMB SG and then to IBKR?
Hi Kevin, yes you can do that!
Thanks Ziet, so ez to understand the steps!
Btw I have a question. Currently I don't have Sg savings account. However, I have UOB Malaysia account with USD, SGD, AUD Foreign currency account.
My question is whether I can use Wise to convert MYR to USD within my Malaysia savings accounts (from MYR savings account to my UOB Malaysia USD Foreign currency account). And eventually transfer the USD to Interactive Broker from my USD foreign currency in UOB Malaysia
You have to check with UOB whether their Foreign Currency Account accepts funding from Wise. From my knowledge, you can only buy SGD/USD from your MYR inside UOB and store them as cash, hence the rate should be determined by UOB, then again im not sure so best to check with UOB on this.
On the transfer to IBKR USD front, again, check with UOB whether your FCA can transfer to a US bank account that will give you ABA routing number and etc, and even if they do, I believe a outbound transfer fee is applicable (usually around 5 USD). From my knowledge, FCA's function is limited in this aspect hence why I never explored that route.
Keep us updated!
Good question , if you have answer ,kindly let us know 😃
Thanks Ziet. Ya after I checked the fees. Overall it is still higher than the approach u have recommended. exp: the 5usd per transaction and the rate given is not as good as the spot rate from Wise. So eventually I just selected your approach😂
@@hlc812 Haha yay that's great! Thanks for comparing them and verifying this method😊
Just what I needed to find out, thanks! But, how about withdrawing funds ?
Cheers Matthew, refer to this video for withdrawal: th-cam.com/video/6TJcJuvnP5c/w-d-xo.html
Hye Ziet, can you make video about MIDF Invest app, which launch recently for foreign tradings...
Hi Koghi, I will probably consider it, but in the meantime i have something even more interesting than MIDF Invest prepared (hint: a much better broker), hopefully you will stay tuned for it!
Zeut, IBKR is 👍
Hehe glad you liked it James!
@Ziet Invests just started but needs usd25k. How leh
Hi Ziet - great video as always. May i ask - if i intend to purchase Ireland domicile ETFs listed in LSE on IBKR - do i need to convert to GBP then? or can i purchase them in USD?
Hi Robertson, depends on the currency they are trading at, some ireland domiciled ETFs trade with USD, some with GBP. Check their fund fact sheet and corresponding ticker & CUSIP :)
Hi Ziet, thanks for the helpful videos & loving that fork idea🤭I just transferred from CIMB Sg to IBKR today, and when i checked my account, it seems that it has automatically been converted to USD when they received the fund. Any idea if that's the case recently for IBKR user that deposit fund.
I may be wrong but in case I am, is there any way to know if my deposited fund has been converted? Dont want to end up getting charged everytime it convert per transaction. Thanks in advance!
Hi Angie! Your cash is actually still in SGD cash inside IBKR - the dashboard just shows you your "USD equivalent" amount of cash, but actually (if you look at your Cash Report in IBKR) - its still in SGD cash! You still need to convert it manually 😊
Hi Ziet, thank you for this straight-to-the-point video! I have a question - I have funds in HK account in HKD, but residing in Malaysia now, shd I open IBKR account from Malaysia and transfer funds directly from my HK bank (convert to USD)? Thank you!
Hi there! I believe you can directly transfer HKD from your HK bank into IBKR, no need to additional MYR conversion.
Once arrived in IBKR (HKD), you can convert within IBKR into USD :)
@@ZietInvests thank you so much, Ziet! Love your videos!
@@peiseal1030 Thank you!!
Can I just deposit straight away with MYR since it's accepted/available now in IBKR? Or should I still follow your method? Which one is cheaper in the long run? I appreciate your amazing videos!! So helpful!
Making a vid on this soon. Stay tuned!
Great video!
i have a question about deposit fee, i read in the website theres 50sgd for every deposit, but cannot find the calculation in the video
Hi there, depends on how you plan to deposit money in.
Which currency are you funding? If you deposit in with a currency that they accept such as SGD or USD then it should be free of charge, unless you are doing Foreign Telegraphic Transfer from your bank then you will be subjected to agent bank fee.
@@ZietInvests thank you 👍🏼
@@TTVBTW most welcome!
Hi...
I really enjoyed your video.
I want to trade American stocks like you.
I have a question. I am a foreigner in Malaysia and have only HSBC account.
Then can I open an HSBC Singapore account and invest in stocks like you?
