Offer Fulfilled! Suggestion required: Funding overseas brokerage account

[diptarkaroy]

Hello folks,

I've recently moved my holdings from INDmoney (Alpaca securities) to Charles Schwab International brokerage account.

However, I'm still looking for the optimal way to fund my new brokerage account and suitable wire transfer method from India.

Is there anyone who has been funding his/her overseas brokerage account, please suggest the best option (best Indian bank) to do so.

I think the process would be very similar for IBKR accounts as well (or any other international brokerage house).

I've tried the below banks with issues:

• ICICI - much higher transfer and forex rate
• AXIS - Getting 50 paisa discount (for every USD) being Burgundy account holder. However, I can't see any option to mention "Further credit to" or "Additional information" details. That's a necessary details and without that Schwab won't know which brokerage account o fund
• IDFC - Probably the best rate, good forex rate, no bank charges, additionally, 51 paisa discount for each USD. However, getting some error adding payee details while I'm choosing the reason for transfer as "Overseas Portfolio - Stock buy". Have raised the issue already.

Anyone using any other channel for this?

TIA !!!!

 

[tharun]

I've recently moved my holdings from INDmoney (Alpaca securities) to Charles Schwab International brokerage account.

Doesn't indmoney offer cheaper or better funding to us trading account?
Why did you shift in the first place?

 

[diptarkaroy]

The main reason is lack of trust!!!

As you know, in US market, stocks are held with the brokers (unlike India where it is stored in NSDL/CDSL)
So, if we trade in US market through INDmoney, stocks are held by their partner Alpaca securities

There comes the catch !!! We can't even access the Alpaca system directly by our own, so everything is basically through INDmoney. I'm not sure what will happen in case INDmoney goes bankrupt

Also, Alpaca securities is relatively new and less reputed brokerage house with very limited history.

From charges point of view, we can get better rate than INDmoney. Even IDFC provides better rate, I was getting around 89.90 today (while for INDmoney, its around 90.10. IDFC doesn't even charge any additonal fees (only 45 INR tax, less than INDmoney).

If you have good relationship with leading banks like Axis (they provide 50 paisa off for burgundy customers), you can get better rates than INDmoney. And more importantly, a lot more of trust!!!!

I think INDmoney also charges for each transaction (even though it's very less). Schwab doesn't charge any AMC or transaction fee.

A lot of people are actually shifting away from INDmoney to CS or IBKR!!!

 

[vine]

The main reason is lack of trust!!!

I have heard Indian Overseas Bank gives better rates and charges. Never used it though.
Did you finally zero in on any good option?