Interactive Brokers for US

[abhiaj98]

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

Arent the commissions very pocket friendly on IBKR?
Also what bank are you using for remittances? I have hdfc imperia but they are not giving a great rate.

 

[Pissant]

Arent the commissions very pocket friendly on IBKR?
Also what bank are you using for remittances? I have hdfc imperia but they are not giving a great rate.

Indian Overseas Bank is simply the best.

 

[abhiaj98]

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.

Have used Vested so posting a review here. Also Indmoney is almost identical to vested.

The best part about vested is the forex rate. When usd was at 84.5, I received net 86 through hdfc and vested (They have a partnership). Recently I transferred some money and vested didnt even take their cut and I got the forex rate of 85.4 (usd at 85).

Cons of vested are they are a middle player. If drivewealth goes rogue they cant do much. Also if vested shuts down, you will have to open a foreign broker account (like IBKR) and transfer assets. Drive wealth is also more of a startup compared to IBKR. IBKR has a separate insurance other than US govts for your assets.

Best combination would be to negotiate hard for forex rates with your bank then use IBKR or something similarly big broker

 

[abhiaj98]

Indian Overseas Bank is simply the best.

Saw their card rates. Wow. I hope these rates are available for everyone as I dont want to shift salary account.

 

[Pissant]

Saw their card rates. Wow. I hope these rates are available for everyone as I dont want to shift salary account.

Those rates are available for everyone. You can negotiate even further for better rates if you open an HNI Account(only do so if 50k in quarterly balance is not a big deal for you, since the difference will be minimal) and negotiate with BM for better rates when sending larger amounts.

 

[abhiaj98]

Those rates are available for everyone. You can negotiate even further for better rates if you open an HNI Account(only do so if 50k in quarterly balance is not a big deal for you, since the difference will be minimal) and negotiate with BM for better rates when sending larger amounts.

Not sure how much can be negotiated with those rates. hardly 0.1-0.2 re max. Given I will transfer around 10000 usd per year, it come to around 1000-2000 inr in best case. Keeping 50k constantly means letting go of atleast 2500 in interest.

Will likely go for a zero MAB account.

 

[Pissant]

hardly 0.1-0.2 re max

Yes. That is true. But even then that can be achieved without the MAB by just talking to BM. I just said it because it could be helpful.

 

[abhiaj98]

Yes. That is true. But even then that can be achieved without the MAB by just talking to BM. I just said it because it could be helpful.

I am seeing IOB Savings Max account as the most suitable for me. What variant of savings bank account do you have?

 

[abhiaj98]

Yes. That is true. But even then that can be achieved without the MAB by just talking to BM. I just said it because it could be helpful.

I saw for outward remittance in IOB, we have to go to the bank. Is that true?

 

[Pissant]

I saw for outward remittance in IOB, we have to go to the bank. Is that true?

That is how I have done it so far. And that is the best way to get outward remittance done anyway in most Indian Banks.

 

[abhiaj98]

That is how I have done it so far. And that is the best way to get outward remittance done anyway in most Indian Banks.

I know about hdfc. They do it over email. It is not easy to find time to go to branch for a transfer really, especially for a 9-6 person.

 

[Pissant]

I know about hdfc. They do it over email. It is not easy to find time to go to branch for a transfer really, especially for a 9-6 person.

It usually only takes me 15 minutes in the branch. Especially as they get to know your needs and your regular remittance.

 

[Pissant]

But I have also been wondering about remitting without having to visit Branch. I’ll talk to a representative from my branch and see if there’s a way to do it.

 

[Zacobite]

I will have to sell my RSU, withdraw usd in US bank account then send it to US broker.

RSU sale.. hw are u managing the taxes? cap gains or slab rate?

 

[Vinay13]

RSU sale.. hw are u managing the taxes? cap gains or slab rate?

Looks like now indian govt gets data for our transactions in US market. so no loophole, we will have to pay taxes on gains and dividend

 

[Hell_Kitty]

Arent the commissions very pocket friendly on IBKR? Also what bank are you using for remittances? I have hdfc imperia but they are not giving a great rate.

Arent the commissions very pocket friendly on IBKR?
Also what bank are you using for remittances? I have hdfc imperia but they are not giving a great rate.

I am using SBI.