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Last Updated on September 13, 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 3 key ways to fund your IBKR account, namely through (i) Direct transfer from Wise balance, (ii) Direct ACH funding via Instarem, or (iii) Funding your IBKR account through a Singapore (SG) bank account.

Method #1: Funding your IBKR account from Wise balance (Easiest)

This is my preferred way to fund my own IBKR account as I find it the most straightforward method (though not necessarily the cheapest).

Fees incurred:

  1. Wise transfer fee
  2. Currency exchange rate

Pre-requisite: Open a Wise account and make a deposit to your Wise balance

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: Fund your Wise account

Firstly, log in to your Wise account. Select the currency that you’d like to fund your IBKR account and click ‘Add’.

Then, key in the amount you’d like to add, and proceed to fund your Wise account via FPX through your own bank account.

Step 2: Log in to your IBKR account, select ‘Deposit’

Select your deposit currency (for me, I choose USD), and select ‘Transfer from Wise Balance’.

Step 3: Log in to your Wise account and proceed to transfer your funds

Once your Wise and IBKR accounts are linked, you can proceed with your fund transfer.

Step 4: Transfer done – now just wait for your funds to reach your IBKR account.

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


Method #2: Funding your IBKR account through direct ACH funding via Instarem (Cheapest)

Meanwhile, funding your IBKR account via Instarem is the cheapest option. Don’t worry, the funding steps are quite simple as well.

Fees incurred:

  1. Instarem transfer fee
  2. Currency exchange rate

Pre-requisite: Open an Instarem account

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

Be sure to apply my Instarem referral code ‘NOMONEYLAH‘ and get 50% off for your first transaction fee (min. transfer of RM200 or SGD500)!

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 Instarem transfer.

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

Step 5: Be sure to apply my Instarem referral code ‘NOMONEYLAH’.

Be sure to apply my Instarem referral code ‘NOMONEYLAH‘ and get 50% off for your first transaction fee (min. transfer of RM200 or SGD500)!

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

From personal experience, it usually takes about 1-2 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 #3: 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 and Instarem, 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.

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Chin Yi Xuan

Hi there! I am Yi Xuan. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. Every week, I write about my personal learnings & discovery about life, money, and the market.

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