Hi all,

Not sure anyone here done this be4

Is it possible to transfer funds(monies) from another brokerage to IBKR

I know shares can be done easily, what about funds sitting in another brokerage account?

The reason being if i sold some of the shares offered to me via employee stock purchase plan, i want to get that money out from the broker.

Transferring to non usd account comes with a hefty charge, and i cannot transfer to a non US multi currency account. They die die have to transfer to an onshore US bank account.

Thanks!

Have to look into the ACATS function.

Never thought of converting it to T bills!
But i assume the value wont change much day to day?

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For those of you seeking short-term (1-3 month) ultraliquid USD parking facility in IB, I found several US 1-3 month Treasury bill ETFs like BIL and SGOV.

Assume you adjust SMART routing to VLow (High volume exchange with lowest fee), you can get your trades executed with as low as 0.24 USD instead of the usual "0.35 USD". BIL is liquid but expense ratio is high at 0.14% p.a., SGOV's expense ratio is low but that is due to temporary fee rebate by BLK which would terminate on 30th June 2023 (after which it would be around 0.14-0.15% p.a., on par with BIL). Moreover, SGOV has about 6% asset exposure in its own institutional cash fund which has Treasury floating rate notes and introduces additional counterparty risks with banks like Citi, Credit Agricole etc. So, not truely "risk-free".

I did some IRR calculations and found that you can get returns of about 1.3% p.a. for the 2-month holding period, factoring 30% WHT for the monthly distributions and 0.24-0.35 USD commissions, charged twice (once during purchase, once during sell).

Much lower than contemporary 2-month UST yield, but better than holding everything on cash balance and let IB suck all your interests away I guess. After all, in terms of opportunity costs, there is nothing more "risk-free" than risk-free rates. So, in theory, as long as better than 0% p.a., one should bite.

Why park in BIL? 🤦‍♀️

UUP is a better option

This Fund is not suitable for all investors due to the speculative nature of an investment based upon the Fund's trading which takes place in very volatile markets. Because an investment in futures contracts is volatile, such frequency in the movement in market prices of the underlying futures contracts could cause large losses. Please see "Risk and Other Information" and the Prospectus for additional risk disclosures.

Just to inform you guys to be careful when sending USD from IBKR to DBS USD FD accounts. Make sure the amount sent is above 5000 SGD all the time.

I encountered a painful experience of losing 1% of the money due to rejection of FD deposits by DBS as my 3.6k USD is less than 5k SGD last Thursday after the weaker US inflation figures...

Lesson is: Always leave yourself some room for currency fluctuations when you deposit USD in DBS FD accounts.

Transfer to MyAccount. Save you the hassle.

Transfer to MyAccount. Save you the hassle.

Should be SGD 10.

IBKR has free transfer once a month.. try to use it wisely..

AFAIK normal for swift network... $25 outbound... $10 inbound...  intermediary/correspondent bank fee...

Incoming Funds Transfer

For crediting to a SGD or Foreign Currency Current Account – S$10 Handling Commission Fee (Waived for Treasures Customers)
For crediting to a Foreign Currency Fixed Deposit Account – Free

i sad sad... cb ftx... no mood...