SGD to USD for IBKR: Which Conversion Route Costs Less?
Singapore residents can deposit SGD into IBKR for free via PayNow. The real question is where to convert that SGD into USD — inside IBKR, via Wise, or at your bank. The answer depends on your transfer size.
- IBKR IDEALPRO charges max(USD 2, 0.002%) per FX conversion — exceptional at large sizes, less so at small ones.
- Wise typically charges ~0.4% and a small wire fee — often better for amounts under a few thousand SGD.
- Bank retail FX spread (~1.2%) plus a SGD 30 TT fee makes the bank route the most expensive in almost all cases.
Method note: enter your intended conversion amount below to see which route currently wins.
Enter your intended conversion size in SGD to compare all three routes live.
Full conversion cost comparison
All three routes share the same live mid-market benchmark rate. Ranked by total cost from lowest to highest.
| Method | Fixed / wire fee | FX spread | Total cost | USD received | ETA | Data |
|---|
How to execute
Deposit SGD into IBKR via PayNow (free)
Regardless of which conversion route you choose, first deposit your SGD into your IBKR Singapore account via PayNow or FAST — zero fee, typically instant. Go to Deposit Funds in your IBKR portal to get your PayNow reference details.
IBKR Funding & Deposits →Convert inside IBKR (IDEALPRO)
Once SGD is in your account, open the FX Trader or use Convert Currency. For amounts above USD 25,000 IBKR routes via IDEALPRO automatically at 0.002%. Below that, a USD 2 minimum still applies — but it is still very competitive above ~SGD 3,000.
Or: Pre-convert via Wise (better for small amounts)
For amounts below ~SGD 3,000, convert SGD → USD on Wise, then wire the USD directly to IBKR's USD deposit account. Check your IBKR portal for the correct receiving account and reference before sending.
Get live Wise quote →Wise link includes a referral parameter — we may earn a commission at no cost to you. Bank FX spread and TT fee figures are modelled estimates. IBKR fee structure is based on published IBKR commission schedules; verify current rates in your IBKR account.
Methodology & assumptions
- Mid-market FX rate comes from the Wise rates or quote API (live where credentials are available).
- IBKR IDEALPRO fee modelled as max(USD 2, 0.002% × USD trade value), per published IBKR commission schedule.
- Wise spread figure comes from a live Wise quote API call for the SGD → USD corridor.
- Wise wire-out fee modelled at SGD 5.5 (approximate Wise international transfer fee; actual fee may vary by destination and amount).
- Bank FX spread modelled at 1.2% (DBS / OCBC / UOB indicative retail rate). TT fee modelled at SGD 30. Both are estimates.
Frequently asked questions
Why does the recommendation change depending on the amount?
IBKR charges max(USD 2, 0.002% of trade value) per FX conversion. At small amounts the USD 2 minimum fee is relatively expensive — making Wise cheaper. Once the 0.002% basis point charge exceeds USD 2 (roughly SGD 270,000 equivalent), IBKR becomes extremely competitive. The calculator shows you the current crossover for your input.
What is IBKR IDEALPRO and how do I use it?
IDEALPRO is IBKR's interbank FX marketplace. After depositing SGD via PayNow (free), open the FX Trader module or use the Convert Currency feature in your IBKR account. For amounts above USD 25,000, IBKR routes via IDEALPRO automatically. Below that threshold, you pay a USD 2 minimum commission.
How does Wise pre-convert work with IBKR?
You convert SGD to USD on Wise and hold the balance in Wise's USD wallet. You then initiate an outgoing USD wire (or ACH if using Wise's US account details) to your IBKR deposit account. Wise charges a small conversion fee plus an outgoing transfer fee. Check your IBKR deposit instructions for the correct receiving account and reference.
Can I just deposit SGD for free to IBKR without converting?
Yes — Singapore residents can deposit SGD to their IBKR Singapore account via PayNow or FAST with zero transfer fee. The conversion to USD (to buy US-listed securities) still needs to happen at some point, either via IBKR IDEALPRO after deposit or as a pre-conversion via Wise or your bank.
Are the bank FX rates modelled or live?
Bank retail FX spread figures (approximately 1.2%) are modelled from published DBS, OCBC, and UOB indicative rates. These are not live and may vary. The TT fee (approximately SGD 30) is based on typical retail overseas transfer fees from major Singapore banks. Always check current rates in your online banking portal.
Is Wise always safer than a bank wire?
Both are regulated. Wise holds an MAS licence in Singapore and is regulated by the FCA in the UK. Your bank is also MAS-regulated. Neither deposit is guaranteed by SDIC, as neither is a standard bank deposit account. For amounts that matter, verify current regulatory status with each provider.
Important disclaimer
This tool is for educational comparison only and is not investment advice. FX rates, fees, and IBKR funding rules can change without notice. Always confirm current rates and instructions with Wise, your bank, and Interactive Brokers before converting or transferring funds. IBKR's IDEALPRO rates are interbank and subject to market conditions at the moment of execution.