Search found 1337 matches

by ivk5
Fri Mar 08, 2024 3:35 am
Forum: Non-US Investing
Topic: TransferWise vs Schwab for EUR to USD recurring transfers
Replies: 72
Views: 9957

Re: TransferWise vs Schwab for EUR to USD recurring transfers

bagle wrote: Fri Mar 08, 2024 3:17 am I've compared Wise to Revolut for USD-EUR transfers. Yesterday, for the same amount ($500) and same time, Revolut was slightly more competitive (receive €457.82 net vs. €455.35 net). But the 2 Euro savings wasn't enough for me to switch from Wise, which has been flawless for me for push ACH transfers.
Agree, the difference only becomes material at five digits. (Comeinvest is looking at converting 100k.)
by ivk5
Thu Mar 07, 2024 2:06 pm
Forum: Non-US Investing
Topic: TransferWise vs Schwab for EUR to USD recurring transfers
Replies: 72
Views: 9957

Re: TransferWise vs Schwab for EUR to USD recurring transfers

Revolut claims no spread/fees, but has a bid/ask spread for EUR/USD of ca. 0.1% (much higher than IB or interbank rates) when I verified with my actual conversions last year, and they have a limit of $20k USD for deposits to some U.S. checking accounts (this limit is not published, very bizarre). Wise is much higher spread, right? Schwab charges 0.5%. IB is near zero cost, but I don't want to risk closure of my investment account. Is there currently any other service with low cost for EUR to USD conversion? I need to convert 100k EUR soon. Revolut is a royal pain but was the best when I checked last year. Revolut was far and away the lowest cost option I found other than IB. I’ve shared in another thread my story about an incident in which...
by ivk5
Sun Feb 25, 2024 4:10 pm
Forum: Personal Investments
Topic: Dividend Question - Pls help me understand for taxable
Replies: 27
Views: 1489

Re: Dividend Question - Pls help me understand for taxable

learning30 wrote: Sun Feb 25, 2024 4:06 pm
ivk5 wrote: Sun Feb 25, 2024 3:56 pm Goal is not to minimize taxes, it’s to maximize spendable (after-tax) wealth.

Paying a lot of taxes can be a good problem to have.
So then I guess a good idea is to just take the dividend payouts and not re-invest them so you can be prepared for whatever taxes await? Otherwise, you just have to have very large cash reserves or at least they should be larger than your emergency fund
There is no great mystery. Taxes can be estimated and planned for ahead of time.

I have always reinvested dividends in taxable and cash flowed taxes owed. Fortunately the tax bill hasn’t yet exceeded my ability to cover this from my earned income. I recognize that isn’t possible for everyone.
by ivk5
Sun Feb 25, 2024 3:56 pm
Forum: Personal Investments
Topic: Dividend Question - Pls help me understand for taxable
Replies: 27
Views: 1489

Re: Dividend Question - Pls help me understand for taxable

Goal is not to minimize taxes, it’s to maximize spendable (after-tax) wealth.

Paying a lot of taxes can be a good problem to have.
by ivk5
Sun Feb 25, 2024 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: How do people go bankrupt?
Replies: 39
Views: 3162

Re: How do people go bankrupt?

SnowBog wrote: Sun Feb 25, 2024 3:38 pm And some people ultimately live in a different reality than the rest of us...
Hard to generalize but think this is a common feature.
by ivk5
Tue Jan 23, 2024 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k) Form 5500-EZ Penalties
Replies: 18
Views: 1065

Re: Solo 401(k) Form 5500-EZ Penalties

SunRainSnow wrote: Tue Jan 23, 2024 10:45 am
Wedemeyer wrote: Tue Jan 23, 2024 9:43 am I established a solo 401(k) in February 2022, and transferred all assets from my SEP IRA and Traditional IRA to the Solo 401(k) to enable a tax-free back door transfer each year into my Roth IRA.
Sorry I don’t have an answer to your question but do you have any links to how the solo 401k to tax free back door transfers to Roth IRA works?
I think the OP is referring to rolling traditional IRA into the solo 401(k) to enable future IRA contributions/conversions without being subject to pro rata taxation…
by ivk5
Mon Jan 22, 2024 4:18 am
Forum: Personal Consumer Issues
Topic: Recommendation for 100% cotton men's undershirt?
Replies: 32
Views: 3087

Re: Recommendation for 100% cotton men's undershirt?

