EnsilZah
משתמש רגיל
- הצטרף ב
- 8/9/17
- הודעות
- 421
- דירוג
- 1,356
So I've finally decided to close the Israeli account and make the move to IB, but I've come across an issue.
It appears Excellence has some sort of issue with transferring dollars to another broker, or this broker in particular.
They said they can transfer it to my bank, but if I recall correctly it cost me like 3% the last time I deposited dollars to the bank and then transferred them, which is quite a chunk of change, in general, and in my case specifically.
I'm still waiting for a call because the support guy said he'll talk to the manager of their trading room when he's available.
But in the meanwhile, I was looking for other options.
The only ones I can think of are:
Convert to shekels, transfer to the bank, transfer to IB, convert back to dollars.
I'm not sure what fees are involved, probably less than having the bank handle the dollars, but probably still significant in absolute terms.
Buy some stock with the whole amount, and transfer the stock because there's no issue with that, then either sell or keep the stock on the other end.
The issue with this is, I was planning to put most of the amount in VT anyway, but I'm not sure about doing it all at once, was thinking of spreading it over half a year or something.
Might buy and then sell something that's relatively stable like a money-market ETF.
Might not look good to the Tax authorities if I randomly make 4 million shekel transactions.
It appears Excellence has some sort of issue with transferring dollars to another broker, or this broker in particular.
They said they can transfer it to my bank, but if I recall correctly it cost me like 3% the last time I deposited dollars to the bank and then transferred them, which is quite a chunk of change, in general, and in my case specifically.
I'm still waiting for a call because the support guy said he'll talk to the manager of their trading room when he's available.
But in the meanwhile, I was looking for other options.
The only ones I can think of are:
Convert to shekels, transfer to the bank, transfer to IB, convert back to dollars.
I'm not sure what fees are involved, probably less than having the bank handle the dollars, but probably still significant in absolute terms.
Buy some stock with the whole amount, and transfer the stock because there's no issue with that, then either sell or keep the stock on the other end.
The issue with this is, I was planning to put most of the amount in VT anyway, but I'm not sure about doing it all at once, was thinking of spreading it over half a year or something.
Might buy and then sell something that's relatively stable like a money-market ETF.
Might not look good to the Tax authorities if I randomly make 4 million shekel transactions.
