Transfer account from broker to IB, cannot afford to lose so much time, heard it will take 4 to 6 days, it that true?
Takes a lot longer if the relinquishing institution procrastinates. Transferred two accounts from TDWH (Canada) to IB - one took a week, another required a second request and then a phone call to the TD rep and then took about a month for the whole thing to settle.
Why bother to transfer? You just close your positions and transfer the money to your bank using ACH (takes less than 12 hours), then wire the money to IB. Takes less than 24 hours. That's it. I once had bad experience of transfering account. I have positions on the transfered account, it took several weeks and my holdings dropped a lot. I am wondering why people bother to transfer. Just close the positions and do the money transfer. It is much faster and safer --- you don't need to worry your holdings get haircut during transfer.
But I not US citizen, I'm in Singapore, and don't have bank account in US. So can I still go by this way? Or any other faster way to transfer? Thanks
wires will typically be credited to your account within a short time of receipt into our bank (we have the process automated). Account transfers from another broker are another matter and will take longer. Thus if you're anxious to start trading with us, a wire transwer would be the quickest way to go.
Takes about 3-4 days, I quote the IB rep. btw I just signed up with IB too, if you'd like to chat about it , pm me sometime.
Dude that is nothing!!! When I closed my tradestation account to IB - tradestation LOST my money and couldn't find it. Took weeks before they actually found it and it showed up at IBs end. D O D G E Y broker TRAD. best regards, MK