How to Withdraw Money from TD Ameritrade Singapore

I have been using TD Ameritrade for a few months. But like you, I may concerned whether I can withdraw my money from it. Hence, I have withdrawn a small amount of money from my TD Ameritrade, so I could write this article on “How to Withdraw Money from TD Ameritrade Singapore”, especially for Malaysians.

Luckily, I succeed the first time. So here I am, sharing my withdrawal experience with you all.

Note: This is an article related to my previous articles for TD Ameritrade:

1. Register a TD Ameritrade Account in Malaysia
2. Funding Your TD Ameritrade Account in Malaysia

How to Withdraw Money From TD Ameritrade Singapore

Surprisingly, it is quite simple to withdraw money from our TD Ameritrade account. Here is the step-by-step guide:

1. Log in to the TD Ameritrade Singapore website. (Use VPN if you’re in Malaysia)
2. Go to Account Centre > Withdrawals > Wire Transfer > Initiate wire transfer process
3. Wire transfer will cost US$25 and third-party wires are not permitted.
4. Key in your TD Ameritrade account number and withdrawal amount.
5. Key in bank name, city, state, country, and swift code
6. Lastly, your bank account number and transaction authorization code (6 pins number)
7. The withdrawal process will take around 1 to 2 days.

Detailed Steps with Images

The log-in button is at the top right corner of the TD Ameritrade Singapore website.

You may need to use VPN to access the login page if you’re in Malaysia. You can use this free VPN for chrome.

After successfully login, go to Account Centre > Withdrawals > Wire Transfer > Initiate wire transfer process, as shown in the image above.

Then you will see some notes before you key in your withdrawal amount. The wire transfer fee of US$25 will be deducted directly from our TD Ameritrade account. Choose our TD Ameritrade Account and key in the withdrawal amount we want.

In step 2, we are required to key in our bank details. If you are using Maybank, you can use the image above as your reference.

In step 3, we just need to key in our (Maybank) bank account number and transaction authorization code for TD Ameritrade. The code is usually in 4 to 8 digits.

We will see this message (in the image above) after we click the “Submit” button. And we’re done!

Usually, the money withdrawn will take 1 to 2 days to reach our bank account.

In my case, I initiated the withdrawal of US$100 from my account on 24 Aug and received RM409.85 on 25 Aug.

At that time, US$1 is equal to RM4.20. So it costs me RM10 (around 2.38%) for the forex fee from Maybank! Gosh!

Things to Note When Withdraw from TD Ameritrade Singapore

1. Prepare to pay fees of at least RM110 (transfer fee + forex fee) per withdrawal.
2. Third-party wire transfer such as TransferWise is not allowed.
3. You can only withdraw money to your own bank accounts (Joint Account is fine).
4. Maybank may call you to verify what is TD Ameritrade. I just told them it is a stock brokerage firm and email them some proof of documents (TD Ameritrade statement)

Summary

No doubt it costs an arm to withdraw money from TD Ameritrade Singapore. Any wise man (or lady) would not simply go withdraw from TDA without any solid reason.

In my opinion, the high withdrawal fee of TD Ameritrade is not totally bad, you know? It creates a huge resistance for us from making any reckless withdrawals and thus keeps us invested. 🙂

Hopefully, you find this short guide useful. If you do, feel free to share this article with your friends who are interested to use TD Ameritrade.

Feature Image Credit: Karolina Grabowska from Pexels