Jun 13 2024, 03:33 PM
QUOTE(guanteik @ Jun 13 2024, 11:27 AM)
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.
To transfer out what are the charges?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.
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