IB: accounts in two different countries?

Discussion in 'Retail Brokers' started by andrew black, Jul 14, 2019.

  1. Canadian with EU citizenship. I am retired and I spend time both places. Currently all assets (US securities) are held in the Canadian account.

    Would it be possible to have a second IB account in EU and move assets between accounts? TIA.
     
    Last edited: Jul 14, 2019
  2. trader999

    trader999

    When you are in EU, do you lose access to your Canadian account in IB?
     
  3. Not that I'm aware of.
     
  4. trader999

    trader999

    then why do you need 2 accounts?
     
  5. wrbtrader

    wrbtrader

    You should just call IB and tell them exactly what you're trying to do.

    Yet, many brokers allow different accounts or sub-accounts via the same name. I have not heard of a particular broker that allows an account in one country to move (transfer) funds to another account in another country like a bank if the account is in the same name.

    I myself thought about this issue many many years ago as a way to avoid fees like a "wire transfer". I have broker and bank accounts in France, Canada and U.S. but I'm not with IB.

    Thus, if the issue is really about how to avoid paying a wire transfer fee to move funds from one account to another account...any broker will allow such even if your name is on both accounts.

    P.S. Many banks are now working with 3rd party money transfer services that's a fraction of the cost compared to the cost of doing a traditional wire transfer. I wouldn't be surprise if brokers start doing the same to make it easier to move funds in & out of the trading account.

    P.S.S. There's no way to avoid currency exchange fees when moving funds from one country to another country.

    wrbtrader
     
  6. wrbtrader

    wrbtrader

    He could have a mortgage in another country, business, pension or whatever that requires a bank account or linked to a financial institution from the same country.

    wrbtrader
     
  7. Can you move a stock position from one country to another? I mean not sell > wire money > buy again.
     
  8. Something like that. No assets / no income in EU equals no access to credit / very poor access to banking services.

    If you just go there for one week vacation probably it is ok, but when you plan to be there 40% of your time, it becomes a huge inconvenience.
     
  9. wrbtrader

    wrbtrader

    I don't know. Also, I don't trade stocks but I do own stocks as investments. It never crossed my mind about such involving stocks (moving them around). Yet, if you have the actual physical stock certificates...any financial institution will take that but there will of course be fees involved.

    Once again, you really do need to talk to someone at IB about questions like that.

    P.S. Many companies no longer issue stock certificates. Today its mainly all done electronically.

    wrbtrader
     
    Last edited: Jul 14, 2019
  10. trader999

    trader999

    then you should ask IB. US brokers do in kind transfer between accounts. May be IB can do same
     
    #10     Jul 14, 2019