In this article, I will provide an example how you can transfer fund to your new TastyWorks account via wire transfer from overseas to US. Beware that the information is accurate at the time of writing of this article. You should always refer to the information provided to you by TastyWorks before actual fund transfer.
You can wire your money via Citibank or CIMB Bank if you are located in Malaysia. I found that many people were having problems transfer money to fund their trading account; some said the bank told them some rules from BNM that can not transfer more than x amount of money; some said should set up a USD currency account in local bank, only then transfer the money etc. I have no issue funding my account. You can visit CIMB Bayan Baru Branch or Citibank Penang if you are located in Penang. The staffs there have experiences for this type of transfer.
Please be aware that your fund transfer may be rejected even it is a small error in your form. The fund returned to you will be lesser than you sent initially after currency conversion both ways as well as processing charges from both US and your bank. So always double check your information before transfer your money.
If you want to take advantage of the "Bob the Trader" promotion, you need to transfer at least USD2000. Noted that US bank agent's charges might be around USD25 to 30 per transfer. So it is good to transfer at least USD2030 or ask details from your bank.
I am using CIMB transfer form as example.
[1] Check on Telegraphic Transfer
[2] Check on F/X treasury contract
[3] Enter beneficiary's particulars
tastyworks via Apex Clearing
350 N. St. Paul Street
Suite 1300
Dallas, TX 75201
[4] Enter beneficiary's bank particulars and account number
Comments
I signed up for TDA and TW a few weeks ago and I just got my TW account approved. Can't wait to sell some CSPs!
Trying to fund it has been a pain though. Seeing it's "MCO", I try to wire the fund online and it's been a terrible experience so far. CIMB Clicks doesn't even have a field for you to fill in your TW account number (readers, let me know if you manage to find it). Not to mention there's a RM 10k daily limit.
For Hong Leong Connect, it lets me know that I'm exceeding a different kind of limit AFTER I've set the daily telegraphic transfer limit correctly and painstakingly filled out the form. Damn.
I think I'll try again tomorrow and head to a physical location next week if it still doesn't work. Is the Bayan Baru CIMB your home branch?
Excellent blog btw. It's very helpful. The theme is flickery though. It "twitches" every time I scroll.
Go to physical branch better. You can ask for better rate if amount involve is large. I use CIMB Bayan Baru branch.
Will look in to the theme problem highlighted.
Thank you.
Actually the money transfer process is almost the same.
If IC/Passport number is required for beneficiary when using online transfer, normally put "0000000". The broker's bank account number is good enough.
Agent bank normally charges transfer fees, USD20 to USD40. Different local banks using different agents. You can ask overseas bank like Citibank, UOB etc. for better rate.
There are a few ways to transfer money to Tastyworks.
https://tastyworks.com/how-to-fund.html
I checked the wire transfer method and there are no business registration number available.
Either you email to support@tastyworks.com to get the required info or go through paperwork,
Good luck.
What do I write here?
cannot proceed without this
Yes I am in Penang. But I would like to stay anonymous. Small potato only ya... :)
TOS is more complete as a trading platform, especially when come to drawing technical chart, scanning and even writing custom scripts. Commissions is higher than other platforms.
Tastyworks is more tuned to options trading with great user interface, and cheap commissions too.
I trade using both platforms.
I was told that the charting wasn't as good even though it's cheaper in term of comissions.
Login to Tastyworks, go to My Money menu and select Withdrawal. Select withdrawal by Wire. Fill in your bank info for transfer request. Overseas wire transfer fees is USD45. Good luck.
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