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  #21  
Old 26.01.2021, 07:19
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Re: Transfer securities to another broker

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Honestly, I agree: this is why I would rather transfer my positions to Interactive Brokers, if only they answered me!

Do you have a suggestion for a non-Swiss broker with a responsive customer service and without fees on incoming transfers?
IB Chat can be busy at times but if you ping them early in the morning they respond. It will take a bit longer to transfer the positions but the time 1-2 weeks is not an issue. Please , retry.
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  #22  
Old 26.01.2021, 08:18
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Re: Transfer securities to another broker

Is it also easy to transfer out from IB if one wanted to do that for any reason? Thank you
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  #23  
Old 26.01.2021, 09:24
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Re: Transfer securities to another broker

Did you check Charles Schwab?
I gave a quick look at their conditions, and they seem to list a fee only to transfer securities to other brokers. It may be free to transfer from another account to CS.


Their fees are zero for all the things I care about.
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  #24  
Old 26.01.2021, 11:48
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Re: Transfer securities to another broker

Is it me or IB does not have direct cryptocurrencies trading platform?

https://ibkr.info/article/3060
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  #25  
Old 26.01.2021, 12:22
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Re: Transfer securities to another broker

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I would like to close my current trading portfolio at a (very expensive) Swiss institution
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Swissquote does not charge you to bring in your securities and currently even has a promo that they will reimburse the cost of transfer of your incoming institution.
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Excellent advice, @kri! For everybody's information, here is the promo:
LOL OP asks to get out of an expensive Swiss institution and gets redirected into another one
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  #26  
Old 26.01.2021, 12:40
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Re: Transfer securities to another broker

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LOL OP asks to get out of an expensive Swiss institution and gets redirected into another one
The big banks charge WAY more than Swissquote, both for trading AND custody fees.

Again, what is a good alternative if one wants to stay Swiss based?
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  #27  
Old 26.01.2021, 12:52
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Re: Transfer securities to another broker

I would say keep the SQ for now if one has investments below 100k or else sell them. Then IB charges only $10 per month account fee for amounts below 100k. Not much compared to other fees incurred by Swiss brokers e.g. custody fee. I hope given the competition and pressure on the market the Swiss fees will be lowered some day.
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  #28  
Old 26.01.2021, 14:38
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Re: Transfer securities to another broker

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I do not want to use another broker for this reason. It is just that, given the poor performance of their customer service, I got a bit skeptical about their trustworthiness!
Seriously? They have been around for 40 years and are one of the biggest brokers in the world. I have never had a problem getting someone on the telephone, and while I would not describe their customer service as "warm and fuzzy" they've always solved my problems quickly and competently.

They've got some of the cheapest fees in the market, no custody fee if you have over $100k with them, and super-low interest rates on margin.

Stick with it -- once you get over the initial hurdles, they're a good place to be.
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  #29  
Old 26.01.2021, 15:25
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Re: Transfer securities to another broker

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The big banks charge WAY more than Swissquote, both for trading AND custody fees.

Again, what is a good alternative if one wants to stay Swiss based?
yeah. i automatically assumed SQ was the OP's expensive Swiss institution.
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  #30  
Old 26.01.2021, 18:07
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Re: Transfer securities to another broker

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yeah. i automatically assumed SQ was the OP's expensive Swiss institution.
Unfortunately, there is much more expensive!
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  #31  
Old 14.02.2021, 11:58
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Re: Transfer securities to another broker

I bump my own thread because Interactive Brokers has not yet initiated the transfer process and I would like to have an alternative broker ready in case IB does nothing in the next 30 days.

I am looking for a trustworthy and cheap trading platform based in the US, with a responsive customer service and no fees on incoming securities transfer. For example, I have heard good things about Charles Schwab: can someone confirm it?

Many thanks.
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  #32  
Old 14.02.2021, 16:06
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Re: Transfer securities to another broker

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I bump my own thread because Interactive Brokers has not yet initiated the transfer process and I would like to have an alternative broker ready in case IB does nothing in the next 30 days.

