The cheapest at time of writing seems to be: 1. Fund MYR in Wise 2. Convert to EUR (smaller fee than USD) 3. Go to IBKR and Transfer from Wise, selecting your EUR balance (no fee compared to USD) 4. Trade as usual and let IBKR auto-convert currency for a very small fee (don’t manual convert, it will charge you USD2)
Hi Ziet, going through your videos and in another video you suggested opening a CIMB octo account, followed by a CIMB SG account. This is from an older video, has legislation changed to avoid any issue of frozen accounts on IBKR using wise?
Ziet, what if you directly Add money to USD balance in Wise instead of MYR? and then directly transfer the USD from wise to IBKR, would that be cheaper or same? cuz Im afraid the system apply the discount(referral freebies) on my 1st Add money to MYR ( which is free ) so it got wasted later
If Direct ACH isn’t working and it says Direct Debit is unavailable, it might be related to the specific type of IBKR account you have or regional restrictions. Try reaching out to IBKR’s support for clarification, or consider alternative funding methods like wire transfers or Wise.
Ziet, for many countries it would be better to transfer local currencies to Interactive Brokers and convert on forex rate for $2 fee only regardless of the ammount? Although Wise rates are good and for small amounts it almost does not matter, forex exchanges rate are always better. You will need to unable forex for your IBRK account of course.
I wonder why I was charged an amount of RM5.34 for RM100, which is doubled from the one you have (RM2.50), couldn't find any source to solve my doubt :(
Hi Ziet, thanks for the useful infos and video. a bit off topic. in your opinion what would be the best interval for cost averaging on a stock/ETF? weekly, bi-weekly or monthly? TIA!
Hi Ziet! Can we still use this method in the Philippines? When I try to register for a wise account, it says ❌invest your money. Seems like investing using wise is not available for us.
Hey! It looks like Wise doesn’t allow investing in the Philippines at the moment. You can still use Wise for transfers, but for investing, you might need to explore other options!
Hi Ziet, I want to ask you how Ireland Domicile ETF were tax, If the same ETF were Cross Listing in many different Stock Exchange like UK, Netherlands, Germany, Switzerland, etc. Do we need to pay witholding tax for the ETF dividend to the Germany and Switzerland government if we buy the Ireland Domicile ETF in Germany and Switzerland Stock Exchange or we just being tax in Ireland.
Helo! As far as I know, you can check if Germany and Switzerland has double tax treaty with Ireland, try checking the following links: lawyersireland.eu/ireland-germany-double-tax-treaty/ lawyersireland.eu/ireland-switzerland-double-tax-treaty/ It is also good to check with your tax professional!!
Hi Ziet. Thanks for making this video. I would like to clarify. There are occasion where the transfer take a week to reach IBKR account. after that i notice that to fasten the transfer process. before transfer from WISE to IBKR. the amount need to convert from MYR to USD in WISE before trigger the transfer. Any step i miss out if i don't do the transfer? i also wanted to find out conversion made in IBKR is lower or doing it in WISE is better?
Helo, yeapp, you can convert from MYR to USD in WISE and send the USD to IBKR. But in my experience, even if I don't convert my MYR to USD first before sending it to IBKR, the transfer time is the same (at around 3 working days). It is good that you can try checking with the customer service on why it takes longer time for your fund to be deposited. For IBKR funding, I found that the cheapest method is through WISE ACH method. Link to the video here: ruclips.net/video/dJYzHEnBhJs/видео.htmlsi=3rjnZ8eE5catbVBh Hope this helps!
Hi Ziet. I have noticed when i want to transfer from Malaysia Ringgit, the options IBKR gave me is only bank transfer via wise and transfer from wise balance. I cannot choose transfer from ACH. Is the option doesn’t work anymore?
Any idea why transferring from within Wise to IBKR (instead of from within IBKR as shown in the video) is ever so slightly cheaper? I mean, shouldn't it be identical?
Hii! Are you referring to the "Bank Transfer via WISE" method here, and why is it more expensive? I think it is because WISE is charging a fees when one transfer from local bank to WISE and then to IBKR on top of currency conversion fees. Whereas, if you transfer straight using WISE to IBKR, WISE only charge the currency conversion fees.
