Go Back   English Forum Switzerland > Living in Switzerland > Business & entrepreneur  
Reply
 
Thread Tools Display Modes
  #401  
Old 08.11.2020, 23:10
Newbie 1st class
 
Join Date: Oct 2020
Location: Geneva
Posts: 16
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
sly badger has no particular reputation at present
Re: Interactive brokers in Switzerland

Hey guys, good evening.

Hope your investments are going well, do you mind if I ask couple of noob questions? I know these are probably funny questions for you, please forgive me.

1/ Apart from transfer from Swiss bank locally, I need to (partially) fund account from Polish bank - do you happen to know if they offer Polish IBAN to transfer funds into IB account or it applies only to major currencies, USD, CHF and so on?

2/ Fixed or tired fees. I am lost with tiered fees model - which one should I chose? I will be investing rarely, most likely in larger blocks, 3-5 times per year. I do not know if tired fees are lower in case you invest more frequently or they fall in case trade size is bigger?

3/ Re currency exchange in IB. I have read dozen of threads but I am probably dumb. FXCONV vs IDEALPRO. Which one to use, what are the benefits one over another? What platform, web or TWS etc. Sorry, this stuff puts me off, all these virtual FX positions, some comples models etc. I just need to exchange CHF for USD, in most simple possible way, cost-effective if possible (don't mind if it costs 2 USD more than the other method)
Reply With Quote
  #402  
Old 09.11.2020, 06:43
Senior Member
 
Join Date: Jul 2016
Location: GR
Posts: 457
Groaned at 21 Times in 17 Posts
Thanked 149 Times in 127 Posts
wantone has no particular reputation at present
Re: Interactive brokers in Switzerland

Quote:
View Post
Hey guys, good evening.

Hope your investments are going well, do you mind if I ask couple of noob questions? I know these are probably funny questions for you, please forgive me.

1/ Apart from transfer from Swiss bank locally, I need to (partially) fund account from Polish bank - do you happen to know if they offer Polish IBAN to transfer funds into IB account or it applies only to major currencies, USD, CHF and so on?

2/ Fixed or tired fees. I am lost with tiered fees model - which one should I chose? I will be investing rarely, most likely in larger blocks, 3-5 times per year. I do not know if tired fees are lower in case you invest more frequently or they fall in case trade size is bigger?

3/ Re currency exchange in IB. I have read dozen of threads but I am probably dumb. FXCONV vs IDEALPRO. Which one to use, what are the benefits one over another? What platform, web or TWS etc. Sorry, this stuff puts me off, all these virtual FX positions, some comples models etc. I just need to exchange CHF for USD, in most simple possible way, cost-effective if possible (don't mind if it costs 2 USD more than the other method)
1. I doubt but you initiate the deposit request and they will give you the account details

2. IBKR Pro, can't recall exactly the difference but you pay less if your size is larger. That is what you prefer to do.

3. FXCONV is the one to use. The other one just visualises the FX conversion like a trade. Essentially both do the same thing though. I use TWS the standalone java application. It is very powerfull when you customise it. Honestly, it is very very simple just you need to familiarise yourself with the application.
Reply With Quote
  #403  
Old 09.11.2020, 10:42
Newbie 1st class
 
Join Date: Oct 2020
Location: Geneva
Posts: 16
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
sly badger has no particular reputation at present
Re: Interactive brokers in Switzerland

Thanks wantone, much appreciated. Ok, re 1 - will check that Iban asking them directly.

Re currency coversion - I guess it is simple - I have seen some videos in Youtube (for example this one - can I paste links here? This is not my video, but I cannot find anything better)
https://www.youtube.com/watch?v=o6xW...ng%2FInvesting ). I have also seen they offer now some simplified conversion model in mobile app, but I am not sure how different (if at all?) it is in terms of currency pricing or benefits? This one https://www.youtube.com/watch?v=fxsR...ng%2FInvesting
Reply With Quote
  #404  
Old 10.11.2020, 14:24
Newbie 1st class
 
Join Date: Oct 2020
Location: Geneva
Posts: 16
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
sly badger has no particular reputation at present
Re: Interactive brokers in Switzerland

Sorry, one more question - if I keep 100 000 in CHF, in cash in IB account, I won't be charged with negative interest rate right? It is only above threshold of 100 000 (CHF)?
Reply With Quote
  #405  
Old 10.11.2020, 17:00
Senior Member
 
Join Date: Jul 2016
Location: GR
Posts: 457
Groaned at 21 Times in 17 Posts
Thanked 149 Times in 127 Posts
wantone has no particular reputation at present
Re: Interactive brokers in Switzerland

Quote:
View Post
Sorry, one more question - if I keep 100 000 in CHF, in cash in IB account, I won't be charged with negative interest rate right? It is only above threshold of 100 000 (CHF)?
Correct.
Reply With Quote
  #406  
Old 18.11.2020, 09:45
Newbie 1st class
 
Join Date: Sep 2012
Location: swiss outback
Posts: 22
Groaned at 12 Times in 6 Posts
Thanked 6 Times in 3 Posts
ogurci is considered a nuisanceogurci is considered a nuisanceogurci is considered a nuisance
Interactive Brokers

Does anyone here have experience using Interactive Brokers from Switzerland?