Everlane Essential Organic V-Neck Tee (i only buy during sales)

I hang dry rather than putting in tumble dryer (as with most of my clothes, but that’s another thread)
tetractys wrote: Sun Jan 21, 2024 3:37 pm The three underwear portfolio: t-shirt, shorts, socks—body proportion determines the proper allocation.
Worth at least a quote and chuckle!
by ivk5
Tue Jan 16, 2024 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: my daughter got an 1099-INT form from IRS for 2023 but she never received any interest from IRS
Replies: 15
Views: 4010

Re: my daughter got an 1099-INT form from IRS for 2023 but she never received any interest from IRS

Could it have been interest from a prior tax year? Credited to a future year rather than paid in cash?
by ivk5
Fri Jan 05, 2024 1:51 pm
Forum: Personal Consumer Issues
Topic: Italian/Switzerland Lakes District
Replies: 10
Views: 1367

Re: Italian/Switzerland Lakes District

We rented a house with friends near Argegno (lago di como) - lovely area We’ve also enjoyed staying in gardone riviera (lago di garda). Vittoriale degli Italiani is a trip. Not sure what to recommend on lago maggiore- we stayed at a nice place in Locarno but you can probably do better. The botanical garden on isola di brissago was worth a visit. Others mentioned Bodensee, which I assume isn’t what you had in mind, but we’ve enjoyed several places there too. We did an Airbnb/vrbo once on the DE side by Untersee, can’t exactly remember where. Stein am Rhein is nice though touristy. Reichenau worth a visit, depending on interests. Another nice botanical garden at Insel Mainau. Ditto for Lake Lucerne- prob not the area you had in mind, but love...
by ivk5
Mon Dec 18, 2023 10:49 am
Forum: Personal Investments
Topic: Which holding to sell today to meet next year obligations
Replies: 6
Views: 790

Re: Which holding to sell today to meet next year obligations

I would sell from the asset class that is overweight relative to your IPS or intended asset allocation.

Assuming you are selling equities I would favor selling individual stocks to reduce idiosyncratic risk and tracking error. Note individual stocks by definition have tracking error relative to an index, but (contrary to the suggestion in your post) direction and magnitude can only be known in hindsight.

I don’t have an opinion as to which stocks to sell- it would not be crazy to consider tax consequences ie where do you have the highest basis.
by ivk5
Fri Dec 08, 2023 3:20 am
Forum: Personal Consumer Issues
Topic: Meeting scheduling software- free and easy?
Replies: 8
Views: 910

Re: Meeting scheduling software- free and easy?

I've typically used Doodle for selecting meeting times, but that wasn't what OP asked.
by ivk5
Tue Nov 28, 2023 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: POV on term life insurance approach
Replies: 41
Views: 3163

Re: POV on term life insurance approach

OP: I was in broadly similar situation and did something similar to what you propose. I did 20y on the lower earner and split the higher coverage on the higher earner evenly between 20y and 30y policies (different carriers, just based on price, same exam though). Kid #2 came a few years later…
by ivk5
Wed Nov 15, 2023 1:48 am
Forum: Personal Investments
Topic: New Parent, First Time Portfolio Review
Replies: 14
Views: 1475

Re: New Parent, First Time Portfolio Review

GT404 wrote: Tue Nov 14, 2023 9:37 pm 4. Are we missing anything as new parents one would advise? (We are setting up 529)
20-30 year level premium term life insurance on both parents

Estate plan (esp will identifying guardian for kid)

Agree with prior post to convert His IRA (or deal with minor pro rata taxes each year) and do annual backdoor Roth for him as well as her
by ivk5
Tue Nov 14, 2023 1:38 am
Forum: Personal Finance (Not Investing)
Topic: UK Citizen moving to the US tax advice
Replies: 4
Views: 592

Re: UK Citizen moving to the US tax advice

Re OP’s employment. In my experience it is difficult or impossible to get the tax compliance right unless the UK employer has an established branch/entity in the US to run US payroll, which will include federal and state (and local in a few places) tax remittances, both employee withholding and employer payments. Depending on your role and many other factors there would also be potential tax liability in the US for the employer. This is likely administratively unrealistic for a small employer with no other reason for US presence.
by ivk5
Tue Nov 07, 2023 5:55 am
Forum: Non-US Investing
Topic: Bonds exposure in Switzerland
Replies: 8
Views: 3161

