Anonymous
What is the cheapest broker to sell a large amount of US stocks say 6 figure USD worth of US stocks?
What is the cheapest broker to sell 6 figure USD worth of US stocks? Anyone has experience with this regarding commissions paid and exchange rate used to convert back to SGD?
For comparison, my current broker would charge 50+ USD in commissions and differs from live USD to SGD exchange rate on xE.com by about 1.6 - 1.7%. Receiving SGD check would cost another 10USD while international wire transfer in SGD is 25USD. Receiving the same in USD by check/wire transfer is free.
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Gabriel Tham
14 Jun 2019
Tag Team Member at Kenichi Tag Team
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I am not sure where your US stocks are held in currently but it is likely in your current broker custodian account. If you do switch broker for the cheaper commission, you need to also transfer the shares over to a new broker. This incurs another cost for transferring shares.
For exchange rates on brokers, I cannot comment much, they all fluctuate differently.
For cheapest commissions, thinkorswim charges a flat $10.65 USD per trade of unlimited shares.
Standard chartered if you are a priority banking customer, charges 0.2% commission.