How to Withdraw from Interactive Brokers using Wise + Cost Saving Tips

Looking to withdraw money from Interactive Brokers through Wise? Here's a simple step-by-step guide for you! 🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mk...
🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mk...
⬇️ Timestamps:
0:00 → Introduction
0:33 → Step 1: Link your IBKR to Wise for withdrawal
2:25 → Step 2: Withdraw from IBKR to Wise
4:40 → Step 3: Withdraw from Wise to Your Bank Account
6:08 → Cost Comparison and Cost Saving Tips
8:41 → Conclusion
Recently tested the out the new IBKR-Wise method to buy US stocks? And now you want to withdraw your money through the same method? No problem!
I've made this step-by-step guide to show how you can easily withdraw money out from your Interactive Brokers account using Wise, and the good news is, its as easy as the depositing method! This method should take you no more than 10-15 minutes.
Of course, a lot of you have been asking me if you actually still need a CIMB SG account or how much more can you save with this new method, and well, I got you covered for that as well! In the last part of the video, I will be sharing some pro-tips if you want to save extra from the transfer fees and conversion charges.
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Disclaimer: 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.
None of the information contained herein constitutes a recommendation, promotion, offer, or solicitation of an offer by Interactive Brokers to buy, sell or hold any security, financial product or instrument or to engage in any specific investment strategy. Investment involves risks. Investors should obtain their own independent financial advice and understand the risks associated with investment products and services before making investment decisions. Risk disclosure statements can be found on the Interactive Brokers website.
Interactive Brokers is a FINRA registered broker and SIPC member, as well as a National Futures Association registered Futures Commission Merchant. Interactive Brokers provides execution and clearing services to its customers. For more information regarding Interactive Brokers or any Interactive Brokers products or services referred to in this video, please visit www.interactivebrokers.com.

[@ZietInvests]

🔵 𝗚𝗲𝘁 𝗙𝗥𝗘𝗘 𝗧𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝘄𝗶𝘁𝗵 𝗪𝗶𝘀𝗲 ➡️ wise.com/invite/u/weif84 🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ www.interactivebrokers.com/mkt/?src=zietPY2&url=%2Fen%2Fwhyib%2Foverview.php%3Fnored%3Dt 🔵 How to open a Wise account ➡️ kzbin.info/www/bejne/fmqcoJuNqNOif68 If you found this video helpful, it would do our team a great pleasure if you can check out Interactive Brokers (with the link above), as we will receive a very tiny kick back - we promise to make more and higher quality videos for all of you ❤ Have a nice day ahead!

[@joekrater3364]

Ziet, how much cheaper are these as compared to Rakuten? I feel Rakuten is more convenient unfortunately I think the cost I more

[@cripz1436]

Great video thanks, you always make these Interactive Broker and Wise(TransferWise) videos so easy!

[@ZietInvests]

Hehe most welcome!!

[@kannanragupathi4651]

Thank you so much Ziet for sharing the knowledge as always with us

[@ZietInvests]

Always happy to share with everyone! Thank you Kannan 🥰

[@Rauthaz]

You're the best, as always! Thank you!

[@ZietInvests]

Thank you so much!!

[@woodliao317]

SUPPORT AND THANK YOU MATE FOR SHARING THIS METHOD, BENEFITS TO ALL OF MALAYSIAN !

[@joel_ols]

Very resourceful....thanks!

[@brianteng420]

Always great insights Ziet !

[@ZietInvests]

Hehe glad you liked it Brian!

[@cani2443]

The only Malaysian investing/trading channel that actually teaches us how to withdraw. The other gurus only teach us how to open account and deposit, probably because they never do the withdrawal themselves...hahaha

[@ZietInvests]

We're going through the same journey! Enjoy my full playlist here :)) kzbin.info/aero/PLNtoL6rfNKdmoHyOx4ft2q9L3ue1HjE8n

[@sunder1234561]

Hi Ziet, I am getting error on my interactive broker on I do not have USD account in WISE, and checked on WISE website they do not create USD account for now. Do you have any other alternative method on create USD account ?

[@vankhanhphung5137]

hi, Do we need to report tax earnings by trading, or investing in IBKR to the local country after withdrawing the money from IBKR ?

[@DT-of5qq]

Thanks for the video mate. Does IBKR have CNBC - Asia, Europe & U.S. like TDAMERITRADE)? Thanks.

[@amerikparmar73]

Hi Ziet, great and informative video as usual! One thing wasnt covered in the comparison (maybe i missed it), if we have a usd bank account here in malaysia, is method 1 still cheaper than withdrawing usd from ibkr and send it direct to your usd bank account in malaysia (via ibkr)?