Hi there, you can definitely do that yes! Replace CIMB SG with HSBC SG :)
thanks
You're most welcome, have a great weekend!😊
If say something happened to IBKR UK (say some scandal between the CEO and some politicians) and had to shutdown operations. What will happen to the stocks?
Btw I stumbled upon your video when I was researching about wise and find your contents really informational and easy to understand :) thanks!
Hi JC, depending on which entity you're under (IBKR US, SG, UK etc.), it should be frozen until the regulator assign another entity to takeover the shares, or the court case is settled etc.
And thank you for your nice words!
@@ZietInvests Icic - will there be a chance an entity never get assigned?
Second question.. Opening CIMB SG acct and IBKR SG account.. as a Malaysian if u earn a dividend from a US stocks, then how will the WHT be treated?
Be aware the the compliance team of ibkr is starting to restrict transfer from ibkr
As long as you have proof of fund and a valid updated account, you should have no issue
@@ZietInvests thx i reply back tha info to them vía web ticket and waiting on their response hopefully everything Is clarify
Bro, once we've linked CIMB Malaysia and CIMB SG. How to transfer from CIMB clicks Malaysia ?
Hi Hakim, you can either use Wise or CIMB Clicks Malaysia (login > "Transfer"), refer this video: th-cam.com/video/iewPJW2VFvk/w-d-xo.html
thanks for your useful information.
I am a Japanese planning to move to malaysia. Would non-malaysian be able to open account of CIMB Singapore if I get to open CIMB malaysia over there?
sorry for asking you this kind of question
even though you're malaysian.
Hi Ziet, thanks for this video, may I know normally how long it takes for my money from Malaysia bank to IBKR. Because sometimes I saw US stock very cheap and plan to top up my acc and buy it ...
Option 1 Direct deposit to IBKR through wise
Option 2 deposit through Cimb Sg
Which one do you recommend?
Hi Sheng Yong,
Option 1 usually take 1 day to see it reflected, and about 1-2 days for settlement.
Option 2 usually within 6-8 hours to see it reflected, then another trading day for settlement upon conversion.
For speed and reliability, I would strongly suggest you go for Option 2 - CIMB SG + Wise > SGD > USD
@@ZietInveststhanks
Hi ziet why from sg cimb...why not malaysia cimb fund to interactive brokers
Hi Ziet, great guide, Tqvm! I was almost there but got stuck at the OTP. There is only one option for OTP - Security Device. It doesn't have sms option. Did I miss a step?
Hi Shaik, you are referring to CIMB Clicks SG right, you should download the CIMB Clicks SG mobile app and setup the digital token to authorize your transfer
@@ZietInvests ic.. thanks for the quick reply.
Awesome .. done. TQVM!! Big fat thumbs up to you, keep up the great work.
@@shaikmohamedjamil7262 Haha awesome man! Have a great time!
@@ZietInvests Hi Ziet, thank you for the helpful tutorial video. I am stuck at this part where I downloaded CIMB Clicks SG mobile app, but I have no idea how to setup the digital token. There is no option available for it, and I don't have a security device. Can you share how I can move forward from here please?
hi Ziet, tks for the great video.
i just done transfer from cimb sg to IBKR bank a/c. Understanding that the transfer will take one business day. Mean whiles, possible to check from either cimb sg or IBKR client portal whether or not the transfer is in process?
Hi, during trading days usually within few hours the SGD will reach IBKR SGD account ~ You can see from your transfer slip (CIMB SG) that your funding is successful, but it takes time for it to be reflected in your IBKR SGD account
hi Ziet, encounter a problem after submiting for currency convertion SGD -> HKD. A message appear stated order not accepted, insufficient cash -2.00 USD in my account. Why ?
Thks for your advise bro.
Hi Ziet , I would like to have the spreedsheet can I have it . THanks .
Hello, thanks for this, I'm new to this. Can someone explain why do we need to open an SG bank account (ie. Why does the money need to go through an Sg bank) instead of transferring directly from a Malaysian bank account to Wise and then to Interactive broker? Am I missing something?
Hi, before Wise was able to do this without any hiccups, having a SGD bank account is the cheapest method because IBKR accepts SGD natively, alongside other major currencies like USD, GBP etc. but not MYR, hence why Malaysians can opt for a SGD bank account (CIMB SG) from Malaysia since local SGD-SGD transfer is free. Hope this explains!
Step no 3. Cimb only gave option of security device authentication to confirm transfer, but I do not have as it's applied online. How shall I proceed?