Hi Ziet, If I want to transfer more than RM 50k, can I use wise account to transfer to IBKR account , if not where to find the beneficiary bank detail, Bank swift code, beneficiary detail using TT from my bank account ? Looking forward for your advise.Thanks
Hey! The Wise daily transfer limit (sending MYR to other currency) is RM 30k. You can watch my video here on how to fund IBKR using FTT from local bank account (I explained step by step on how to transfer using FTT): ruclips.net/video/NqXl6yQM6M8/видео.htmlsi=XdUCPKIWesm7Hs6r But just a reminder that FTT has higher fees, so you can consider transferring from the CIMB SG to IBKR. The link to CIMB SG tutorial here for your reference : ruclips.net/video/_4KJY8MVC5g/видео.htmlsi=5Ma0OZsUTj3e9DtM Hope this helps!
Hi Zeit, thank you for the informative video! I was just wondering if it’s cheaper to convert AUD to USD from wise or just place a trade order on the US market and let IBKR convert the AUD to USD automatically? Cheers
Hi joe! In my opinion the forex differences are marginal since both side involves fee, also depending how much you are trading, be mindful IBKR charges flat 2 USD conversion fee (will be cheap if your trade size is large, or expensive if your trade size is small). In most cases i'd think convert to USD first in lump sum would be more cost effective. Hope this helps!
Hi ziet, when i register the wise account through the app, they mention ''you cant invest with wise in Malaysia". is it illegal to transfer money through wise?
No worries, it's not illegal to transfer money through Wise in Malaysia. The restriction you’re seeing is just for Wise’s investing feature, which isn’t available for Malaysian residents. You can still use Wise for money transfers without any issue.
@@ZietInvests probably it's a loop hole, I've live chat them because I wanted to double check the recipient address. But they mentioned that they no longer accept ACH with wise.
Stupid method. This takes more time and higher fees. If you want fast and cheaper, load wise with ringgit, convert to SGD, then transfer to IBKR Singapore, then convert to USD. You will have your money in the trading account in 45min-2hours.
@@jm0402this method is slightly cheaper(0.05% cheaper) than the one highlighted above in the video. If you want cheaper than that: load Ringgit to wise. Convert to USD first, then load to IBKR via ACH which would take 5 working days, this is about 0.3% cheaper.
Hi Ziet, thanks for this video. Have you tried to withdraw money from IBKR? Will the money transfer to WISE & is there limit/charges for that? Thanks in advance
Helooo, Yes! I have also done videos and tutorials on how to withdraw from IBKR. Link to the video: ruclips.net/video/dU_QbYaA3d8/видео.htmlsi=EJSWyPJ_iZdfCKcU
Hi @des_mond1300, you can send and receive money with Maybank. And you can link your Maybank Account as your "Recipients" too (so when you want to withdraw money, you can perform the transaction with one click on your recipients account, speed up the process of having to type in all the details of recipients bank). I hope this answer your questions ya!
Hi Ziet, I would like to ask about withdrawing funds from IBKR via the Wise method. I followed your video (ruclips.net/video/dU_QbYaA3d8/видео.html) and I ran into issues trying to withdraw funds from my IBKR account through Wise. I encounter the error message: "Your Wise account is not currently configured to receive USD. Please log in at Wise and add USD account details." While I maintain balances in both MYR and USD within my Wise account, I have learned from Wise that they have temporarily suspended the issuance of new USD account details. Unfortunately, they could not provide a timeline for when this service will resume. Could you please advise on alternative methods? Thanks in advance.
The cheapest at time of writing seems to be:
1. Fund MYR in Wise
2. Convert to EUR (smaller fee than USD)
3. Go to IBKR and Transfer from Wise, selecting your EUR balance (no fee compared to USD)
4. Trade as usual and let IBKR auto-convert currency for a very small fee (don’t manual convert, it will charge you USD2)
Hi Ziet, going through your videos and in another video you suggested opening a CIMB octo account, followed by a CIMB SG account. This is from an older video, has legislation changed to avoid any issue of frozen accounts on IBKR using wise?
Thankyou so much for your valuable information ❤❤❤❤
Ziet, what if you directly Add money to USD balance in Wise instead of MYR? and then directly transfer the USD from wise to IBKR, would that be cheaper or same?
cuz Im afraid the system apply the discount(referral freebies) on my 1st Add money to MYR ( which is free ) so it got wasted later
Hi Ziet, it seems my Direct ACH doesn’t work. It says Direct Debit functionality is unavailable for my account. Anyone knows why this is happening? 😢
If Direct ACH isn’t working and it says Direct Debit is unavailable, it might be related to the specific type of IBKR account you have or regional restrictions. Try reaching out to IBKR’s support for clarification, or consider alternative funding methods like wire transfers or Wise.
