Transferring holdings from IB to Commsec?

[TonyF]

Hi folks,

Was wondering if anybody has transferred their stock holdings from Interactive Brokers to CommSec and could tell me what is required to facilitate this?

I contacted CommSec, but I think the person there didn't understand my question and was talking about CHESS sponsorship etc (I already informed them I have CHESS sponsorship through CommSec) and attached a Broker to Broker form to fill out which seems to be for transfer from a CHESS sponsor to CommSec.

Any help or advice anyone can provide will be much appreciated (as I'm confused as hell right now hehe).

Cheers,
Tony

PS I did search the site and couldn't find any information but I am a forum retard, so if there is any info regarding this on the forum I apologise in advance!

 

[TonyF]

Okie... maybe I should ask has anyone transferred stock being held by IB to a local (CHESS Sponsor) broker?

 

[SmellyTerror]

From IB... to Comsec.

You'll need to call or email IB, I think. They'd have forms for you. The holdings are in their name, so you won't be able to do it direct with Comsec.

 

[TonyF]

Thanks SmellyTerror!
I'll give that end a try instead!

 

[TonyF]

Contacted IB... it's USD$50 to transfer out to CommSec!
I think I'm better off selling and picking them back up on the CommSec side (it's only 200 BHP shares... so the brokerage will cost less than USD$50).

SmellyTerror.. I missed the first bit of your reply.. Yes from IB to CommSec.
I haven't been trading for the last 5 months (it's more a "hobby" for me right now and I haven't had the time)... So I've been paying $38 for my ASX feed and $10 odd for not making any trades (per month) and have decided until I start spending more time trading again, I'm going to cancel my IB account.

 

[Lone Wolf]

So I've been paying $38 for my ASX feed and $10 odd for not making any trades (per month) and have decided until I start spending more time trading again, I'm going to cancel my IB account.

If you aren't going to trade for a while can't you just cancel your subscription to the ASX feed? If you trade end of day you could just use delayed data anyway. It'll still cost you $10 a month for the inactive account, but you'd soon make that back again with the difference in brokerage when you resume trading.

I'm sure you've thought all this through, I'm more interested in your logic because I'm about to open an account with IB and was planning to not pay any data fees until I need them, just pay the $10 a month if I don't make enough trades that month.

 

[SmellyTerror]

Ah, makes sense. Keep in mind that a sale / repurchase will trigger capitals gains tax, if you're in profit. Also probably not worth worrying about, with 300 shares.

...though, yeah, as LW says you don't need data with IB - you can even trade without it perfectly fine, it'll just give you warnings. The open positions still show correct values, even without a data feed.

 

[TonyF]

Lonewolf... Yep you're right.. would definitely make it back very quckly through brokerage. I have no idea when I'll start again (I'm off to Europe for a two month vacation... so it'll be at least two months) so I'm more inclined to cancel the account and look at re-opening when I start again. One thing I dont like about IB is the vetting (got stung once with it) especially as I was making very short term trades on fast moving stock. The other thing I decided was that any stock I'm going to hold for a long time, I'd like to hold with a CHESS sponsored broker... sounds like sorting out dividends etc is easier.

I am in no way, shape or form experienced (maybe even incompetent ) at trading, so take any of my reasons for closing as more personal and with a pinch of salt

SmellyTerror.. I was doing a bit of "scalping" so needed the live data. I think before I start playing around again I might learn some of the other forms of trading a bit better first.

 

[warakawa]

IB vs bell, which one is better for beginner?

 

[alphaman]

Bell, because IB has some order execution issues with ASX stocks.