IB account setup

Hi everyone,

At the moment I use a Custody account with Degiro, is there an equivalent option with IB?
Would you recommend any other account type with IB, assuming my activity will mostly consist of 1 monthly purchase of an ETF ( SP500 or VT)
Can I link multiple bank accounts to IB for deposit & withdraw purpose? ( mainly I have 1 CHF and 1 Euro account with PostFinance)
Also, how does IB base currency work? Is any currency automatically converted to base?

Thanks !

The regular IB account is fine for your purposes I think

Yes, but probably does not make a difference

You can chose your base currency other than USD, but still you will trade in USD, however some balances will be shown in the base currency your choice. Any currency you send there will show up as it is arrived but you need to convert to USD in order to trade.

2 Likes

Dear Mustachian community,
I’m in process of opening IB account, currently on Regulatory section page.
Wondering why only Europe is available as location for Mutual Funds (please see screenshot)?

Does it mean I cannot buy VTI or any US ETFs?

Thank you in advance for your suggestions.

No, you’re fine you’ll trade ETFs.

VTI is not a mutual fund but an Exchange Traded Fund (ETF), that is included in the Stocks category (so you’ll be fine, as @nabalzbhf mentioned above)

Thanks for the responses.

How about joint account?

The system did not let me use same taxpayer number for both primary and secondary account. As married couple we have one number.

What did you put in “Identification Number” line under Tax Residency?

Have a nice day!

The tax id number is your ahv/avs number, not your cantonal number.

That should be due to legal restrictions on what they’re allowed to advertise and distribute, according to your residency and customer status.

As the others have said, it doesn’t affect exchange-traded products (yet).

1 Like

I think it is not directly related to these EU advertising restrictions. US mutual funds are usually only available to US residents for various reasons including taxes (and also maybe to avoid some foreign regulations).

Hello everyone,
Just get back to my IB account setup.
Has anyone opened Joint Account for married couple ? If yes, what type did you choose?
The one that I am considering is called JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP, however it is mentioned in the application that it may have some tax consequences in the event of death of one of the parties. Do you know what are these tax consequences and if they would apply to Swiss residents?


Thank you for your comments and help,
Peter

That’s the one I used. Should not have tax implications for CH citizen afaik.

I’m about to set up a joint account too, Tenants with Rights of Survivorship.

One question about a joint account, does the second account holder also receive his or her own login data?

I think you can decide. In my case my wife doesn’t have a login.

Indeed it was an option in one of the forms.

In any case, I am in big trouble because I think I made a mistake somewhere, and now my wife is listed as ‘employee’.
Not sure how close that survivor clause is to being invoked…

I would contact support to get that fixed. It’s much easier to get that fixed now instead of when it is invoked.

Yes, I did already, let’s see if they can fix it. Yesterday they were quite fast in reacting.

Hi everyone,
I just created an account with IB. It took just one day which is really good but right after that some compliance specialist from IB checked my account on linkedin. I cannot see any name (have no premium) and it comes with a ‚follow‘ button instead of ,message‘ like for private profiles. I cannot imagine that this is an official procedure. Did anyone experience that?
Thanks!

No. Are you working in a bank or something?

You can enable creator mode on your profile what changes your profile a bit and gets you a ‘Follow’ button, as far as I understand everyone can do it.

I think it’s quite normal getting checked out on LinkedIn for various reasons nowadays, so why not for KYC reasons during an onboarding process?

Nope, just a random engineer.

Because it is not a reliable source of information? Would they reject my request for example if I didn’t update my profile after moving to Switzerland and it shows some third world country with another job title?

It just doesn’t feel right to think that they check every single application on linkedin or google when you think of the costs. This is why I am asking if anyone experienced it or there are some people working there who have too much information about me and don’t hesitate to google around.
Anyway I try to contact IB to figure out if it is normal.

By reading and partipating to this forum, you confirm you have read and agree with the disclaimer presented on http://www.mustachianpost.com/
En lisant et participant à ce forum, vous confirmez avoir lu et être d'accord avec l'avis de dégagement de responsabilité présenté sur http://www.mustachianpost.com/fr/