[@woodliao317]

hi zeit, wise is having issue of receiving USD currency until further notice.....means we cant withdraw from IBKR to wise now

[@64ytb]

Can you do a deep dive into every order type such as trail, limit if touched, trail limit etc. What do they mean and when and how to execute. Many thanks in advance.

[@muhammadabahraq5386]

Thanks Bro for your info

[@ZietInvests]

Cheers buddy!

[@bosslee9824]

Hi Ziet, When you use Wise transfer fund(which transfer from IBKR) back to your Malaysia bank account, do your bank need any supporting documents for proving fund incoming? Tq

[@zhexiangxd]

If I have SGD in my IBKR account, can i wire transfer straight to an SGD Wise account instead of having to convert to USD in IBKR first then transfer the USD back? To avoid double conversion.

[@lynny8877]

Thanks for the video. I am having issues after clicking withdraw button on IBKR, the next screen is just blank, tried using the app also the same. I can't proceed to do any withdrawals at all. Is there a customer service number you know which I can call? as even i go to help, click on support message centre, the next screen is also blank. hope you can help or share how to resolve these problems. thanks much!

[@JordanSiow]

Hey Ziet, may I ask for method 2, what is CIMB Malaysia correspondent bank?

[@BF_official_my]

I wonder since wise have the free ATM withdrawal, if we keep the USD and withdraw using ATM is it really free?

[@averageoptions]

What would I do without you ziet. So many helpful videos.

[@ZietInvests]

I'm always here for all of you ❤️

[@dkendzhaev]

Is it possible to withdraw from IB to Malaysian bank USD account (eg HSBC Malaysia USD account)? Thanks

[@moons1166]

Does method 3 is the cheapest too for withdrawal?

[@kuriansimonvarughese6825]

Hi Ziet....Thanks for your wonderful tutorial about Investment journey and IBKR tutorial videos .......I wanna link IKBR with WISE for withdrawal but stated as "Your Wise account is not currently configured to receive USD. Please log in at Wise and add USD account details" but I already open USD account on my WISE. Pls help to clarify as I can't link IKBR Vs WISE for withdrawal...

[@desmondchin3345]

Is there a limit for the wise account to receive from IB? I plan to withdraw $20k which will be about RM 100k.

[@chiajie9958]

Hi, If you send 1097myr from wise to mbb, you will receive exactly 1097myr without any charges from bank?

[@priscillafortier5883]

Can you help me i am in a trading platform and i have not been able to withdraw any money out of it. Sonce i started . They keep canceling my withdrawal and expecting more and more money i feel there scamming me. I dont no what to do at this point

[@rohanshrestha3094]

Is interactive broker good for forex intraday trade?

[@teihoariibuchin2025]

So is it able from french polynesia

[@MdAynul-pt9nv]

If interactive broker user name and wise name is different then is it possible?

[@386max1]

Great 👍

[@ZietInvests]

Yay!

[@91mingseng]

Can IB withdraw to 3rd party Wise account?

[@davinsingh5296]

Loved the cost comparison Ziet!! I'm curious on IBKR's stock swap features, is there any way to "swap" say units of VOO for equivalent units for CSPX/VUAA etc? Thank you ^_^

[@ZietInvests]

Hi Davin! I've never really used the stock swap feature myself - probably cant swap VOO for CSPX because CSPX/VUAA got no fractional shares - and if not mistaken only for US stocks and US ETFs.

[@Marvin-he7gq]

Hi Ziet. Can you do a video for what is the bank charges rate other bank especially using Maybank Malaysia. I believe many of us are using Maybank Malaysia. I used HLB Malaysia to receive fund but found my net fund is way lower- high transfer fee.

[@candicebehcandicebeh3210]

Thanks

[@ZietInvests]

Thank you so much Candice!! All the best with your investment journey💯💯

[@luisbuxo7095]

Dear Ziet, I have been learning through your videos these last year, thank you for such videos with beautiful content!!! I then started to invest through IBKR, but nowadays I am facing an issue you might be able to help me with... I am trying to buy CATL stocks from Europe and cannot do without becoming an IPI or similar. Do you know a way to buy CATL stock through IBKR for Europeans?? Much appreciate your videos and response!! Very nice videos you have out here...Thank you so much!!

[@ZietInvests]

Hi Luis, hmmm tough one because most brokers would have imposed the same restriction to you due to the EU regulations. Perhaps can try eToro? (Though im not sure if they have it)

[@micmachowdy]

Hii, thanks for your video and an great sharing on the comparisons.. do you have the video sharing on how to link IBKR to CIMB SG?

