Trying my luck to find someone who has done transfer-out from FSM to other platforms. What's the lead time taken for this activity like in actual? I was told 4-6 weeks and that's quite long.

Does not relates direct to your situation, as your is opt out and mine in opt in.
Many years ago, when I opt to transfer my PRS funds from other fund houses to FSM , .....I think it took abt a month or 2 to fully complete too

That's long~and seems like FSM didn't really change their process since it's been sometime.

Finally I got the answer from experience, and would like to share it here. The process to transfer-out from FSM is completely manual as below

1. Print out the transfer-form, fill up together with IC and send it back to the FSM office. Make sure you use a fast postage like NinjaVan or Poslaju. Eta ~2 work days
2. Once FSM received the form, someone will call for verification based on what you had written in the "reason of transfer out". Make sure you have USD $2 / counter filled in the form in your Cash Account (and not the Sweep Account). Eta ~5 work days
3. Once you noticed USD has been deducted from your Cash Account, that's when the start of the position transfer to the DTC. Be prepared for another ~10 work days.
4. Receiving broker will verify the incoming positions. ETA ~5 work days.

Summing up these ETAs, it's no wonder taking 4-6 weeks as listed in their process. 4-6 weeks indeed quite a long process because we could have not wanting to hold on to the positions or missed out the dividend reinvestments offered by the receiving broker.

On the same day, I had also submitted a transfer-out from another broker, the whole process got completed within 2 weeks.

Hopefully this is insightful for those needed the information.

This post has been edited by guanteik: Jun 13 2024, 11:30 AM

To transfer out what are the charges?

I have transferred 1 of the stock klse, take 2 working days appear at new broker. RM10 fee per stock

https://www.fsmone.com.my/funds/research/ar...-details/296380

https://www.fsmone.com.my/funds/research/ar...-details/297382

Just transfer 10k to the usd auto sweep for testing. Terus hilang 1.27 % current exchange.

try to go to money changer or wise to change your RM to USD, and then immediately change back to RM

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This post has been edited by hs_clover: Jul 16 2024, 08:45 AM

pushing the thread, hows everyone in FSM doing nowadays?

Only use fsm to keep my son's sspn fund in their fixed income fund. UT is so yesterday already and other brokers are cheaper for foreign stocks and etf.

Now only using FSMOne RSP function to buy VOO.
Although IBKR's VUSD will yield better long term, but it is too convenient for FSMOne.

So still using both

Moved most of my fund to Eunittrust except for China fund which still in red.
Although the hypp now is about ETF and overseas stocks, I have not spend time learning how to choose the right one to invest.

This post has been edited by YoungMan: Aug 12 2024, 07:36 PM

Eut not so user friendly

eunittrust definitely not as user friendly as FSM. they only compensate with lower fees. but since i've moved away from unit trust now, not sure whether eunittrust is still competitive in their fees compared to FSM.

I've been doing RSP for VOO, SMH and QQQ using FSM which allows me to purchase friction of a unit. The cost of RSP (buying) is about 0.1% per RM1000. The 0.1% includes every fees and charges.

Has anyone compare of RSP between FSM and Moomoo?
I think Moomoo also allows the purchase of friction on a unit.
Just wondering whether I should switch my monthly RSP to Moomoo if the cost is lower.

The fees structure listed in Moomoo website is quite complicated.
https://www.moomoo.com/my/pricing
1. Platform Fees (does this apply to fractional shares?)
2. Charges for Fractional Shares Trading
3. Stamp Duty (does this apply to fractional shares?)
4. Settlement Fees (does this apply to fractional shares?)
5. ADR Custodian Fees (does this apply to fractional shares?)

Anyone can share the cost per RM1000 for fractional shares in Moomoo?

I also heard that Moomoo app is pretty good with lots of information and news. One of the reason why I am thinking of switching.

Thanks.

I am fine with it. If I want to look for fund info I go to FSM. To purchase I go to EUT for it's low and sometimes 0 fee.

Can we buy friction of a unit for ETFs on Moomoo?

I only sign up Moomoo malaysia for the free share promotion. Do few trades, I not really sure the fees.
IMO, I really dont like Moomoo want you to login get this, do that get that. It makes it look like a 'game' app.
Not login in, will wait till my 60days lock in period end and transfer out.

FSMOne app is looks professional, I like it. Use it for RSP, fees is cheap enough, fund transfer is easy.
I do use IBKR for US stock and some other ETF.