Last Updated on January 9, 2023 by Chin Yi Xuan

In this post, let’s explore the cheapest and most efficient ways to deposit funds into your Interactive Brokers (IBKR) account.

This guide is suitable for non-US residents (eg. Singapore, Malaysia, and more) – any questions feel free to leave them in the comment section at the end of this post!

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Best ways to deposit/fund your IBKR account

There are 2 key ways to fund your IBKR account, namely through (i) direct ACH funding via Wise, or funding your IBKR account through a Singapore (SG) bank account.

Method #1: Funding your IBKR account through direct ACH funding via Wise

This is my preferred way to fund my own IBKR account as I find it the cheapest and most straightforward method.

Fees incurred:

  1. Wise transfer fee
  2. Currency exchange rate

Pre-requisite: Open a Wise account

Before you begin, be sure to open a Wise account first if you do not have an account.

Be sure to use my Wise referral link below and get a free transfer on your first 500 GBP (~RM2600) transfer!

Step 1: Log in to your IBKR account, select ‘Deposit’

Step 2: Select your deposit currency, then opt for ‘Direct ACH Transfer from your Bank’

In this example, I am using USD as my deposit currency. But the method should work for other currencies.

A warning pop-up will appear, saying that you must deposit from a US bank account – just proceed by choosing ‘Yes’.

Step 3: You’ll get 3 key info – a Routing Number, Virtual Account Number, and IBKR’s address (address is not displayed in the screenshot below)

Take down these details. In the next step, you will need to use these details to initiate your Wise transfer.

Step 4: Log in to your Wise account and begin initiating your transfer

Click the bright green button in the Wise app
Select ‘Send Money’

Let’s assume you select to send funds from ‘An Account Outside Wise’. Select the currency of your existing bank account and decide on the amount to transfer to your IBKR account.

There will be a Wise transfer fee charged for each transfer.

Since I am transferring from an MYR bank account, I will select MYR to USD.

Step 5: Key in the details from Step 3

Select ‘Add a new recipient’
Select ‘Business/Charity’
Use details that you got from Step 3 to fill up this section

Step 6: Transfer done – now just wait for your funds to reach your IBKR account.

From personal experience, it usually takes about 2 working days (sometimes even faster) for the funds to reach my IBKR account.

Once the funds are deposited in your IBKR account, you will receive an email update from IBKR.


Method #2: Funding your IBKR account through SGD via a Singapore Bank (eg. CIMB SG)

The 2nd method is an alternative for Singaporeans and Malaysian users with a Singapore bank account.

Fees incurred:

  • IBKR currency conversion rate, if you want to convert your SGD to USD in IBKR
  • IBKR currency conversion fee (~USD2.00 – 2.50), if you want to convert your SGD to USD in IBKR

Pre-requisite: Open a Singapore bank account (CIMB SG)

For Malaysians that wish to open a Singapore bank account, you can consider opening a CIMB SG account, which can be done 100% online.

RELATED: Guide – How to open a CIMB SG account online

Step 1: Log in to your IBKR account, select ‘Deposit’

Step 2: Select SGD as deposit currency, and get instructions for ‘Bank Wire’

Step 3: Key in your SG bank account details and the amount you wish to deposit

Step 4: Initiate transfer from your SG bank account

Use the bank wire instructions from IBKR to make your transfer from your SG bank account.

Log in to your bank account to initiate transfer.

Step 5: Return to your IBKR account and click ‘Finish’.

That’s all – now you just have to wait for your funds to arrive in your IBKR account.

From personal experience, it usually takes about 1-2 working days for the funds to reach my IBKR account.

Once the funds are deposited in your IBKR account, you will receive an email update from IBKR.

Step 6: Convert SGD to USD in IBKR

If you want to convert your SGD to USD in IBKR to trade USD-denominated stocks, you can do so with the currency conversion feature in IBKR for a small fee.

In your IBKR dashboard, select ‘More’.

Use your existing currency balance to convert to USD.

There will be a currency conversion fee/commission of around USD2.00 – USD2.50.


Verdict – Funding your IBKR account is never easier

With platforms like Wise, it is extremely convenient to fund your IBKR account at a minimal fee.

Do you have any other tips on how to fund your IBKR account? Feel free to leave your tips and thoughts in the comment section below!


Disclaimer:

This review is purely based on my personal experience and is updated as of the time of writing.

This article may contain affiliate links that will earn the blog a small fee if you click on them. This comes at no extra cost to you as a reader.