[@ZietInvests]

Hi Michael, you cant actually “link” them since they are not partnered, though you can check out this video to fund IBKR via CIMB SG: kzbin.info/www/bejne/lWWue4xugrt2a8k

[@ikaikaika92]

Hi ziet, thanks for this video! I have question for you, If we are malaysian, and holding a U.S dividend stocks for long term in IBKR, will we be taxed? Thanks

[@ZietInvests]

Hi, any dividends paid by US company will be withheld by IBKR for 30% ya

[@peiming1735]

Hi Ziet, I am interested in opening a foreign currency account (probably USD) since I am trading with USD most of the time. I wish to use that account to receive USD that I withdraw from IBKR - Wise - Foreign currency account (FCA). Do you have any suggestions on the best FCA that the local banks can offer? Some require a high minimum balance while some charge a high fee.

[@ZietInvests]

Hi Pei Ming - check with your bank whether the multi currency account can be used to fund Wise/IBKR, i never had one so i never know if local banks punya MCA allow that or not. And even IF they allow, check if there's outbound/inbound fee (some bank do charge that) - then end up you don't really save anything

[@amyjennifer5291]

Very educational video, it's amaizing how the little piece of information can lead to significant finance success, this was exactly what happened to me when I was introduced to Ramos J

[@Sam-vo7tg]

Hi Ziet, does WISE allow a withdrawal of say, 100,000 dollars? Heard there is a cap on how much you can withdraw

[@ZietInvests]

Hi Sam, yeah there is a cap depending on where you come from: malaysians daily transfer limit is RM 30,000 per day

[@nasruddinmuhammad]

Method. 1 ❤

[@ZietInvests]

Yasss

[@oceanlee6280]

hi Ziet, what method is most cost saving if you want to withdraw lone shot larger amount than Wise limit?

[@ZietInvests]

Hi, hmmm…. Method 3 would be my best bet (during business hours)

[@arnaurodon1393]

Hi Ziet, do you know If it is possible to do a transfer directly from interactive borkers to tastytrade?

[@ZietInvests]

Hi Arnau, that could be possible but i have not done it myself, you can check with the customer support and they will be able to assist you on that directly!

[@hazmanrahimi162]

Hi ziet. Ive recently encountered a problem. I did money transfer to ibkr via wise but then ive accidentally cancelled my deposit request via ibkr . My money from wise has been deducted though. Will ibkr send the floating money back to my wise acc eventually? By any chance Do you know any ibkr support centre email? 🙏🏼🙏🏼

[@dillonpersaud1080]

Did you get through?

[@Al-fk5hw]

Hi Ziet. Thanks for the great tutorial. I tried linking my ibkr with wise but it says ‘your wise account is not currently configured to receive usd. Please log in at wise and add usd account details’. I previously transferred with cimb sg using the method you taught. May I know how should I go about this? Thank you in advance..

[@ZietInvests]

Hi, have you opened a Wise USD balance? By right if you're from an eligible country for USD balance you should be able to do it - give that a try!

[@Al-fk5hw]

Hi. Thanks a lot for your reply. So apparently, i have to create another Account for USD balance by transferring rm101 into the Account. All done. Thank you very much for the videos. Really helpful..

[@badmintonator9696]

Wise just passed usd acc, for new user we don’t have usd acc for issuing usd😢😢

[@rodneytannn]

What if exchange your USD to MYR in Wise itself? Then transfer back MYR to MYR account

[@ZietInvests]

Sounds like the same thing to me!

[@joekrater3364]

Hey Ziet, just wondering, because I have a Rakuten account and find it quite convenient, how much cheaper would this be then say, converting to myr in Rakuten and paying the fees?

[@ZietInvests]

I think its marginal difference because rakuten’s trading fee is slightly higher, offsetting the wise fee

[@joekrater3364]

​@@ZietInvestsThanks for your reply!

[@joekrater3364]

​@@ZietInvestsHey Ziet, another question I have regarding Interactive Brokers, does it allow voting for shares in the US Market?

[@trotsid]

Hi Ziet, thanks for all the sharing and tutorials, i learnt a lot from your videos. However, when transfer from IBKR to wise, you only need 1 day right? But will it be using a few days to transfer to wise from IBKR? Because mine was already 24 hours and still havent receive anything yet. Im still waiting from wise customer service feedback. But anyway, thanks again for all your effort on the videos, really learn a lot from your videos. :)

[@trotsid]

I have received it after 24 hours. Thanks!

[@ZietInvests]

Sry for the late reply! But Im glad you got it!!

[@tharg330]

You didn’t talk about the exposure that transfer will have to Malaysian FSI tax.

[@ZietInvests]

Hmm interesting, thank you very much for bringing this up. This is definitely a topic on its own - not sure if its even safe for me to talk about it in public because there's just too much blurred line on that FSI definition

[@charissakho1003]

Hi Ziet, how to withdraw money from Moomoo using Wise? Want to convert money from SGD to MYR but there's no MYR option to choose. Want to add Wise for withdrawal but seems didn't see the option to do so. Do you know of the way to withdraw money from Moomoo that is cost saving. Thank you.