I am looking for a trustworthy and cheap trading platform based in the US, with a responsive customer service and no fees on incoming securities transfer. For example, I have heard good things about Charles Schwab: can someone confirm it?

Many thanks.
Robin Hood. Awesome broker.
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  #33  
Old 14.02.2021, 18:21
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Re: Transfer securities to another broker

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I bump my own thread because Interactive Brokers has not yet initiated the transfer process and I would like to have an alternative broker ready in case IB does nothing in the next 30 days.

I am looking for a trustworthy and cheap trading platform based in the US, with a responsive customer service and no fees on incoming securities transfer. For example, I have heard good things about Charles Schwab: can someone confirm it?

Many thanks.
Fidelity is the no1 US broker afaik.
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  #34  
Old 14.02.2021, 20:05
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Re: Transfer securities to another broker

good luck with getting the securities transferred by IB.

I've requested a transfer request to IB in Nov and despite the number of calls, online chats with customer reps and messages back and forth, I'm still waiting....
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  #35  
Old 14.02.2021, 20:28
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Re: Transfer securities to another broker

I had zero problems having some stocks transferred from IB to Schwab and money both ways. Everything went smoothly from both sides, takes only a few days, cost basis properly transferred, zero fees.


Note: for ACATS transfers it's the receiving side that initiates the transfer, so don't blame IB for delays just yet, check with the receiving broker maybe the problem is on their end


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Fidelity is the no1 US broker afaik.
They are only taking in US residents.
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  #36  
Old 16.02.2021, 10:19
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Re: Transfer securities to another broker

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Robin Hood. Awesome broker.
Unfortunately, it is not available for Swiss residents, right?
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  #37  
Old 16.02.2021, 10:20
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Re: Transfer securities to another broker

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good luck with getting the securities transferred by IB.

I've requested a transfer request to IB in Nov and despite the number of calls, online chats with customer reps and messages back and forth, I'm still waiting....
I feel your pain: In my case I started the transfer in December. At least, I am glad I am not alone. Are you also considering alternatives?
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  #38  
Old 16.02.2021, 10:22
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Re: Transfer securities to another broker

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I had zero problems having some stocks transferred from IB to Schwab and money both ways. Everything went smoothly from both sides, takes only a few days, cost basis properly transferred, zero fees.


Note: for ACATS transfers it's the receiving side that initiates the transfer, so don't blame IB for delays just yet, check with the receiving broker maybe the problem is on their end


They are only taking in US residents.
It is a Basic FOP transfer because my current broker is Swiss-based. It is definitely IB's fault because my current broker told me that they tried to get a hold of IB several times, but to no avail.


What is your overall experience with Schwab?
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  #39  
Old 16.02.2021, 11:36
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Re: Transfer securities to another broker

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It is a Basic FOP transfer because my current broker is Swiss-based. It is definitely IB's fault because my current broker told me that they tried to get a hold of IB several times, but to no avail.
same thing here. The other broker just cannot get the confirmation from IB to accept the transferred positions. very simple FOP transfer too.

I am considering selling the positions altogether and re-investing elsewhere if this drags on.

As for using the IB going forward, that remains to be seen. I will need to think carefully after this experience.
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  #40  
Old 16.02.2021, 12:47
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Re: Transfer securities to another broker

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same thing here. The other broker just cannot get the confirmation from IB to accept the transferred positions. very simple FOP transfer too.

I am considering selling the positions altogether and re-investing elsewhere if this drags on.

As for using the IB going forward, that remains to be seen. I will need to think carefully after this experience.
My plan is to move my current securities to Swissquote (unfortunately, I am in the weird position at my current broker that it is way cheaper for me to transfer rather than sell) and buy some new ones on Interactive Brokers, which is very convenient but, as you said, also leaves me quite skeptical. From one side, maybe it really is just a temporary problem, as everybody online talks great things about IB. From the other side, now it is 2.5 months that I wait and it should be in their best interest to make the transition as smooth as possible for new customers...
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