Are there any issues, esp. with transferring cash back and forth between IB and Swiss bank accounts? Anything else to mention, especially in comparison to using Swiss-based brokers?

Thanks!
Reply With Quote
  #407  
Old 18.11.2020, 10:22
Forum Veteran
 
Join Date: Jun 2014
Location: Basel
Posts: 731
Groaned at 8 Times in 7 Posts
Thanked 576 Times in 304 Posts
gipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputation
Re: Interactive Brokers

Yes.
No issues with transferring CHF in and out.

Main differentiatior are fees/costs - Swiss brokers are orders of magnitude more expensive.
Also, US ETFs are still available for purchase there - I don't know the status with Swiss brokers (I know e.g. Degiro cut them, but they sit in EU).
Reply With Quote
This user would like to thank gipfelisturmer for this useful post:
  #408  
Old 18.11.2020, 10:45
Member
 
Join Date: Mar 2017
Location: AG
Posts: 107
Groaned at 0 Times in 0 Posts
Thanked 62 Times in 35 Posts
trixxiee is considered knowledgeabletrixxiee is considered knowledgeabletrixxiee is considered knowledgeable
Re: Interactive Brokers

I use it since April and no issues so far.
Just keep in mind that swiss will lose access to US-domiciled ETFs in 2022...and it's a terrible news as IKBR has very low fees for US ETFs
Reply With Quote
The following 2 users would like to thank trixxiee for this useful post:
  #409  
Old 18.11.2020, 10:57
Forum Veteran
 
Join Date: Jun 2014
Location: Basel
Posts: 731
Groaned at 8 Times in 7 Posts
Thanked 576 Times in 304 Posts
gipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputation
Re: Interactive Brokers

Quote:
View Post
Just keep in mind that swiss will lose access to US-domiciled ETFs in 2022.
Can you share a reliable source on that information, please?
Reply With Quote
  #410  
Old 18.11.2020, 11:23
jesuisuntouriste's Avatar
Member
 
Join Date: Jul 2013
Location: Genève
Posts: 245
Groaned at 7 Times in 6 Posts
Thanked 211 Times in 94 Posts
jesuisuntouriste has earned some respectjesuisuntouriste has earned some respect
Re: Interactive Brokers

a happy user of IBKR for 2 years and counting. their customer support is excellent as well.
Reply With Quote
The following 2 users would like to thank jesuisuntouriste for this useful post:
  #411  
Old 18.11.2020, 11:54
Forum Veteran
 
Join Date: Mar 2014
Location: Neuchatel
Posts: 794
Groaned at 3 Times in 3 Posts
Thanked 368 Times in 221 Posts
Enohzee has an excellent reputationEnohzee has an excellent reputationEnohzee has an excellent reputationEnohzee has an excellent reputation
Re: Interactive Brokers

I'm a happy IBKR user. Very cheap, easy to use, interface is fine, customer support generally good.

I do have a recurring problem of my "average price" for positions being incorrect (and therefore P/L being incorrect), and resetting back to the incorrect value after I change it manually in the software. Customer support have been trying to fix it for over a year to no avail.

Apart from that, nothing but praise for IBKR.


Quote:
View Post
Can you share a reliable source on that information, please?
Here is some info:

https://thepoorswiss.com/swiss-inves...omiciled-etfs/
Reply With Quote
The following 3 users would like to thank Enohzee for this useful post:
  #412  
Old 18.11.2020, 12:01
Newbie 1st class
 
Join Date: Sep 2012
Location: swiss outback
Posts: 22
Groaned at 12 Times in 6 Posts
Thanked 6 Times in 3 Posts
ogurci is considered a nuisanceogurci is considered a nuisanceogurci is considered a nuisance
Re: Interactive Brokers

Quote:
View Post
I use it since April and no issues so far.
Just keep in mind that swiss will lose access to US-domiciled ETFs in 2022...and it's a terrible news as IKBR has very low fees for US ETFs
Interesting. By "swiss" did you mean Swiss brokers or Swiss clients?
It would be very good to get a link detailing this if possible please.
Reply With Quote
  #413  
Old 18.11.2020, 15:24
Forum Veteran
 