[@ZietInvests]

Hi Charissa, at the moment the wise withdrawal function is unavailable due to regulatory issue, can either withdraw directly to malaysian bank (worse off rates) or Wise bank account (for better rates). You should be able to get your wise MYR account under your name

[@charissakho1003]

@@ZietInvests Hi Ziet, if withdraw money to Wise bank account how much is the charges? What is Wise bank account? Where to find Wise bank account? I have Wise card, is it I need to deposit RM101 to activate it? After I pay RM 101 to activate can I withdraw it straight away? How to withdraw money from Wise account? Will I be charged when withdraw money from Wise account? Thank you.

[@user-iy3sr1oq8h]

Hello Do I need a bank account in US to use the Wise method？

[@ZietInvests]

Nope! A second video is what you need 😉 kzbin.info/www/bejne/fmqcoJuNqNOif68feature=shared

[@hanzlau3772]

How bout withdrawal fr TD Ameritrade using wise?

[@ZietInvests]

I dont think TD Ameritrade supports Wise!

[@jianwei8781]

Hi is there any amount limit that I can withdraw from wise to Malaysia bank account ?

[@ZietInvests]

Hi Jian, daily transfer limit should be RM 30k, with holding limit RM 20k (can check on their website ya)

[@gcyt7462]

What about deposit? Is Wise method still the best?

[@ZietInvests]

Wise directly - not the cheapest, but is definitely the most convenient. Need to make an update video on that, apologies on the delay!

[@brianteng420]

Ziet, do you have the email for IBKR's customer service ?

[@ZietInvests]

Hi Brian, you can actually find it here (sending an inquiry): www.interactivebrokers.com/en/support/customer-service.php?p=email

[@ninakirana6960]

Heyy do you have tutorial how to link IBKR to wise?

[@ZietInvests]

Yes Nina! Here you go: kzbin.info/www/bejne/borIdYdopNFkgZIsi=h4htALlQpopOzP2W

[@mikeangelmusic3304]

Can you do a video on how to withdraw from Moomoo using Wise?

[@ZietInvests]

Will definitely do that!

[@drsnazzy]

Can we withdraw more than myr20k using wise

[@ZietInvests]

Daily limit is 30k while holding limit is 20k i believe (MYR)

[@jacklee6573]

Hi Ziet,b4 link IBKR with WISE,we have to deposit fund into WISE then only can link right?

[@ZietInvests]

Hi, i think either way should be fine, you're just depositing to activate the account

[@jacklee6573]

@@ZietInvests thank you so much.

[@janegoodall1837]

Only works in certain countries.

[@ZietInvests]

true tho

[@woodliao317]

Life is about convenient, we just pay for it, method 1, easier and 3 clicks and done.

[@ZietInvests]

That's one way to go!

[@kunwing8669]

CIMB singapore still needed , their SGD convert to RM ( Fee & Rate = 0.20-0.30%) still better than Wise SGD convert to RM ( Fee & Rate = 0.60-0.70% ) , especially if you want send back Money to Malaysia can be like this USD > SGD > RM instead of USD > RM . My comments in March 2023 . 0.50% saving is not a small money , that why i always using Method 3.

[@ZietInvests]

Yup agree! Method 3 definitely the cheapest, but not everyone can get hold of CIMB SG account (especially newcomers) because their customer support for new account opening is pretty much down the drain, luck and patience is....a necessity i'd say xDa

[@yrtang3538]

Is wise safe？ There are quite a lot complaints that wise holds their money for no reason. I never used wise. It seems controversial.

[@ZietInvests]

To be very honest, you can check out the comments section on my other Wise videos, or on Lowyat forum/Reddit forum, so far 99% of the people never had any issues. Those with issue could either be: 1. extremely unlucky 2. does weird transfers back and forth and crossing the limit threshold 3. transfer in from someone else's account (instead of own name) etc. These actions above may trigger some anti money laundering restrictions so...that could be the case for sudden-frozen accounts

[@yrtang3538]

​@@ZietInvests Is transferring to or from other's account forbidden by wise？

[@sjlum8210]

Thanks for the video, @ZietInvests. Comparing to the direct wire transfer approach (to local Malaysian bank account), is the Method 1 still cheaper?

[@ZietInvests]

Actually using CIMB SG to withdraw (from IBKR SGD) is the cheapest, next would be the Method 1, tho the difference is not that huge so definitely can skip CIMB SG if dont want to go through the hassle of setting it up!

[@soniakhameed3412]

I withdraw 1000$ tell tax diducting

[@ZietInvests]

👀 sry what do you mean by that?