If this is your first time doing transfer to TDAmeritrade, you might stuck at how to properly fill in the Foreign TT form. Let’s go through the in depth steps right now.
Table of Contents
What is Foreign TT?
Foreign TT, also known as FTT (Foreign Telegraphic Transfer). Some people call it Bank Wire Transfer. They all means the same. Remittance of fund to bank account in overseas.
In older days, doing Foreign TT can be quite tiring. Foreign TT normally have to queue up at special counter, slower… The whole process easily taking 2 hours. Even during these days, doing FTT at smaller bank at Malaysia is quite troublesome.
Which Bank is Best for Doing Foreign TT?
Public Bank is sucks. They come back to you, asking supporting documents, broker statement, asking whether you involve in high risk Forex activities, what do you invest in… It’s like background checking… And the funniest part is that time I only transfer less than RM5000 for a long term share investment, but have to go through so much hassle.
I also heard other people facing similar trouble when using other banks.
CIMBClicks is not bad. CIMB favors investors, traders, and businesses. They won’t come to question this and that. However, their daily max transfer limit is RM10,000 only.
Maybank2u is by far my favorite. No other bank in Malaysia can come close to Maybank.
Why even transfer small amount getting into so much trouble?
Since 3 years ago, Bank Negara Malaysia impose strict rules on money flowing out to other countries. Reasons:
- stricter Anti Money Laundering policy
- prevent us from falling into high risk get rich quick scheme like Forex
- restrict big outflow of money from Malaysia
Detailed Charges of doing Foreign TT from Maybank to TDAmeritrade
Maybank currency conversion fee estimated at 1.5%. Wells Fargo charging 25USD to receive fund. From the table above you can see, funding with small amount is really hurting. But there’s no other choice. TD Ameritrade only accept funding from first party, which means sender name must match broker account client name. You can’t use Fintech service like Instarem or Wise, they are all consider as 3rd party transfer.
Parties Involved in a Foreign TT
Let's take Maybank as example. Maybank will charge a cable fee RM10 for any outgoing fund. Then Maybank will earn the currency conversion from MYR to USD. After this done, Maybank will send your money to beneficiary. The agent bank like Wells Fargo charging $25 to process your incoming fund. Finally after all the service fee deduction, your fund reach TD Ameritrade 🙁
Steps to Foreign TT Fund into TDAmeritrade
Step 1: Login to maybank2u. Make sure you see the Paddle Lock and HTTPS. This is crucial to make sure you are accessing the authentic legitimate maybank website.
Step 2: At the header, find and click the PAY & TRANSFER. Select TRANSFER Tab.
*Do take note, foreign TT for Maybank only available during working hours 10am-6pm. Public holidays and weekend not available.
Step 3: Select Transfer to Overseas, New Transfer, Transfer to United States, California. Key in amount you want to transfer. In this example, I transfer RM1000 to overseas.
Step 4: Choose Foreign TT.
After click Compare, exchange rate will be shown. Each time perform FTT, outgoing cable service fee is RM10. You notice Maybank allow daily maximum limit up to RM50,000.
By comparing maybank rate to the actual spot rate at Google, we know that Maybank earning around 1.5% from the currency conversion.
Step 5: Fill in the 4 section of details for this transfer.
Sender Details (fill in your local address at Malaysia)
Recipient Bank Details (TD Ameritrade bank account number)
Standard info, just copy paste
Recipient Details (TD Ameritrade corporate information)
Copy paste everything except email. *Email field must fill in your customer account number in TD.
Email (Optional): Credit to SG account: YOUR ACCOUNT NUMBER IN TD AMERITRADE
Transfer Details (let maybank know the purpose of transfer)
Additional Info: Credit to SG account: YOUR ACCOUNT NUMBER IN TD AMERITRADE
That’s it, you have done your first funding to TD Ameritrade. Just check to see the latest balance at your TD after 2 working days.
Lastly: Add the transfer details to My Favorites. Future want to transfer to TD again, just click on this Favorite to submit transfer in less than 30 seconds.
Foreign TT Templates
Below is the Foreign TT / Bank Wire text template for Sending Money from Malaysia to TD Ameritrade Singapore. Happy copying.
Bank Name: Wells Fargo Bank, NA Full Address: 420 Montgomery Street, San Francisco, CA 94104 City: San Francisco State: California Country: USA
SWIFT /BIC Code: WFBIUS6SXXX FED Wire/ABA Code: 121000248
Name: TD Ameritrade Clearing, Inc. Address: 200 South 108th Ave Omaha, NE 68154-2631 City: Omaha State: Nebraska Country: USA
Account #4123214561 IC/passport/business reg: 82-0543156 Contact: 8006693900
Email / Remark: credit to TDASG: your 9 digit TD Singapore client account number
Purpose: Transfer > Private Transfer – Other Capital Transfer
Additional Notes: credit to your name, TDASG: your 9 digit TD Singapore client account number
You can also login to your TD Ameritrade Singapore account, then go to deposit tab to get the Foreign TT instruction.
If you walk in to the bank to perform Foreign TT, print out this official Wire Instruction PDF and attach together.
Frequent Ask Questions
[…] Why I choose to use Maybank2u to perform Foreign TT? […]