Join Date: Mar 2014
Location: Neuchatel
Posts: 794
Groaned at 3 Times in 3 Posts
Thanked 368 Times in 221 Posts
Enohzee has an excellent reputationEnohzee has an excellent reputationEnohzee has an excellent reputationEnohzee has an excellent reputation
Re: Interactive Brokers

Quote:
View Post
Interesting. By "swiss" did you mean Swiss brokers or Swiss clients?
It would be very good to get a link detailing this if possible please.
Swiss clients
Reply With Quote
  #414  
Old 23.11.2020, 12:16
Forum Veteran
 
Join Date: Jun 2014
Location: Basel
Posts: 731
Groaned at 8 Times in 7 Posts
Thanked 576 Times in 304 Posts
gipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputationgipfelisturmer has an excellent reputation
Re: Interactive Brokers

That's nothing new, nor definitely confirmed.
Still all "could", "should", and "think", so no new significant info as far as I read.
Reply With Quote
This user would like to thank gipfelisturmer for this useful post:
  #415  
Old 24.11.2020, 12:51
Forum Veteran
 
Join Date: Mar 2014
Location: Neuchatel
Posts: 794
Groaned at 3 Times in 3 Posts
Thanked 368 Times in 221 Posts
Enohzee has an excellent reputationEnohzee has an excellent reputationEnohzee has an excellent reputationEnohzee has an excellent reputation
Re: Interactive Brokers

Quote:
View Post
That's nothing new, nor definitely confirmed.
Still all "could", "should", and "think", so no new significant info as far as I read.
I didnt know it wasn't confirmed. From that article it sounds confirmed.

"From January 2022, Swiss investors will not be able to invest in non-compliant ETFs and funds. So, Swiss investors will only be able to invest in Swiss and European funds."
Reply With Quote
This user would like to thank Enohzee for this useful post:
  #416  
Old 24.11.2020, 16:31
Newbie 1st class
 
Join Date: Aug 2018
Location: Geneva
Posts: 13
Groaned at 2 Times in 1 Post
Thanked 6 Times in 5 Posts
Atheriz has earned some respectAtheriz has earned some respect
Re: Interactive brokers in Switzerland

Does anyone use Options with IB? Does it automatically make you a 'professional' trader so you'll need to pay taxes?
Reply With Quote
  #417  
Old 24.11.2020, 17:29
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Interactive brokers in Switzerland

Quote:
View Post
Does anyone use Options with IB? Does it automatically make you a 'professional' trader so you'll need to pay taxes?
Not if you make losses
Reply With Quote
  #418  
Old 25.11.2020, 23:20
Newbie 1st class
 
Join Date: Oct 2020
Location: Geneva
Posts: 16
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
sly badger has no particular reputation at present
Re: Interactive brokers in Switzerland

Quote:
View Post
1. I doubt but you initiate the deposit request and they will give you the account details
hi Wantone (and everyone). I can confirm I was able to transfer funds from Polish bank to IBKR account without ANY problems, in Polish currency. After generating deposit ticket, I have received Polish account number for the deposit (in Citibank) and transfered money as local transfer. Very happy about it.
Reply With Quote
  #419  
Old 18.12.2020, 20:47
Senior Member
 
Join Date: Jul 2016
Location: GR
Posts: 457
Groaned at 21 Times in 17 Posts
Thanked 149 Times in 127 Posts
wantone has no particular reputation at present
Re: Interactive brokers in Switzerland

Any thoughts about transferring the legal entity IBUK clients to IB Hungary?
Reply With Quote
  #420  
Old 04.01.2021, 03:30
Newbie 1st class
 
Join Date: Jan 2021
Location: Zurich
Posts: 28
Groaned at 3 Times in 3 Posts
Thanked 30 Times in 7 Posts
yoyo has no particular reputation at present
Re: Interactive brokers in Switzerland

I'm trying to open an account with IB, but I'm getting the following message:
"Currently we do not accept applications of this type from your jurisdiction.".

Any idea what went wrong?
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Trading securities with Swiss brokers/ banks MikeUSA Business & entrepreneur 10 05.07.2009 11:11
Discount UK fund brokers for non-residents wategos Finance/banking/taxation 0 05.02.2009 23:58
Interactive advertising ... the latest trend Polorise General off-topic 0 15.07.2007 08:29
Getting BBC interactive on a FTA receiver Nickj TV/internet/telephone 6 12.04.2007 17:27
Regulatory bodies for Swiss brokers? AndrewD Business & entrepreneur 5 23.02.2007 13:24


All times are GMT +2. The time now is 16:20.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0