When i create my wise account should i choose personal or business
Ziet, for many countries it would be better to transfer local currencies to Interactive Brokers and convert on forex rate for $2 fee only regardless of the ammount? Although Wise rates are good and for small amounts it almost does not matter, forex exchanges rate are always better. You will need to unable forex for your IBRK account of course.
I wonder why I was charged an amount of RM5.34 for RM100, which is doubled from the one you have (RM2.50), couldn't find any source to solve my doubt :(
Hi Ziet, thanks for the useful infos and video.
a bit off topic. in your opinion what would be the best interval for cost averaging on a stock/ETF? weekly, bi-weekly or monthly? TIA!
Thank you for showing the fee comparison. 🎉
Yayyy glad you like it!!!
Hi Ziet! Can we still use this method in the Philippines? When I try to register for a wise account, it says ❌invest your money. Seems like investing using wise is not available for us.
Hey! It looks like Wise doesn’t allow investing in the Philippines at the moment. You can still use Wise for transfers, but for investing, you might need to explore other options!
Hi Ziet, I want to ask you how Ireland Domicile ETF were tax, If the same ETF were Cross Listing in many different Stock Exchange like UK, Netherlands, Germany, Switzerland, etc.
Do we need to pay witholding tax for the ETF dividend to the Germany and Switzerland government if we buy the Ireland Domicile ETF in Germany and Switzerland Stock Exchange or we just being tax in Ireland.
Helo! As far as I know, you can check if Germany and Switzerland has double tax treaty with Ireland, try checking the following links:
lawyersireland.eu/ireland-germany-double-tax-treaty/
lawyersireland.eu/ireland-switzerland-double-tax-treaty/
It is also good to check with your tax professional!!
Hi Ziet, what if we transfer USD from Wise to Ibkr? I know there is still a fee. Which method would be more cost effective?
Hi Ziet. Thanks for making this video.
I would like to clarify. There are occasion where the transfer take a week to reach IBKR account. after that i notice that to fasten the transfer process. before transfer from WISE to IBKR. the amount need to convert from MYR to USD in WISE before trigger the transfer. Any step i miss out if i don't do the transfer? i also wanted to find out conversion made in IBKR is lower or doing it in WISE is better?
Helo, yeapp, you can convert from MYR to USD in WISE and send the USD to IBKR. But in my experience, even if I don't convert my MYR to USD first before sending it to IBKR, the transfer time is the same (at around 3 working days). It is good that you can try checking with the customer service on why it takes longer time for your fund to be deposited.
For IBKR funding, I found that the cheapest method is through WISE ACH method. Link to the video here: ruclips.net/video/dJYzHEnBhJs/видео.htmlsi=3rjnZ8eE5catbVBh
Hope this helps!
Hi Ziet. I have noticed when i want to transfer from Malaysia Ringgit, the options IBKR gave me is only bank transfer via wise and transfer from wise balance. I cannot choose transfer from ACH. Is the option doesn’t work anymore?
Ahh, hmmm....i guess there's no other choice than going for the Transfer from Wise balance option then
Any idea why transferring from within Wise to IBKR (instead of from within IBKR as shown in the video) is ever so slightly cheaper? I mean, shouldn't it be identical?
Hii! Are you referring to the "Bank Transfer via WISE" method here, and why is it more expensive?
I think it is because WISE is charging a fees when one transfer from local bank to WISE and then to IBKR on top of currency conversion fees. Whereas, if you transfer straight using WISE to IBKR, WISE only charge the currency conversion fees.
do i need to fund my ibkr account through a bank first before being able to use wise? i just opened my account
Hey, you do not need to fund your IBKR account through a bank first. You can follow the tutorial from the video to just fund your account ya!
Hi Ziet, If I want to transfer more than RM 50k, can I use wise account to transfer to IBKR account , if not where to find the beneficiary bank detail, Bank swift code, beneficiary detail using TT from my bank account ? Looking forward for your advise.Thanks
Hey! The Wise daily transfer limit (sending MYR to other currency) is RM 30k.