Can call up CIMB SG to check for this
Hi Ziet, thanks for the informative video. Too bad , when i tried to use Wise with fund from Maybank, not available. Then when I use Maybank Spore TT USD direct to IB, the SGD40 charge n proccessing fee is extremely high on Maybank Spore and when I received in IB, also USD 24 less. Does IB or the receiving bank ie Citibank, charge a fee for deposit into my account?
Hi Ivan, usually the agent bank in US will charge around 25 USD per transfer, if you FTT from a Malaysian/Singaporean bank into a US bank directly. (nothing to do with IB as IB does not charge any deposit fee)
Have you checked out this video of Wise funding tutorial? It will save you significantly more money: th-cam.com/video/dJYzHEnBhJs/w-d-xo.html
@@ZietInvests once again, thanks for the explanation.
Thank you for this video. May i know how to increase limit transfer on cimb sg. As they say need security device? Stay safe ziet
Hi tzongyew, you can download CIMB Clicks SG mobile app to setup digital token (that is your security device): apps.apple.com/my/app/cimb-clicks-singapore/id383326796
@@ZietInvests in mobile app there are three options to setup the digital token. So we should opt for the first one which is using sms otp right?
Hi Ziet, do u know how much it will cost to transfer from CIMB MY to CIMB SG? Is the fees significantly higher than funding CIMB SG using Wise. Btw, great videos, thanks a lot.
Hi shamil, their difference is negligible, cimb’s rate has improved recently
Curious. Why not just use wise to transfer USD into your USD account with a local bank. Then just remit the USD to your IB account directly. Shd be able to avoid the bad fx rate from local bank and also double conversion from RM to SGD to USD
1. Most local Foreign Currency Account (FCA) account doesnt accept funding from 3rd party such as Wise.
2. FX rate of local FCA account is unknown - i have not tried it before, but its at the bank's mercy.
I could be wrong but so far I have not heard of someone using FCA to do these transactions before, if it's any good, I will be one of the first few to jump on that method haha!
@@ZietInvests i hv transferred funds from my overseas broker into my FCA before without issue, so yes, the accounts can accept third party transfers
FX rate of the local bank shd not matter right? You wld technically be using wise fx rates to convert your RM into USD before it reaches your FCA. Once in, the USD can be wired out to IB
I am new to wise. So am really curious how it works
@@AL-xd4qe That’s a really interesting perspective, if that’s the case then yes FX shouldn’t be an issue (You can try using Wise and fund it) - im curious to know how it turns out!
by the way, does your FCA charge inbound/outbound transfer fee? I recall there’s something like 5 to 7 USD per outbound USD transfer
@@ZietInvests cant recall if there were any charges for outbound/inbound FCA as it has been a while since i sent or received monies out from / into FCA. I know if i remit from my RM account definitely no charges. Tried playing around within wise the other day and there is a rm30k cap.
@@AL-xd4qe Yeah Wise has a RM 30k daily cap, still a pretty good amount for most retail investors. Did your FCA accept Wise?
Hi, Ziet, thanks for your video, i managed to fund in SGD to IB account after watching, however i noticed that the SGD was converted to USD automatically and without my acknowledgement after few days, i had informed IB but the same happened after 2nd trial, may i know what's going wrong?
Hi Chee, it did not convert, it just shows your USD equivalent market value at the front page, tap into your portfolio and you should see your cash is still in SGD
Hi Ziet, I would like to clarify funding IBKR using Wise. So, in this video, you mentioned that IBKR does not accept direct funding from Wise and it is risky, but you have another tutorial on funding IBKR using Wise ACH Transfer.
So, it is OK to use Wise? Please clarify, thanks!
Hi Dhinnesh, that's a good question! The reason why I did not endorse the Wise ACH Transfer in this video was because at the point of making this video, Wise multi-currency account was still not legally allowed to operate here in Malaysia.
Now that it is licensed to operate for their multi-currency account, I have went and ask IBKR if they are ok with accepting that, and apparently they are ok with it but have cautioned that sometimes the fund may be delayed, but all ok as long as got funding slip!
So since Malaysia side is clear, and IBKR side is clear - its only right that I introduce the Wise ACH transfer method to everyone! But personally, I still prefer this CIMB SG + Wise method, instead of using Wise ACH transfer method, hope this helps!
@@ZietInvests Hi Zied, may I know why its preferable for you to use this CIMB SG + Wise method compared to the Wise ACH transfer method for now?
hi I ve been trying to apply for cimb SG for a few hours. But after i fill in the first page of personal details, it always tells me they are having connectivity issue and to try again later. The thing is I ve been trying for few hours and nothing changed. Is there anything wrong here?
