Last Updated on July 26, 2025 by Chin Yi Xuan
As a blog that covers various topics on Interactive Brokers (IBKR), I’ve often received questions about the possibility of funding our IBKR account using Malaysian Ringgit (MYR).
In this guide, let me walk you through the steps to fund your IBKR account using MYR – and why I think there is a better approach to fund your IBKR account.
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Funding your IBKR account via MYR through Wise Balance Transfer
Pre-requisite: Open and fund your Wise account
Before you begin, be sure to open a Wise account first if you do not have an account.
Step 1: Transfer MYR to your Wise account
- Firstly, log in to your Wise account.
- Select your Wise MYR account, then choose ‘Add’
- Key in the MYR amount you want to fund your Wise account with, and proceed with the funding process via FPX. There is no fee at this step if you are funding your MYR Wise account from a MYR bank account.
- Once your account is funded, you can proceed to Step 2.
Step 2: Log in to your IBKR account and select ‘Deposit’
Step 3: Select ‘Use a new deposit method’, then choose ‘Transfer from Wise Balance’
- Select ‘Use a new deposit method’
- Choose MYR as your transfer currency, then select ‘Transfer from Wise Balance’
Step 4: Log in to your Wise account and proceed to transfer your funds
- If this is your first time using a Wise transfer, you’ll be required to link your Wise account with IBKR:
- Once your Wise and IBKR accounts are linked, you can proceed with your fund transfer. Select MYR as the currency that you’d like to use for the transfer.
- Finally, select the currency that you’d like to receive in your IBKR account. The costs involved in this transfer are:
- Fees charged by Wise (MYR 5.36 for this example)
- USD-MYR exchange rate by Wise
p.s. Note that the maximum amount for a MYR transfer is MYR30,000 per day.
Step 5: Confirm your transfer and select your reasons for transfer
Step 6: 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.
Tips on using MYR transfer to IBKR
Tips #1: Larger transfer amount = More savings in fees
Generally, the bigger the amount you transfer, the fee from Wise will become relatively more affordable:
- RM100 transfer (Fee: RM5.36) = Fee takes up 5.36% of the total value of transfer
- RM1,000 transfer (Fee: RM10.46) = Fee takes up 1.05% of the total value of transfer
- RM10,000 transfer (Fee: RM61.46) = Fee takes up 0.61% of the total value of transfer
Tips #2: The second MYR transfer option (Bank Transfer via Wise) charges a higher fee
There are 2 ways to execute a MYR transfer to IBKR. Both go through Wise to execute the transfer, but one is more expensive:
- Method 1: ‘Transfer from Wise Balance’ – Lower fee from Wise
- Method 2: ‘Bank Transfer via Wise’ – Higher fee from Wise
Is this my preferred option to fund my IBKR account?
Having the option to use MYR transfer to fund my IBKR account is a welcoming choice.
Personally, as someone investing mainly via USD, I’d still prefer to use direct USD transfer via Wise balance.
The process is almost similar, but there is a huge difference in fee:
(a) MYR Transfer via Wise Balance:
- Process: Deposit MYR in Wise > MYR is converted to USD by Wise during the transfer process
- Fee charged for transferring MYR 100 to IBKR: MYR 5.36
(b) USD Transfer via Wise Balance (my preferred method):
- Process: Deposit MYR in Wise > Convert MYR to USD in Wise > Use Wise to transfer USD to IBKR
- Fee charged for converting MYR to USD within Wise: MYR 0.54 (then, transferring USD from Wise Balance to IBKR is free)
READ MORE: Full Guide – How to do a USD transfer via Wise Balance
Verdict: A welcoming option to use MYR to fund our Interactive Brokers (IBKR) account
Here you go – my full walkthrough on how to fund your IBKR account using MYR!
I hope this is helpful, and has shown you another option to fund your IBKR account.
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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This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.
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