Did anyone change share holdings from local brokers to IB?

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Hi all, I wonder if anyone here has an experience of changing their share holdings from Commsec to IB.

Were you charged any fees by either of the parties?
Was it trouble to do so? I read a thread here about a bad experience of transferring shares between the 2 brokers, which was posted a couple years ago. I am not sure whether it is still the same story. Is it be more convenient to sell shares through Commsec and then transfer the fund to IB account?

Please share your experiences here. It would be much appreciated.

P.S. This thread was originally posted under 'Interactive Brokers' and transferred here as I think there might be more people would like to know this topic. Sorry if it causes any inconvenience.

 

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Hi all, I wonder if anyone here has an experience of changing their share holdings from Commsec to IB.

Were you charged any fees by either of the parties?
Was it trouble to do so? I read a thread here about a bad experience of transferring shares between the 2 brokers, which was posted a couple years ago. I am not sure whether it is still the same story. Is it be more convenient to sell shares through Commsec and then transfer the fund to IB account?

Please share your experiences here. It would be much appreciated.

P.S. This thread was originally posted under 'Interactive Brokers' and transferred here as I think there might be more people would like to know this topic. Sorry if it causes any inconvenience.

I did change brokers a couple of times, but cannot recall a single instance where I had to pay either party. All it took was 3 steps:
1. open an account with Broker "B"; make sure name and address are identical to those you hold with Broker "A"
2. obtain and fill out a form where you provide details of HIN and account name of your account with Broker "A"
3. Send the form to Broker "B", who will arrange the transfer free of charge

PS: Makes commercial sense too. Broker "B" has an interest in obtaining you as a new client. Broker "A" doesn't incur any more costs than if you were to hold those shares forever and not sell.