Re: Bonds exposition in Switzerland

One other indirect consideration: if you are *paying* interest on any short/intermediate term obligations like a car loan, tax payments, etc, you may find interest *avoidance* to be a better return (esp considering taxes). For example if your income is rising, you may find there’s a big gap between your provisional tax assessments and your actual liability when you file and your return is processed; if so, paying more than the provisional tax may avoid interest accrual. That adds up now that the rate is 2% or more. (I also live in ZH.) Wouldn't the latter only apply if you're subject to Quellensteuer/withholding tax? Caveat: I'm not Swiss and haven't been through a full tax return processing cycle since getting C permit, so relying on what...
by ivk5
Tue Nov 07, 2023 3:08 am
Forum: Non-US Investing
Topic: Bonds exposure in Switzerland
Replies: 8
Views: 3161

Re: Bonds exposition in Switzerland

You are effectively saving for a home down payment so duration should reflect that. HYSA or intermediate term CHF bonds or a combination seem reasonable to me for the fixed income /down payment funds. No better options without risk that it sounds like you don’t want to take with these funds. One other indirect consideration: if you are *paying* interest on any short/intermediate term obligations like a car loan, tax payments, etc, you may find interest *avoidance* to be a better return (esp considering taxes). For example if your income is rising, you may find there’s a big gap between your provisional tax assessments and your actual liability when you file and your return is processed; if so, paying more than the provisional tax may avoid ...
by ivk5
Tue Oct 31, 2023 3:25 am
Forum: Personal Finance (Not Investing)
Topic: Best way to purchase house from parents
Replies: 38
Views: 4470

Re: Best way to purchase house from parents

I have no relevant expertise, but since you asked what we would do, We are thinking of having the sales contract written up as me purchasing the home for $265k. This is what I would do. Simple and straightforward, paperwork reflects the economic reality of the transaction. You'd probably want to get an appraisal to justify the valuation used to calculate the gift tax reporting (Form 709). I think parents use up ~517-551k of lifetime exclusion (850k - 265k - 34k or 68k, depending on whether OP is married or not). We also considered me just giving them a "gift" of 265K and then they can pay it off, and then sell the house to me for $1 or something. I'm not aware of anything saying you can offset reciprocal gifts for gift tax reporti...
by ivk5
Wed Oct 25, 2023 5:35 am
Forum: Investing - Theory, News & General
Topic: Is another bear coming
Replies: 47
Views: 7899

Re: Is another bear coming

ebeb wrote: Tue Oct 24, 2023 8:36 pm Now bit wiser and not making any market timing moves!
So what ARE you going to do that makes this actionable?
by ivk5
Mon Oct 23, 2023 11:24 pm
Forum: Investing - Theory, News & General
Topic: Should I Max Out My 401k? [The Surprising Truth] Article
Replies: 46
Views: 7044

Re: Should I Max Out My 401k? [The Surprising Truth] Article

Link goes to a 3/31/2020 market timing article called “Was That the Bottom?”
by ivk5
Mon Oct 23, 2023 10:01 am
Forum: Non-US Investing
Topic: Seeking advice for first portfolio in Switzerland
Replies: 17
Views: 8418

Re: Seeking advice for first portfolio in Switzerland

SwissCup wrote: Mon Oct 23, 2023 8:26 am In addition to this, you can only benefit from the reduced US tax efficiency if you DA-1 tax return was approved in full - which is not always the case; particularely for low investment amounts.
SwissCup: if you can explain or know of a resource that explains the capping of the DA-1 reimbursement, I would be greatly appreciative. I've not been able to figure out it out... I'm getting most of the claimed amount each year but not 100%. (US person in Kt ZH, fwiw.)

Apologies for the tangent but I think relevant to anyone investing in CH...
by ivk5
Sun Oct 15, 2023 5:58 am
Forum: Investing - Theory, News & General
Topic: Help selecting asset tracking software
Replies: 3
Views: 651

Re: Help selecting asset tracking software

Microsoft excel
Google sheets
by ivk5
Thu Oct 12, 2023 1:58 pm
Forum: Personal Consumer Issues
Topic: Feasible to fly with 2.5 and 1.5 year olds?
Replies: 64
Views: 5218

Re: Feasible to fly with 2.5 and 1.5 year olds?

