How to switch from SC to IBKR?

I'm investing in IWDA under SC as I'm DCA-ing every 3 months of around 1.5k. This is because I only can set aside $500/month so I want to reduce fees. I plan to hold ETFs long term and expect my portfolio to be over 100k+ in maybe 5-7 years.

I plan to invest with SC until my portfolio becomes 100k USD and then switch to IBKR as they have no account maintenance fee after that amount.

I want to ask if that is feasible and what are the steps and costs too swap from SC to IBKR

Interactive Brokers Standard Chartered Online Trading

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Feon Tang

05 May 2021

I just called up stand chart hotline, the staff told me it's possible to transfer the shares to any broker. He told me to check with IBKR first if they can accept shares from SC too. I've tried calling to IBKR but the line was busy.

Anway, if everything is good, all I have to do is to fill up the transfer of shares application form from both SC and IBKR. There will be an additional of 30 gbp for transferring from SC.

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Nicholas Beh

29 Aug 2020

Student Ambassador 2020/21 at Seedly

Users on Hardwarezone have previously been able to transfer their holdings from SCB to IBKR, but there have been reports recently that this is no longer possible. The only way to be sure is to contact both SCB and IBKR and see what each side is able to do.

Otherwise, another way is to switch to IBKR when your DCA investment increases in frequency and amount. That way, IBKR can be cheaper than SCB on a per-transaction basis monthly.

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