Interactive Brokers from Thailand?

[Na Fan]

Does anyone use them? Or something similar?

 

I am struggling to transfer money to my interactive brokers account.

 

I even tried DeeMoney and their response was "we can't".

 

I'm not even going to try to go into a Thai bank branch to do it - that's beyond hopeless.

 

So what realistic options are there?

 

What else are you using to buy stock (not Thai stock) ? I can't for the life of me get anything decent working. it shouldn't be so damn hard to just buy a couple Tesla or other stocks?

 

 

[lkn]

On 11/19/2021 at 3:25 AM, Na Fan said:

I am struggling to transfer money to my interactive brokers account.

 

I even tried DeeMoney and their response was "we can't".

 

I'm not even going to try to go into a Thai bank branch to do it - that's beyond hopeless.

This will be a problem because Interactive Brokers do not assign you an account number, but instead rely on the “message” of the transfer to include your account ID number and your name, which is normally outside your control when you go through a third party.

 

On 11/19/2021 at 3:25 AM, Na Fan said:

I can't for the life of me get anything decent working. it shouldn't be so damn hard to just buy a couple Tesla or other stocks?

Some of these “neo banks” offer you to buy stocks directly, e.g. Revolut gives you one commission free trade per month (you can do more, of course, just not for free), and you can add money to your Revolut account via a regular debit/credit card (without fees), though you can also transfer via regular bank transfer, and they support multiple currencies, even allow you to buy/sell currency at market price.

[Oxx]

On 11/19/2021 at 9:25 AM, Na Fan said:

Does anyone use them?

Yes, lots of people do.  They have about 600,000 client accounts.

 

I don't know what nationality you are but, for example, I can send money to my UK bank account, and then it's a simple matter to transfer to IBKR.

I think it's important to use a proper bank account, rather than a money transfer service.

[Na Fan]

I only have Thai bank accounts at this point. "Back home" has started charging outrageous fees for international addresses.

[Oxx]

1 hour ago, Na Fan said:

I only have Thai bank accounts at this point.

Then you're probably going to have to generate the appropriate wire transfer instruction from within the IBKR application and go and talk to your local bank and see how they can help.

[lkn]

6 hours ago, Na Fan said:

I only have Thai bank accounts at this point

Then you will also have a problem withdrawing money from Interactive Brokers. But if you are a US resident account holder, you can apply for their debit Mastercard.

[Na Fan]

10 hours ago, lkn said:

Then you will also have a problem withdrawing money from Interactive Brokers. But if you are a US resident account holder, you can apply for their debit Mastercard.

I'm not.

[WorriedNoodle]

On 11/22/2021 at 9:35 PM, lkn said:

On 11/22/2021 at 2:49 PM, Na Fan said:

I only have Thai bank accounts at this point

Then you will also have a problem withdrawing money from Interactive Brokers.

Can someone explain this - curious as I don't have IBKR but was considering it?

[lkn]

5 hours ago, WorriedNoodle said:

Can someone explain this - curious as I don't have IBKR but was considering it?

My account does not allow me to work with THB or withdraw to Thai banks, but that might just be because I have a European account, and am therefore limited to SEPA and friends.

[GrandPapillon]

IB has recently changed all their compliance department, and they have become a PITA, I think they got fined by FINRA for being too lenient with their account opening process, and USDT was also complaining about their practice for wire transfer

 

I could easily transfer money out before, not anymore. I am shutting down all my IB accounts because they are impossible to work with. Even clients are complaining that they are difficult to work with. I will keep a min to play with their Trading desktop app UI, and just to annoy them with inactive accounts ????

 

[GrandPapillon]

eTrade seems to be catching with IB in terms of UX and UI, and compliance seems more reasonable. It used to be the other way around 5 years ago, how things change ????

 

Edited December 7, 2021 by GrandPapillon

[Oxx]

15 hours ago, GrandPapillon said:

IB has recently changed all their compliance department, and they have become a PITA, I think they got fined by FINRA for being too lenient with their account opening process, and USDT was also complaining about their practice for wire transfer

Whilst it's true that IBKR was fined, and not only by FINRA, US$38 million for weak money laundering controls, I personally have not had any problems with them, and my monthly cash transfers out go ahead without a hitch.

 

https://www.investmentnews.com/interactive-brokers-finra-money-laundering-195922

[WorriedNoodle]

13 hours ago, GrandPapillon said:

eTrade seems to be catching with IB in terms of UX and UI,

I'm using eTrade and TOS from Thailand. Much prefer the latter.

[GrandPapillon]

4 hours ago, WorriedNoodle said:

I'm using eTrade and TOS from Thailand. Much prefer the latter.

TOS? is that the Flash interface that most Thai brokers use?

[WorriedNoodle]

On 12/8/2021 at 2:30 PM, GrandPapillon said:

TOS? is that the Flash interface that most Thai brokers use?

ThinkOrSwim.