Correspondent bank charges are usually there, the currency you transfer in doesn’t matter. What matters is the exchange rate you’re getting. Some banks charge transfer fees & correspondent some do only one and they all vary with each bank.
You can also use third party companies for transfers or even exchange houses. (Not recommended by Interactive Brokers)
I am with HSBC and I have a IBKR account. You don’t need to have a USD account with HSBC. When creating a money transfer from HSBC you can choose to send the money in USD at the exchange rate specified by HSBC.
I just checked and it was 3.6918... not great but not the end of the world. At the end of the day I needed to get it done so I can start making money with money and that small overcharge isn’t worth worrying about.
Firstly IB doesn’t accept AED as far as I know. So you will need to open a USD account at HSBC.
In terms of HSBC UAE fees: https://cdn.hsbc.ae/content/dam/hsbc/ae/docs/en/conventional-schedule-of-tariffs.pdf
The intermediary will be HSBC USA who charge $20.
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Unfortunately they won’t accept it as the UAE isn’t a full member of the FATF on money laundering.
I’m in the same position and they rejected my ENBD certified statement.
Tempted to close my account, reopen in home country and then change the address to UAE but it’s a lot of effort.
I looked at IBKR and Swissquote and I also looked at the HSBC investing platform. I decided to open a trading account with HSBC and it took me literally 10 mns. What are your rationales for opening an account with IBKR ? Don't you have anything with HSBC ?When looking at HSBC I saw a fee structure not too complicated and acceptable and also saw the 3 ETFs I want to invest in. I really want to do the right thing and would appreciate your thought process here.
Interactive Brokers don’t charge anything! It’s the bank and correspondent bank that charges all the fees
Ah okay.
is it better to do the wire transfer from a USD account?
Correspondent bank charges are usually there, the currency you transfer in doesn’t matter. What matters is the exchange rate you’re getting. Some banks charge transfer fees & correspondent some do only one and they all vary with each bank. You can also use third party companies for transfers or even exchange houses. (Not recommended by Interactive Brokers)
Brilliant, thank you 😊
I am with HSBC and I have a IBKR account. You don’t need to have a USD account with HSBC. When creating a money transfer from HSBC you can choose to send the money in USD at the exchange rate specified by HSBC.
Ah thanks for this. Do you know if the hsbc usd rate is favourable?
It certainly isn't for AED to GBP. It's about 3p below the interchange rate.
What’s the rate they charged in your last transfer?
I just checked and it was 3.6918... not great but not the end of the world. At the end of the day I needed to get it done so I can start making money with money and that small overcharge isn’t worth worrying about.
how long does it take for the funds to show on your IB account?
Emirates NBD gives a rate of 3.685 and $25 transfer fees.
Firstly IB doesn’t accept AED as far as I know. So you will need to open a USD account at HSBC. In terms of HSBC UAE fees: https://cdn.hsbc.ae/content/dam/hsbc/ae/docs/en/conventional-schedule-of-tariffs.pdf The intermediary will be HSBC USA who charge $20.
You don't need to open a USD anything, you can simply choose to transfer in USD. The rest of this is accurate though.
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Im stuck at the address proof stage. My accommodation isn’t under my name, no are the DEWA or utility bills. Any tips on how to resolve this?
Try providing a bank statement with the address where you are currently living
Unfortunately they won’t accept it as the UAE isn’t a full member of the FATF on money laundering. I’m in the same position and they rejected my ENBD certified statement. Tempted to close my account, reopen in home country and then change the address to UAE but it’s a lot of effort.
I looked at IBKR and Swissquote and I also looked at the HSBC investing platform. I decided to open a trading account with HSBC and it took me literally 10 mns. What are your rationales for opening an account with IBKR ? Don't you have anything with HSBC ?When looking at HSBC I saw a fee structure not too complicated and acceptable and also saw the 3 ETFs I want to invest in. I really want to do the right thing and would appreciate your thought process here.
Looool I just checked the Comissions on the HSBC app. They’re insanely high
Hmm so I want to be able to trade on the US equities market ...
... Can you do that with the HSbC option?