Hi Shuang Yao, that is a first to me, try using Chrome or delete your cookies, or try again later? Feel free to DM me on instagram if you have any issue! (Make sure you turn off your VPN)
Ziet - If we are bringing back cash from IBKR to SG or MY CIMB Bank Account.. Will there be a charge and how much would that be? if you know?
Hi, you can refer to this withdrawal video: th-cam.com/video/6TJcJuvnP5c/w-d-xo.html
In essence,
1. IBKR SG to CIMB SG - free local transfer
2. CIMB SG to MY bank (MYR) via Wise - should incur some fees which you can calculate on Wise's website
Alternative to 2., you can also use CIMB Clicks internal transfer to bring back your SGD though I have not tried it myself, some say the rates are as good as Wise
Hey Ziet, I'm Malaysian.
And I have both accounts at Malaysia and New Zealand and currently at NZ.
Would like to fund to IBKR from NZ bank account.
Is it true we can't fund from Transferwise? Good to know that.
In that case, I should first fund the NZD into IBKR, and then convert it to USD or GBP on my IBKR account, right?
Hi Chye Heng, we can fund them with TransferWise as I’ve checked that with IBKR few months ago - they are cool with that as long as we can provide them the transaction slip, more details here: th-cam.com/video/dJYzHEnBhJs/w-d-xo.html
That said, your steps are correct, deposit NZD into IBKR directly, then convert to USD or GBP ;)
As I have multi currency account with hsbc in M'sia, isn't it simpler for me to keep it all in S$ (what I have now , and some USD) or convert within the bank if I bank in MYR? Also will IB accept my S$ from my M'sian HSBC acc.. thanks.
Hi Gordon, you would have to check whether HSBC MY allow you to transfer SGD out to IBKR (SGD) ~ the reason why i never covered multi currency account by HSBC is due to certain limitations and outbound transfer fee, which can be eliminated by having a CIMB SG account in the first place (but of course, i understand the hassle of opening one).
To convert or not, that depends on your objective, note that each conversion in your HSBC app would probably incur conversion losses (a spread that HSBC takes as "fee" although it is "free-of-charge")
May i know possible deposit via Malaysian bank - >wise - > interactive broker? Instead send to Singapore local bank (CIMB SG). Thank you.
Hi Soon Hung, you cannot directly Wise into IBKR due to IBKR's policy of only accepting funding from your personal bank account.
If you dont have the CIMB SG account, your only method to fund it is through Maybank FTT
is this method still cost saving in 2024?
Hi ziet. Is this still applicable with today’s stronger Singapore currency which is 1 equals rm3.56
Hi Ziet, can you do a tutorial on how to transfer from CIMB SG to Wise? Bcs there is no option for online banking from Cimb SG to Wise. It seems i have to do it via Cimb Sg to Cimb MY only, cannot do it through Wise. Is it possible?
Hi Kevin, can try checking out this video, it should be possible: th-cam.com/video/gZQGDscCuro/w-d-xo.html
Hey , ziet recently i had successfully open IB account which still not yet funding , but when i go through your youtube video saying that we need to open the tradestation global under IBKR , actually what's different ? but i also follow your step to open account Tradestation Global using your youtube link , but right now still pending for National IC verified , system keep on saying can't verified ( almost 3 days saying same things) , my main purpose is trading for Option, what's your suggestion ? thanks for advise
Hi Albert, I think i've answered your question on another video - the difference is TSG is an introducing broker (like an agent) that absorbs the inactivity fee imposed by IBKR, but recently IBKR just removed the inactivity fees (refer this video: th-cam.com/video/fvwoBjGPG8Y/w-d-xo.html), making IBKR a better choice overall, but TSG is not bad either.
If you are actively trading, it will be most cost effective to trade with IBKR (yes you can open another IBKR account even though you have a TSG-IBKR account).
That said, you can always email TSG at (globalsupport@tradestation-international.com) to assist you in getting your IC manual verification done.
Hi , may i know if this is applicable for TD Ameritrade as well ?
Hi Way Hup, no it doesn't because TD Ameritrade only accepts SGD from DBS/POSB Bank
@@ZietInvests Thank you so much and appreciate this video :)
@@yeohwayhup4250 Pleasure is all mine! Have a great day!😊
How much is the commission for Malaysian to trade US stocks using IBKR?