You can watch my video here on how to fund IBKR using FTT from local bank account (I explained step by step on how to transfer using FTT): ruclips.net/video/NqXl6yQM6M8/видео.htmlsi=XdUCPKIWesm7Hs6r
But just a reminder that FTT has higher fees, so you can consider transferring from the CIMB SG to IBKR. The link to CIMB SG tutorial here for your reference : ruclips.net/video/_4KJY8MVC5g/видео.htmlsi=5Ma0OZsUTj3e9DtM
Hope this helps!
Hi Zeit, thank you for the informative video! I was just wondering if it’s cheaper to convert AUD to USD from wise or just place a trade order on the US market and let IBKR convert the AUD to USD automatically? Cheers
Hi joe! In my opinion the forex differences are marginal since both side involves fee, also depending how much you are trading, be mindful IBKR charges flat 2 USD conversion fee (will be cheap if your trade size is large, or expensive if your trade size is small).
In most cases i'd think convert to USD first in lump sum would be more cost effective. Hope this helps!
@@ZietInvests thank you boss 🙌🙌🙌
Hi ziet, when i register the wise account through the app, they mention ''you cant invest with wise in Malaysia". is it illegal to transfer money through wise?
No worries, it's not illegal to transfer money through Wise in Malaysia. The restriction you’re seeing is just for Wise’s investing feature, which isn’t available for Malaysian residents. You can still use Wise for money transfers without any issue.
Hi Ziet, I've just live chat with IBKR, Wise ACH method is no longer acceptable by them.
Eh I tried and it still worked last week👀 was it country to country basis?
Eeii
@@ZietInvests probably it's a loop hole, I've live chat them because I wanted to double check the recipient address. But they mentioned that they no longer accept ACH with wise.
Tq Ziet ❤ For moomoo user is much easier compared to IB. What’s the different trading in IB instead moomoo?
In this wise account there are three types 1.personal 2.business 3.platform. in this which one to be use
For personal use, a personal account is typically best. If you’re managing business funds or a platform, you’d choose accordingly.
Wise has updated their fees for conversion recently. I think it abit expensive.
yea so i heard from some community members, from 0.39 USD to 1.19 USD if im not mistaken. weird that mine is still 0.39 hmmm
Mine has changed to USD 1.13
@@allisterliaw3397 mine also 1.13, quite expensive
hi ziet, what's the transfer limit for this ya?
Hi! Wise has daily transfer limit of RM30k ya, if you are sending MYR to other currency.
It's RM20k now for new personal account @@ZietInvests
Stupid method.
This takes more time and higher fees.
If you want fast and cheaper, load wise with ringgit, convert to SGD, then transfer to IBKR Singapore, then convert to USD.
You will have your money in the trading account in 45min-2hours.
overall cheaper?
@@jm0402this method is slightly cheaper(0.05% cheaper) than the one highlighted above in the video. If you want cheaper than that: load Ringgit to wise. Convert to USD first, then load to IBKR via ACH which would take 5 working days, this is about 0.3% cheaper.
Hi Ziet, thanks for this video. Have you tried to withdraw money from IBKR? Will the money transfer to WISE & is there limit/charges for that? Thanks in advance
Helooo, Yes! I have also done videos and tutorials on how to withdraw from IBKR.
Link to the video: ruclips.net/video/dU_QbYaA3d8/видео.htmlsi=EJSWyPJ_iZdfCKcU
Can I link wise with maybank ?
Hi @des_mond1300, you can send and receive money with Maybank. And you can link your Maybank Account as your "Recipients" too (so when you want to withdraw money, you can perform the transaction with one click on your recipients account, speed up the process of having to type in all the details of recipients bank).
I hope this answer your questions ya!
Hi Ziet, I would like to ask about withdrawing funds from IBKR via the Wise method.
I followed your video (ruclips.net/video/dU_QbYaA3d8/видео.html) and I ran into issues trying to withdraw funds from my IBKR account through Wise. I encounter the error message: "Your Wise account is not currently configured to receive USD. Please log in at Wise and add USD account details."
While I maintain balances in both MYR and USD within my Wise account, I have learned from Wise that they have temporarily suspended the issuance of new USD account details. Unfortunately, they could not provide a timeline for when this service will resume. Could you please advise on alternative methods? Thanks in advance.
I have the same issue. Appreciate it if you can make a guide for new Wise account facing the same problem.
Me too facing the same issue