Guys i registered an account with IB and tried to transfer funds over the counter at HSBC but got rejected by the branch manager because say IB is not approved by BNM. Anyone faced this problem?

They told me to speak to BNM and get approval from BNM (provide the name of which BNM officer who gave the approval so that they can counter check) before proceeding with transfer. Otherwise they say based on their experience, BNM will likely reject the transfer or make it difficult to repatriate the monies later in future.

This post has been edited by sukhwin79: Aug 28 2018, 12:49 AM

The problem is that my USD account is with HSBC. I'm gonna go back there again today to talk about it.

Went to a different branch, and voila, transfer went thru without any hassle. No questions asked, just filled in the necessary paperwork.

Now that my funds are in IB, I want to start buying Irish-domiciled ETFs (to reduce witholding taxes). Does any know if all the USA-based ETFs' listed on LSE are Irish-domiciled or not necessarily so? I can't seem to find this info.

Cheers for this.

Since withholding taxes only apply to dividends and not capital gains, that would mean instead of buying Irish-domiciled funds, we can buy US-domiciled accumulating funds, correct? Or are the dividends which are reinvested also subjected to 30% withholding tax?

I fear my foray into the US ETF market couldn't have come at a worst time. Market at an all time high ready to pop soon. Everything is overvalued. Not quite sure if should buy into in now.