For most US stocks and ETFs, its about 0.35USD per trade minimum, can refer this video: th-cam.com/video/f__HgJRe3nU/w-d-xo.html
Hi Ziet, if I am resided in Spore and have created a Singapore Wise account, will I be able to transfer RM from my Malaysia bank account? Or should I create another Wise account for Malaysia?
Hi Jeslyn, no need to create another Wise account, I believe you can create a MYR Balance inside your current Wise account.
Can refer this video for the Multi-Currency account features: th-cam.com/video/H99ohWsnoIM/w-d-xo.html
Let me know if this helps!
Thanks for your video sharing but when I use CIMB Sg to local transfer via FAST, it required security code instead of ask confirm from mobile phone, is this due to setting? how to to change it? tqvm
Hi Kw, if i understand correctly, you need to setup a digital token if you haven't done so (can download CIMB SG mobile apps and see below, Digital Token (dont login first)).
Hope this helps!
@@ZietInvests thanks, it work
I had been using direct funding to IBKR using Wise for whole year, so far no problem. Is it really illegal?
Hi Chee Peng, If you are not aware yet, Wise has 2 services on their app:
A) Overseas remittance service (sending money overseas) - no issue with this, can proceed to use 😊
B) Balance (Borderless account) - This service has been removed by Wise for Malaysian clients as the Malaysian Government no longer allow this feature to run on their app. I have confirmed this with their customer support, so if you are exploiting this feature for ACH Transfer to brokers, just note that it is unregulated and you have to bear your own consequences. Refer here for the list of country not allowed to open Balance: wise.com/help/articles/2813542/why-cant-i-open-a-balance
That said, it is not illegal, B) is just unregulated, so use it at your own risk.
Also, Lowyat forumers have ran into situations where IBKR investigate them to check on their funding proof, so I can't guarantee you whether IBKR will knock your door or not.
@@ZietInvests yup, I just use the remittance service to fund my account. Is fine?
@@OhCheePeng If you got it through, then just let it be. Moving forward I wouldn't recommend you to do it, best to fund from a bank of your own name, eliminates the risk of any investigation.
Malaysia allow Borderless account in Wise right? May I know how do you do that, is it linkt to ACH account in IBKR? how long would it take? thanks
Hi Ziet, not sure whether it's still the same process currently as I'm doing this almost a year later than when this video was published. I got my CIMB Sg account approved, and I can straight away transfer funds from Msia account to Sg account via FAST. Does that mean Wise is no longer required?
Hi there, you may want to check out this video: th-cam.com/video/RzCKxh9syCE/w-d-xo.html
What you are doing is internal transfer from MY -> SG which incurs slightly worse forex rate even though it is "Free". Hope this clarifies!
What about using wise directly from myr to usd?
Can! Check out here: th-cam.com/video/8YeDT2ol1K0/w-d-xo.htmlsi=gjYE3kK1J0aO9dOS
Can I do step 3 during weekends (non working hours) ? Does it make a difference?
Hi Lee, yes you are able to do that 24/7, I always transfer SGD from CIMB SG to IBKR SGD account at night around 11pm, no issue for me so far.
And, no difference, since its a local transfer, no fee and currency conversion involved.
Hi Ziet, I'm a beginner learning how to open a IBKR account. Now I'm facing an issue which is, when I try to fund on IBKR website, after select the currency want to deposit (SGD), my page don't have the option (Bank Wire), there only have (Bank Transfer & Transfer from Wise Balance). Please advise which one should I choose, many thanks Ziet!
Hi Hannah, i think that option is the same! Wise transfer is also easy and fast, can check out this video: th-cam.com/video/8YeDT2ol1K0/w-d-xo.html
Hi Ziet, just want to ask the account that funds IBKR must be under the same name?
Hi Minh Vu, that is correct
hi, just want to know, does ib pay interest on the money we deposit in if i havent buy stock yet? thank you
Hi grace, from my knowledge, they require quite a high amount of cash to be eligible for interest, can read more here: www.interactivebrokers.com/en/index.php?f=46385
Hi Ziet, is there any cheapest way to transfer money from CIMB SG to CIMB MY?
Hi, you can always compare Wise / InstaReM / CIMB SG internal transfer to CIMB MY!
For Wise withdrawal: th-cam.com/video/6TJcJuvnP5c/w-d-xo.html
Hi Ziet, thanks for the video. I have both CIMB MY and CIMB SG, is it still cheaper to transfer MYR to CIMB SG via Wise? compared to transferring from CIMB MY to CIMB SG? thanks
Hi Mc, the short answer is Yes. Most of the time the FX is better on Wise
Can I repeat this same process to fund my IBKR account from Pakistan?
