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Interactive Brokers for US
- Thread starter Vinay13
- Start date
HumorSimpson
TF Prestige
no idea ..
cardio_guy
TF Legend
I don't have direct experience but people say Indmoney and vested are good if you invest through Indian apps
I have a Morgan Stanley account for my company awarded RSU, but that's StockPlanConnect, I cannot buy other company stocks through that.
Charles Schwab and Morgan Stanley are popular. I have seen people prefer Charles Schwab more than MS.
(To open MS or CS account at personal capacity, I think the minimum funding needed is 25k USD or so, again not sure.)
Investing in US stocks (primarily USD currency) - you need to see some more things like
- 20% TCS on LRS.
- Currency depreciation rate of INR vs USD.
- Income Taxation part for Foreign Asset / Foreign Income etc.
Another simpler way would be to go via Mutual funds that invest in US stocks like MON100 or so.
I have a Morgan Stanley account for my company awarded RSU, but that's StockPlanConnect, I cannot buy other company stocks through that.
Charles Schwab and Morgan Stanley are popular. I have seen people prefer Charles Schwab more than MS.
(To open MS or CS account at personal capacity, I think the minimum funding needed is 25k USD or so, again not sure.)
Investing in US stocks (primarily USD currency) - you need to see some more things like
- 20% TCS on LRS.
- Currency depreciation rate of INR vs USD.
- Income Taxation part for Foreign Asset / Foreign Income etc.
Another simpler way would be to go via Mutual funds that invest in US stocks like MON100 or so.
My employer is shifting from Fidelity to Charles Schwab in next 6 months and they will be offering personal account for eligible countries. So maybe I will get CS without 25k funding and with no AMC and minimal charges.
I wanted to see what's benefit of Interactive brokers. INDmoney I won't trust with big amounts.
One doubt I have about 20% TCS, If I am withdrawing my RSU in US HSBC account and then transferring it to CS/interactive then 20% TCS applicable or not ?
I wanted to see what's benefit of Interactive brokers. INDmoney I won't trust with big amounts.
One doubt I have about 20% TCS, If I am withdrawing my RSU in US HSBC account and then transferring it to CS/interactive then 20% TCS applicable or not ?
Used to do US INDEX etf through MF from 2020 but realised they are not reliable and do not track US market well
I'm pretty sure there is no minimum funding for a personal CS account
Last edited:
cardio_guy
TF Legend
I am not sure, but without selling if you can transfer from HSBC to CS, there won't be any tax. You can check how others are doing in your company.
IMO, Direct brokers always better than going through any third party platform like INDMoney or Vested.
I will have to sell my RSU, withdraw usd in US bank account then send it to US broker.
I have a dated but still mostly relevant overview at http://theglobalinvestor.in
I'm using Schwab as my primary US broker and IBKR for the rest of the world. Zerodha and upstox for local Indian market.
I'm using Schwab as my primary US broker and IBKR for the rest of the world. Zerodha and upstox for local Indian market.
Check if you can do an ACATS transfer. If your employer is changing brokers, they will usually foot the charges for the ACATS.
Which Bank do you use for outward remittance?
ICICI is the most reliable in my experience.
IndusInd was the worst of all the ones I tried.
Any thoughts on DBS and IDFC?
what rate icici gave you for outward remittance?
Have not used either bank.
Their rates are not the best. I use their money2world online. You can check the live rate on the website/app.
I kept using Indus initially for their lower rates but not worth the PTSD you get from trying to deal with them for anything.
I do have Interactive Brokers from last 5 years. They are good but they charge you for both buy and sell. IndMoney covers only India and US markets but Interactive Brokers cover almost all major markets across geographies be it Australia, EU, APAC, Africa and much more. Also you can buy MF, Bonds, Cryptos and many more financial instruments via IB. IndMoney is very limited w.r.t what can you buy
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