Transfer of USD from Tiger Brokers to IBKR

Please don't convert the USD back to SGD. One of the great things about Tiger Brokers (and Moomoo) is that they utilize a DBS multicurrency account for client funds. This makes it very easy to move foreign currencies such as USD or HKD around, without any fees.

Instead, open a multicurrency account with DBS, such as the excellent fee-free My Account. Withdraw the USD from Tiger Brokers to the DBS multicurrency account, and then use DBS Remit to transfer the USD for free to IBKR's account in the US. I believe IBKR SG also accepts foreign currency deposits through their DBS multicurrency account, making it all the more easier.

Hi Sean,

I don't think Tiger Brokers accepts Transferwise, though I may be wrong on this.

Also, if you want to keep your cash in USD when you transfer it from account to account, note that this can only be done via TT in SG, which banks usually charge an upfront fee for.

If you're transferring a large sum of USD, then this fee may be worth paying for because the money you stand to save from not needing to do a double conversion may be more than this fee. I believe the best way would be to transfer the USD from Tiger to a multi-currency account (DBS Multiplier), which incurs a fee, then remitting this USD into IBKR, which appears to be free.

But if you're transferring a small sum of USD, I think it's better to convert it to SGD, withdraw it into your bank account, fund your IBKR account, and then convert the SGD back to USD, because the FX losses will be small as well.

Hope this helps!

Regards,

thefrugalstudent