As far as I am concerned there is NO difference, it is a good question. In fact I have often thought of this myself. But here is my problem: I am not a US resident and don't live in the US. Have any other non US resident traders tried this ie have you been able to open a US bank account (even though you don't live there) so you can easily transfer funds to your broker? I can electronically transfer funds from New Zealand, but you need to allow a couple of days for it to hit the US brokers bank account.
whoever made this following statement is spurious and misleading at best: ....I can electronically transfer funds from New Zealand, but you need to allow a couple of days for it to hit the US brokers bank account.... my location is also out of u.s. jurisdiction, but funds transferal from bangkok, hongkong and others to my own u.s. acct never took more than a couple of hours at worst, depending on days of the week and time of wire transfer to arrive at the u.s. destination for clearance both regionally and locally. perhaps, your fund was sitting in the back office of clearing agency before advising your broker who also might not act on it immediately; causing unnecessary delay. to rectify this situation, you should call and push your broker to follow up and advise him that you would report the delay to the regulatory agency, if and when there is any more unnecessary delay of posting of your tradeable fund wired from abroad. you need to advise them of details and such. yes, i encountered all the above before, mostly due to human limitation or human indifference to others' urgency.... lol hope it helps and best trading to you all.
one more minor detail--funds from different acct must be in the same name as the one you open your brokerage acct. otherwise, you good, clean and useable fund (hopefully it is so) would be floating around between agencies, clearing house and your broker for several days. in addition, you'll also have the bear the cost of having your own fund returned to the original acct at the cost of about 50 usd per transaction.... warm regards p.s. even fund from my very own family members with same last name and same bank was rejected and returned. they are very strict in the u.s. about this sort of financial transaction.
No need to be so rude. The statement is not spurious or misleading. It is fact based on a handful of transfers to TWO different brokers in the US from TWO different bank accounts I have in NZ and Australia. I was not offering advice to anyone,I was just asking a question based on my experiences. So I don't see why you needed to be a prat. And yes, unlike you, I know all about sending funds from an account in the same name - I have never had this issue. Based on your experiences with transfers I will ask my banks and broker where the delays are occurring.
@steve2222 not my intention to be rude, my apology if perceived as such, or even appeared so to someone or anyone herewith. just like interested future funds transferors to be aware of so many twists and turns in wiring overseas, particularly into u.s. territorials. chow. also will be interested to know what you would discover among members of interbanks and between them and the clearing house and your broker, so on and so forth. thx for bring it up, so i would be more cautious in the future.
@nakachalet Thanks for clarifying your intention. I will report back after feedback from my banks and brokers. My brokers are AMP and NinjaTrader. You wouldn't be with Interactive Brokers by any chance?
happy thanksgiving to you and yours. no, their data feeds are in my humble opi not up to certain standards appropriate for those trading for a living and depending on every tic of the data, to enter and exit. how have your trading been this year?
Agree with that re IB datafeed. But I aware there are traders who transact the trades via IB but use a 2nd feed (say IQFeed) for their charting. Reason I asked, is that I could imagine (although I don't know) that IB might have more streamlined processes to receive funds from their foreign customers given IB's operations around the world as opposed to a smaller broker whose operations are solely US based.