How to TT, Wire or Fund your US Trading Account?





Dec 28 2007
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Globalization seems to be the magic bullet which is slowly but surely taking its effect on everyone including the world of stocks investing. When I first started FinanceTwitter about slightly more than a year ago, I wasn’t too sure if I should write about the hidden opportunity in investing not only stocks but also option from the world’s largest equity markets – the United States. Since then I’ve received great response (surprisingly most of the readers decided to send me private email instead of using the comment section) particularly the mechanism of option trading.

One thing leads to another and due to overwhelming requests (I was bombarded with emails for related articles for quite some time) I’ve written the article on which broker to choose and how to open a trading account. Surprisingly I continue to receive emails from readers (who can blame them *grin*) asking me how to fund their accounts. Hey! I thought funding the account should be a straight-forward process that the local banking institutions have no problem executing. Isn’t it strange that Malaysian local banks such as Maybank and Public Bank do not know how to do simple TT (Telegraphic Transfer) to USA? But then maybe it only affects certain branch(s) of which their officers have not done such a high-tech procedure before *evil grin*.

As such, I’m publishing this short article on steps to fill in the “Application for overseas remittances” form or most of you would refer it as “TT form” (applicable to Malaysian investors only). The example below is based on Malayan Banking Berhad’s (KLSE: MAYBANK, stock-code 1155) form. Take note that this form might have changed. Other financial institutions that offer such facility should have different form but the basic fundamental of the contents should be almost the same. Here’s the extract of the form (I’ve ignored the rest of the no-brainer particulars within the actual form).

Funding Brokers TT Wire MoneyThe steps listed below correspond to the numbers within the image above:

Particulars of Applicant:

  • [Step-1]Your Name: you shouldn’t have problem with this else I do not know what to say.
  • [Step-2]IC / Passport No: your identification number or passport number for non-citizen
  • [Step-3] Address: your residential or mailing address
  • [Step-4]Telephone No: your contact number which is reachable

Particulars of Beneficiary (the most important):

  • [Step-5]Name: the Bank Account Name of the broker that you’re applying, i.e. Interactive Brokers LLC. You should be able to get this information when you sign-up with your preferred broker.
  • [Step-6] Address (if any): this is the address of the broker’s banking, i.e. Citibank, N.A. (New York Branch), 111 Wall Street, New York, NY 10043, United States of America. Again this info should be supplied to you by your preferred broker when you sign-up.
  • [Step-7]Account No: this broker’s bank account number should be available during your preferred broker’s sign-up
  • [Step-8]Other Details (if any): you should enter the information provided by your broker with reference (benefit to) to you.

Particulars of Bank Beneficiary (important):

  • [Step-9]Name: the name of the broker’s bank, i.e. Citibank, New York
  • [Step-10]Place of payment / Address (if any): this should be the “Bank Codes” provided by your broker, i.e. ABA Number and the SWIFT BIC Code.
  • [Step-11]Town, City: the city of your broker’s bank location, i.e. New York
  • [Step-12]Country: you should enter United States of America.

Amout to be remitted to beneficiary:

  • [Step-13]Currency: USD
  • [Step-14]Amount: 3,000,000.00 (if you wish to fund such amount *grin*)

That’s almost all you need to fill with the remaining to be taken care by the bank’s officer. If your local bank officer still scratching his/her head while giving you a clueless look, it’s time to kick his/her butt. Let me know if this article is useful to you, will ya?

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Comments

Good job , stocktube.. this is something i always wanted to know :) Kudos again

Another thing, i have ask around a few banks , and i get to know that they charge different rates to do the wire transfer. (the range is RM40-RM50) Ironically, i have yet to ask Maybank..lol..How much Maybank charges..? 😛

dear stocktube,
hey, drop by just 2 wish u merry christmas and happy 08 in advance… hope you, me and every stocktube’s reader will have a successful investment for the coming year(s)!
once again… happy New Year in advance.

hello kris, glad the article is useful to you … hmmm, i’m not sure how much was the charges since it was ages ago but if you could just make a couple of calls to the banks, you should know which offers the best … banks nowadays are no different from parasites :(

happy investing …

cheers …

hello anonymous,

thanx for dropping by … appreciate it very much …. happy new year to you too …

happy investing …

cheers …

Another way to remit payments or money overseas fast is to get a Prepaid Credit Card and then use your OWN funds with a physical or P.O.Box mailing address. I am sure if you can buy goods with a debit or credit card you can but stocks or options.