Unfortunately CIMB is not available in Pakistan, though you can use similar steps with a bank account that supports a currency that IBKR accepts
Hey Ziet, would it be possible to transfer from wise account direct to IBKR bank account?
Yup! Refer this video: th-cam.com/video/dJYzHEnBhJs/w-d-xo.html
If Im a Singaporean with an existing SG bank account do I still have to use WISE to transfer money to IB or can I just bank transfer directly?
Hi there, no need Wise at all, just local FAST transfer into IBKR will do 😊 (just skip the Wise step, that is for Malaysians)
@@ZietInvests thank uu!! 😁
@@superiorsoldier8328 most welcome 😊
Can I set the wire bank account details as favourite in my cimb bank, so I do not have to key in the details every time I deposit my fund?
Yes you can!
Hi Zeit, I'm planning to initiate my 1st deposit to my IBKR. Is there a min amount that we need to hit?
Hi, there is no minimum, so you can fund any amount
hi bro, if i don't have cimb malaysia, and i have maybank or wise , can i use these 2 account to purchase S&P500 from interactive brokers?
Hi, you can definitely do that, refer this video for funding with Wise account: th-cam.com/video/dJYzHEnBhJs/w-d-xo.html
Ziet. can i transfer to TD with the same method??,TQ
Hi Layimm, cannot, because TD Ameritrade SG only accepts SGD from DBS/POSB Bank
can deposit to SG UOB bank account ?? instead of CIMB
Can! Any SG bank account will work 😊
Hi Ziet, if I don't convert my currency from SGD to USD/HKD before trading, am I still able to buy US/HK stocks directly? Will IBKR convert the currency automatically when I buy US/HK stocks?
Hi Henry, you need to manually convert to USD/HKD to buy.
They used to be able to auto convert for each trade (at 2 USD each conversion) while I was at TSG, but recently I've realised that (after delinking from TSG) it needs to be done manually. Not the hardest thing to do by all means, just a click of a button + 2 USD.
@@ZietInvests @Ziet Invests yes, it is easy to convert currency, but sometimes I may miss the "good time" to buy some stocks (when the stock market is just crash for 1 to 2 days before it rebound back), for example, the recent crash of Chinese tech stocks as it still needs 2 settlement days before I can use to USD/HKD fund to trade.
@@Henry-kx8ql Haha no worries man, no one can time the market perfectly, I'd prefer to just buy consistently whenever I have extra cash and keep some as spare 😊
Hey Ziet, what do you think of MIDF invest? It just got launched today. Would you reckon it fare better than apps like TSG-IB?
Think this would be a decent next video to watch
Hi Ruben, there's a few reasons why it wouldn't be better than TSG-IBKR:
1. It's using Saxo back-end, saxo is known to not execute better than IBKR.
2. Commission fees are high - promotional rate ends this month i think?
Though I might need to take a deeper look at it first haha!
@@ZietInvests Hey, have you heard that IBKR has no monthly fees now? So there's no reason to use TSG anymore
@@joetyler835 Yes I do, I have an update video to address that tomorrow, stay tuned!
from the email I got from CIMB when I open the CIMB SG account it said and I quote: " Note: We do not accept initial deposits from Remittance Agencies such as Wise, Western Union etc." Anyway I had done my transfer via wise. Not sure what will happen. I'll juz wait then. if you have any advice do let me know. cheers!
Hi Benjamin, should be no problem, dont forget to send 1 sgd via duitnow inside cimb clicks malaysia portal!
I use wise via public bank Malaysia to transfer my initial fund to cimb sg , is it fine?
Hi Ziet, how much the min to fund the Interactive Brokers account? Is it a minimum requirement or not? Thanks!
There is no minimum amount 😊
Hi Ziet - in the above, you mention not to send money directly from IBKR from Wise. By this do you mean Wise's Borderless Account? Thanks for your response.
Yup that is correct! I'm specifically referring to that!
@ZietInvests, hi recently maybank change the purpose list, there is no other capital transfer under transfer. Can you advice which to use?
Is this method still the best for 2023 or is there a better way?
Soon they are allowing integration with Wise: th-cam.com/video/re3DiIKwxkI/w-d-xo.html
how about tax income? if we based in malaysia but doing trade in us market
Hi Sally, you can refer this video: th-cam.com/video/G0ldbVRDyig/w-d-xo.html