shares/balance transfer to IB

Discussion in 'Interactive Brokers' started by luisHK, Dec 28, 2010.

  1. luisHK

    luisHK

    Hi

    I'm opening an account with IB and planning to have IB tranfer the contents of my account with Etrade to IB's new account (and than close the Etrade account) - as well as some stocks held with a bank.

    Is it an easy process ? Anything I should be aware of before doing so ?

    Besides can I also transfer the cash balance on the Etrade account or do I need to transfer it out of this account separately ?

    I only hold stocks btw, IRE adrs and ETFs.

    Thanks
    Luis
     
  2. teun

    teun

    The safe way is to close all positions at Etrade and open them at IB.

    The costs for this at IB side are neglegible.

    Do you know if Etrade charges for thansferring the shares away?
     
  3. sprstpd

    sprstpd

    There are tax consequences of doing it this way which may not be beneficial to the OP.
     
  4. luisHK

    luisHK

    Actually I'm a non US person trading through a non US company so there are no tax consequences. But it would take over a week to close the positions with etrade, wait the 3 working days for the money to be credited, than transfer it back to the source account overseas. Than again transfer those funds to the IB USD account in the US before buying again the shares. This if Etrade releases the funds immediatly - they should though. There will be several bank transfer fees, and possibly intermediary bank fees as well.

    It does look easier to just transfer the shares under IB's custody , especially if I intend to stay long during the week plus it will last to liquidate the positions before entering them again.

    Anymore feedback on the process ?
     
  5. teun

    teun