Hello! I'm a lurker, as I read most of posts hereWell, I still have the nerve to ask questions.My questions are addressed to those who have accounts at IBKR.I recently opened an account at IBKR but not funded yet.Q1. I have not received any paper work to sign. Is thistheir modus operandi?Q2. I am trying to send money from my account at Wells.They said it cost $30 per transfer. Did you pay such feeswhen you transfer money?Q3. I have difficulty wire-transferring moneybecause they ask many questions and if an answer does notmatch their record, the process stops there. It seems thatthey know more about me than I do.Did you use another route?FocusFocus
They will require you to do on line signatures for all the forms. No paper, except perhaps for very obscure transactions. Yes, it's normal for a bank or broker to charge you a wire fee. The $30 is typical.IB will probably charge you about $20 for each withdrawal by wire. Re the questions on wires...that's just how it is in the modern world due to money laundering rules. You just have to suck it up and answer all the questions, I'm afraid. But you generally won't have to do all of them every time. If you are doing a full account transfer there is an easier way. You arrange with the receiving broker to "suck" the account from the source bank,and that is arranged without the involvement of the source. Jim
Why don’t you use ACH to transfer cash from your Wells account? ACH transfers from US checking or savings account are usually free. It takes a couple of days to link and authenticate your accounts. Your broker will send a test transaction of a few cents. You then have to check your Wells account for the amounts and enter into your broker’s screen to confirm. After successful authentication, you can initiate ACH transfers from your broker and these usually take 1 business day.You can wire transfers when you need the cash immediately, i.e. in a few hours.
My experience with IB is, that wires (international in my case) are free once a month.Once an account to transfer to has been created, repeat transfers are easy. No further questions asked.
Right, don’t use wire, which is instant and cost more. ACH is free and it’s like check writing and is a couple days slower. When you get a margin call, you will have to use wire.
rnam,Thank you for the reply.Yeah, I tried ACH, but it seems that I can use ACHif an account of an outside institution is owned by me.IBKR is not a bank, and I am sending money to IBKR'saccount at Citi. However, I am not sure this is right,and I am just ignorant.FocusFocus
Perhaps I misunderstand but it sounds like you're trying to have the bank transfer funds to IB.Try it the other way around, most brokerages I've used (I don't use IB) have a 'transfer' tab or similar, i.e. you use the brokerage's mechanism to pull and push money from bank accounts.
mungofitch,Thank you very much for the detailed reply.Your explanation is always thorough and comprehensive.I want to be sure money is transfered safely from Wellsto IB. So the first transfer is trial.However, it is too much trouble, and as you suggested,I should render IB take all positions from Wells.BTW, Mungo, I am a great fan of yours and read all ofyour posts that are very informative. I am not a mechanicalinvestor but the way you describe it is so persuasive thatI sometimes think I should do it.I bought WTM when you brought up, as I missed DLTR, which ismy regret. Of course the position is small, but once you ownsomething, you have more incentive to study it. Your recomendationis a good lead to possible accumulation.In additon, I highly appreciate your great contribution to the board.FocusFocus
as I missed DLTR, which is my regret...FWIW, I like it at recent prices ($83.39).If you like the boat, you haven't necessarily missed it.ADS looks interesting at $180.44, though the business is not as simple.The future is notoriously uncertain, but analyst consensus is that they'll earn $25 next year.Not enough reason to buy, but definitely enough reason to do some reading.Jim
Thank you, Mungofitch, for pointing out DLTR again.You are right, and DLTR came down from $116. It is now on near the top of my watchlist, I may bite it under $80.As for ADS, I believe you studied it a lot and that you are comfortable with it. I lookedat it, its business is interesting but its debt/equity is higher that I feel comfortable.Well ADS may be a kind of business you do not need equity, but I have to spend a lot oftime to make the first purchase. The market is more volatile now and BRK is in buy territory. In addition, I am closelywatching for V, MA, GOOG, NVDA.Jun
I very much appreciate the generousity of those who tooktime to reply to my questions, in particular, mungofitch.Now all positions were transferred to IBKR accounts.I like my old broker, Wells Fargo Advisors, which offers100 free trades per year. Then I have never paid any feessince I am a buy-and-hold investor, but I want to accessto stock markets internationally. IBKR has more advantagesin this aspect.Jun
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