Stocktube, thanks for the informative article, just a question on TT procedure, thought there is always a column which requires you to declared the purpose of payment or has it become unnecessary with capital control lifted?

hello tea,

was there such column? if my memory serves me right, i don’t remember / bother to declare it …

cheers …

Thought there is a column below the form you showed asking for purpose of payment, maybe that is only on bankdraft form… anyway if I were to do TT via internet banking, the system will prompt me to enter purpose of payment… nvm, next time I know what to do. Thx

i funded my acct somwhere ard nov 08.
i use Maybank.And guess what, i had a hell of a time trying to fund it. I called the customer service to confirm its do-able. Once confirm i went to one of the Maybank branches n guess what, they say they dont do this kind of transfer the moment they heard it is some kind of trading broker.WTF?! after some haggling this and tat, he claim i hv to do it at the branch where i open my savings acct,i guess tat loser just wanted me off his face.Next day went to the branch i opened my acct, same thg again, they don do this kind of transfer, i had to mk noise saying this is my money n if i get cheated it is STILL MY MONEY. then only they let me do it.
I guess maybe Maybank is under Najis instruction to keep all money inside this country so he can tax us n plunder more.The truth is i feel more safe knowing my money is elsewhere but here.
Anyway….i hv been trading for months n its been pretty good. God bless those unemployed. Anyway this comment posting is just to rubbish Maybank cos my bro had his transfer done hassle free at Hong Leong.

hello anonymous,

i’m sorry to hear about your bad experience with maybank … the fact is those officers do not do this type of transfer / tt everyday so it’s normal to have them scratching their heads on how to process such request …

cheers …

No la, they don wanna get involve in funding these online broker thing,maybe some of their customer got cheated. Anyway the excuse they gave me was this is decision by the management.So easy to push the blame upstairs like i was born yesterday. Even at the branch where where i open my acct, i have to mk them call Bank Negara only they allow me to transfer. Back few months ago it was quite easy to TT thru online, but now i just heard Maybank sorta upgraded their questionaires wheneva there is any online TT. It seems the questionaire only allow online TT to relative etc etc, no broker/business category for u to declare. Malaysia is runnin low on money, they prefer to tax and plunder our money instead of allowing us to mk money trading to contribute to this country.

hello anonymous,

i hope they’re not serious about preventing people from funding for stock trading overseas … it would be short-sighted to think the money outflow is bad …

instead when these same people made money from overseas, they will repatriate it back so the money inflow would be greater than the initial outflow … but that’s just me …

cheers …

Precisely my sentiment! We are pure contributor to this country’s income. We do not use any natural resource/land/import raw material to export anything for profit. We use our knowledge which is of no cost to the country to make profit and the money we make we bring back home to spend. Anyway I’m only assuming they are trying to prevent us from trading overseas. You know what they say, the rich n powerful have to either make more money or ensure the poor remain poor so the status quo remain unchange. Poor people have no time to go for demonstration/protest because they are too busy working to make a living.
Keep the poor poor so they cant challenge the rich, but dont let them starve cos they will revolt.

I recently try to wire to US but now Maybank require a support
Document like invoice for purpose of transection.
Say if we a want to deposit money in a brokerage account how do we
Get the support document?
Other banks?
Thank you.

Hello Lee,

When you open an account with a brokerage, you would receive an email about how to do the funding …

Just print out this email will do … show it to Maybank officer and they would know what to do …

Cheers …

Hello,

Thanks for the information sharing. As this helps a lot on how to fill in the TT form. The banker doesn’t know themselves neither.

I had go through the same problem with Maybank today as well as the supporting document. I had wasted 2 days time to just go through the process of double confirming with the brokerage in US. As they say I may lose money if wrong information is filled. I replied: “That is my money anyway. It doesn’t matter to me a few bucks been deducted.” And yet end of Friday, they called and say the request is rejected due to no such thing of the bank. They didn’t even try to send out the request and assume there is no such kind of bank.

Anyway, trying to do it again on Monday (Wasted a week). I guess is going to be lot of noise again.

A few question here, is the ABA # provided by the brokerage is filled in the SWITCH code column? Moreover, the new form of the TT doesn’t have any other detail to fill in further benefit to you. Where should i fill it in?

Should i take my money out from Maybank and do it in other banks?

Thank you.

Hello Tan,

It’s been quite some time since we last funded our account so I believe there’re changes to Maybank’s TT form, if they still require you to fill-up such document in the first place …

The latest I heard was that you could get interrogated if you try to TT more than RM10,000 overseas (*grin*) …

Anyway, you don’t need to fill-up ABA# if there’s no such column anymore … Most importantly is your Account-No and Swift Code …

Good Luck …

Cheers …

Thanks, financetwitter.

Opps, I thought the ABA# is the bank swift code. So do i need to call up the brokerage to get the swift code before i do the transfer?

Or should i just ask the banker to check it out for me? But i remember they say they can’t check anything here. (>.<)

I didn't get interrogated doing transfer more than RM10,000. Hopefully I won't get any…

Alright, just got the SWIFT code from the brokerage. Thanks for the information. Really glad I found this page.

How much is the TT cost that will deduct by US Citibank(Recipient bank) ?

Hey guys

Is TT money via maybank still an issue to brokers in US. Plan to use maybank2u to TT, Just went a few rounds trying to use my debit and credit card which where rejected. I totally do not understand why such restrictions with our own money.

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