Is it possible to transfer USD to Interactive Brokers from Standard Chartered Singapore? Good news! it is possible.
It’s especially good if you’ve some USD lying in a multi-currency account and decided to invest it rather than convert them to SGD, do the transfer, and back to USD, sending it to Interactive Brokers directly it’s a better option to avoid the currency exchange losses. Especially when now remittance service like DBS and Standard Chartered offers a free transaction fee.
- Create a Deposit Funds in your Interactive Brokers Account
- Transfer USD to Interactive Brokers from Standard Chartered
- Final Word
Create a Deposit Funds in your Interactive Brokers Account
1. Create the Fund
Login to your interactive Brokers account, click on the deposit on the main home page or go to the option (three bar on the top left) and click Transfer & Pay then Transfer Funds.
2. Choose USD Bank Wire
Change the currency to “United States Dollar (USD)” and choose “Bank Wire”
3. Proceed to make a deposit
- Save Bank Information: Yes
- Sending Institution: Standard Chartered
- Account Number (this is your Multi-currency Account number, for me it’s the Bonus Saver Online Account Number)
- Account Nickname: Any
- Is your bank/financial institution located in HK / Mainland China: No
- Currency: United State Dollar (USD)
- Deposit Account: 10 (please always try before you send a big amount, the minimum amount to do transfer is 10 USD)
- Self explanatory
4. Bank Wire Instruction
Please keep your bank Wire Instruction window open
Transfer USD to Interactive Brokers from Standard Chartered
1. Go To Transfers & Payments an select SC Remit and International Transfers
2. Fill in the details for the transfer
- Send To: United States of America
- You Send: USD 10
- Recipient gets: USD 10
- Transfer Chargers: make sure it’s 0
- Transfer From: select the correct multi currency account in USD. this should be the same account that you put for the steps 3 in Interactive brokers
3. Fill in the Payee Account Details
- A. Account Number: IBKR virtual bank account number
- B. ABA/SWIFT Code: I used swift code and click the search button and select the correct Address
- E: Check the address again
4. Fill in the Payee Details
- Payee Name: This is your own Full name not IBKR
- C. Address: Follow the Bank Account Title and Address from Interactive Brokers.
5. Others Details
Description is your payment reference: “Your IBKR account number and Your Full Name”
Sending it for the first time, sent it at 4:30 pm from Standard Chartered, Received in my Interactive Brokers at 5:22 pm. That’s under 1 hour.
If you don’t received it just wait it could take 1 – 2 days sometimes. Take a note that the fund will be locked for 3 days before you can withdraw it but you can use it for trade directly.
Please send me questions via the contact if you’ve any! Happy trading.
You might be interested to take a look at Tiger Brokers as IBKR alternative if you don’t trade that much monthly.