Tuesday, May 7, 2019

Moving/ Converting From a Single to Joint Account in Interactive Broker (Continued)

This is a continuation of the previous post and focus on:

----
b) Send in a request from your individual account to ask for transfer of everything to the joint account
c) Submit whatever is required (This took the longest due to replies to and fro through the request ticket)
d) (Optional) Backup/ download all statements from the individual account
e) Wait for everything to be effected
f) (Optional) Ask for IB to close the individual account. 
-----

b) After your new account is up, go to message center and compose a message. This is what I wrote using my individual account. Feel free to use (do update the part in yellow with your 2 account numbers):

Summary: Transfer from Single account to Joint account

This message request and authorise IB to manually transfer everything (stocks owned, positions, cash available, reports, trades data, etc) from my single account U1XXXXXX to the joint account U2XXXXXXX

For assistance pls. Thanks.

c) Thereafter, you will receive replies asking for documents and verification. Below are what to expect and to provide.


 You will get the auto reply before a few days later, asking for documentation.
 The above is the request for documentation. There are quite a few things and I missed out a few, resulting in the process to be a bit longer. The items required are:

1) Proof that the deposits done thus far were not third party - For this, you can just give the bank statements that contain the bank account number and your name. Better still if the statement contains the transactions to IB
2) Completed transfer form - You will receive this through email. Need you and your spouse to fill and sign before sending it back (through the ticket is possible). For the reason, I put "To change account from individual to joint with wife".  For the signatures, may sure that they are consistent with whatever you are providing for s/n 3) (eg. passport).
3) Identification cards for all parties - Initially, I provided NRIC pics. However, they said that signatures are required. This is tricky as the NRIC does not have signatures. You can consider sending in pictures of passports instead as there is a place for signatures in the first page of the passports (of course, do take picture of the first page and second page with your particulars)
4) To do verification over the phone - This requires both you and your spouse to call in for verification. They will ask you a few questions, akin to bank verification over the phone. Do note the hours on the website before calling in. For me, I called the HK office and did a conference call with my spouse to settle it fast. The HK office was quite well versed with this and speaks fluent english.


This is the pic of the transfer form you will receive in the email.
 After everything is done, it will take a few days before they inform you on the actual day they will perform the transfer. Do remember to d) (Optional) Backup/ download all statements from the individual account if not done so. Avoid performing any transactions too and stop any ongoing trades.

Do also remember how much cash/stocks you have so that you can check back when the transfer is completed. 

e) After that, you will receive the above message informing everything is done. Just go in and ensure everything is fine. You should still see 2 accounts, switch accordingly to check. I took me around 1 month for the entire process above (mostly due to misunderstanding on the documents to be submitted)

f) Thereafter, you can ask IB to close the individual account. I am at this stage and they are taking a while to close the individual account. 

Hope the above sharing helps. 

No comments:

Post a Comment