Transfer from IB to a swiss broker, e.g. SwissQuote or Postfinance

Hey all,

has anyone tried transferring some positions from IB to a Swiss broker like Postfinance or SwissQuote / got any experience to share, also about fees?

Thinking about using IB to purchase shares but then moving to Postfinance for keeping them long-term (under Swiss regulation / protection etc.) - not sure if it’s a good idea though.

Any thoughts?

Cheers!
-Pom

2 Likes

I only moved a position from swissquote to ib and sq charged me a 60.- transfer fee if I remember correctly. I would think it is similar the other way round. I am sure if you google “position transfer fee” you will find the required infos asap.

Thanks Arthur - I did google and found this site https://www1.interactivebrokers.com/en/index.php?f=14718 - however I don’t understand which of the transfer methods is applicable, if any. Thought somebody here might have had similar thoughts or even better experience.

I found this in the FAQs, but no mention of the cost. Apparently you need to coordinate with the Swiss broker to initiate the transfer…

TRANSFER POSITIONS

Use the button above or follow the steps below to submit an outbound position transfer to a bank or broker outside of the U.S. or Canada:

  1. Log in to Client Portal
  2. Select the Transfer & Pay menu followed by Transfer Positions
  3. Select Outgoing
  4. Select Basic FOP Transfer and provide your receiving Bank or Broker Information
  5. Click ADD ASSET, follow the prompts on the screen, and then click CONTINUE
  6. On the page that appears, click BACK if you need to modify the transfer request. If all is fine, type your signature in the Signature field and then click CONTINUE
  7. On the Confirmation screen, review your request and click FINISH
  8. Once you submit the request, please contact your receiving broker and inform them to create instructions to receive the shares.

Our Client Services department will process your request and update you via Message Center. Transfers are generally completed within 4-8 business days, depending on the third-party financial institution.

Find more information on the Funding Reference page of the IBKR website.

Please Note

  • When transferring Asian positions from your IBKR account, a charge applies to each request. Find more information on the Other Fees / Security Transfer Fees page of the IBKR website
  • Settlement date should be a minimum of two days after submitting the request. You will need to ensure that your current broker uses the same settlement date.
2 Likes

Did someone do such a “Basic FOP” from IB to another broker recently? What are the costs (per position or in total)?
Thanks!

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