FSM One (review) is a great platform to dollar cost average into their regular savings plans (RSPs) with a transaction cost of just $1+.
However, some of you might want to consolidate your positions into a single broker, for example, Interactive Brokers where monthly minimum commissions can be waived if you have a minimum of US$100K in account balance.
A good time to consolidate is also once you have amassed a large position through your regular dollar cost averaging on FSM (e.g. dollar cost average VT on FSM then switch to VWRA on IBKR).
In this guide, I’ll show you how easy it is to transfer to IBKR SG (note: IBKR US accounts are not eligible to trade SGX-listed securities).
p/s: IBKR is my favourite brokerage due to its low cost. Read about it here.
Initiate a position transfer on IBKR
The first step is to initiate a position transfer on IBKR using Transfer Positions.
When you’re in Transfer Positions, you can transfer assets into your account through a variety of ways. For SGX listed securities, Basic Free-of-Payment (FOP) is the way to go, as it says on the screen.
If you don’t already have a saved broker information, fill in the information such as broker name, in this case, IFAST FINANCIAL PTE LTD. For account number, locate your account number on the FSM One dashboard (starting with P). For account title, use your full name.
Once you’ve populated the broker information, you can now select the positions you want to transfer across. In my case, let’s say I want to transfer 10,157 shares of CFA from FSM One.
Search for the symbol or ISIN of the counter in IBKR.
Then select the correct one if there are multiple matches.
Once selected, enter the amount of shares to transfer.
Once completed, click Add and verify the transfer information, digitally sign at the bottom of the screen.
You’ll be given a form that you need to download, sign electronically, and send to the counterparty, in this case FSM One.
With the signed form attached, send an email to email@example.com to process your outbound transfer.
It will take 2-4 weeks for the transfer to be completed, and you will see your counter reflected in your IBKR account after.
Note that this process is required for a handshake between the brokers so that your funds don’t get randomly transferred without authorisation.
Outbound transfers from FSM One are free, and inbound transfers to IBKR are also free.