Hello all, My new hedge fund was recently approved, and I've hired NAV consulting for the administration. In order to use NAVs dual account control service, NAV says that all transactions including small amounts, and the monthly NAV service fees, must be made as wire transfers. They didn't explain why but I'm sure they have their reasons. The bank I was previously using requires an in person trip to a branch, and a $25 fee, for every single wire transfer, regardless of how big or small the wire is. So my question is, which bank companies are other pooled investment managers using, that have the capability of requesting large outgoing wire transfers from a webpage, or via some other convenient method? (A smaller per-wire fee would be an additional bonus.) How to conveniently initiate wires may seem like a simple question, but I have not had a high need for wire transfers before working with the hedge fund. In the movies, people are always wiring money using only their computer. I'm hoping there is some analog to that in real life. -Jay77
Hi Just21, The question is for a bank account, not a brokerage account. (Unless IB does offer "bank-like" accounts and I didn't know?)
TD brokerage/bank, Charles Schwab brokerage/ Bank https://www.mybanktracker.com/news/wire-transfer-fee-comparison-top-10-us-banks Good luck with your hedge fund, I think you gone need it!
For anyone in the future who might want to know what solutions were found: It turns out that Fidelity offers a business checking account currently called "Fidelity account for Business". Incoming wire transfers are free, outgoing domestic are $10 each. All transfers can be performed online, no physical visits required. I'm still looking options, but this account would certainly solve the problem.
>Good luck with your hedge fund, I think you gone need it! @Stocktracker If I may ask, is that because of my inexperience with the administration and paperwork aspects of a hedge fund, or another reason?
@Stocktracker Ah, Thank you! Yes, big task. But I'm used to the trading parts, and I imagine the fund administrator will help much. : )