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Anonymous

19 Apr 2021

∙

General Investing

Should i start with moomoo or tiger? Planning to transfer to IBKR once i reach 100k assets.

Does anybody know which one has lower transfer fees in case i want to transfer in the future?

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Nicholas Beh

19 Apr 2021

Student Ambassador 2020/21 at Seedly

Tiger offers transfers out for US and HK shares only, at a hefty rate of 100 USD (US) or 500 HKD (HK). Moomoo does not offer any facility for transferring out at the moment.

An alternative would be to sell your holdings on Tiger/Moomoo, then transfer the currency (SGD/USD/HKD) for free to a DBS Multi Currency account. Thereafter, use DBS Remit to transfer for free to IBKR. This ensures that you will not lose money on currency conversion. However, prices may vary while you transfer your money, and you could incur unintended switching costs.

The best way would be to calculate if the costs of selling your stocks and buying it on IBKR would exceeds the transfer fee charged. Do keep in mind that if you decide to transfer the stock directly, you will not be able to sell them while they are being transferred, which takes about 2 weeks.

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