Good heavens! I’m really surprised at all the negativity. I traveled internationally a lot with little children. 24 hour trips were normal. They were fine. Give the really little ones a bottle at take off and landing, gum or sucker candy for the older, and it’s not such a big deal. Mine were happy to be close to me. I was happy because I had extra room from their seats. Around 3 they started to have memories of the trips. But the early trips set them up as lifelong travelers, and I didn’t have to stay home +1 We’ve traveled transatlantic with kids 1-2 times per year every year since our first was 8 months. It doesn’t have to be a big deal. That’s not to say that it’s always smooth sailing. To us it was a mix of non-optional (intl relocatio...
by ivk5
Thu Oct 12, 2023 7:23 am
Forum: Personal Consumer Issues
Topic: Italian Citizenship by Ancestor
Replies: 24
Views: 3628

Re: Italian Citizenship by Ancestor

US arrival isn’t relevant. This GGF needs to have naturalized after your maternal grandfather’s birth. If this GGF naturalized before your maternal grandfather’s birth then this path fails. This is an example of why the details matter and why the poster should let the Facebook group dissect the facts. Because the grandfather was born in Italy, not the U.S., the protection against the grandfather’s loss of Italian citizenship as a consequence of the great-grandfather’s naturalization subsequent to the birth of the grandfather, but while still a minor, does not apply. Italian law would not have left the grandfather stateless, though, and depending on the period of U.S. history, the grandfather may have acquired derivative U.S. citizenship (a...
by ivk5
Thu Oct 12, 2023 2:40 am
Forum: Personal Consumer Issues
Topic: Italian Citizenship by Ancestor
Replies: 24
Views: 3628

Re: Italian Citizenship by Ancestor

baileywainwright wrote: Wed Oct 11, 2023 10:20 pm My situation:
* I was born (in the US) after 1948
So your mother, assuming Italian at time of your birth, transmitted the citizenship right to you, based on the 1948 constitution.
baileywainwright wrote: Wed Oct 11, 2023 10:20 pm * My maternal grandfather was born in Italy, immigrated to the US and became a US citizen
If he naturalized before your mother was born then this path doesn’t work. If it was after your mother’s birth you’re ok.
baileywainwright wrote: Wed Oct 11, 2023 10:20 pm his father [my great-grandfather], also an Italian immigrant, may have been naturalized before my grandfather arrived in the US as a teenager
US arrival isn’t relevant. This GGF needs to have naturalized after your maternal grandfather’s birth. If this GGF naturalized before your maternal grandfather’s birth then this path fails.
by ivk5
Wed Oct 11, 2023 3:28 pm
Forum: Personal Consumer Issues
Topic: Italian Citizenship by Ancestor
Replies: 24
Views: 3628

Re: Italian Citizenship by Ancestor

When I last looked into this several years ago, I learned that the jure sanguinis option was limited to proof of Italian ancestry through the father's bloodline, but also that this had been challenged on constitutional or civil rights grounds in recent years. In my case, it is likely easier for me to show documentation of Italian ancestry through my mother's line. What's the current situation? Not sure where you got that. Since 1948 (that is, for births after that date) citizenship passes through mother or father. I’m not aware that there is any ambiguity or controversy regarding this point. My parent was born after 1948 with Italian mother and non-Italian father; when I went through the process there wasn’t the slightest challenge to this.
by ivk5
Tue Oct 10, 2023 2:17 am
Forum: Personal Finance (Not Investing)
Topic: FIREd - Smartest way to spend a large portion (or all) of my time in Italy?
Replies: 22
Views: 4244

Re: FIREd - Smartest way to spend a large portion (or all) of my time in Italy?

EddyB wrote: Tue Oct 10, 2023 2:14 am
ivk5 wrote: Tue Oct 10, 2023 1:49 am As an Italian resident you’ll be subject to Italian tax on worldwide income. You’ll get a credit that may offset some or all of your US tax liability, if any.
As a point of clarification, since the OP specifically described a plan to have income from real property in the U.S., this paragraph is exactly turned around, as far as that income is concerned. Rather, I such income is taxed in the U.S. and Italy, with Italy obligated to give a credit. As it is U.S.-source income, the U.S. does not give a credit, so paying Italy “first” would result in effectively voluntary double taxation.
Yes thanks for the clarification, that’s true for the rental income. I believe Italy gives a credit for the tax paid in US though, no?
by ivk5
Tue Oct 10, 2023 1:49 am
Forum: Personal Finance (Not Investing)
Topic: FIREd - Smartest way to spend a large portion (or all) of my time in Italy?
Replies: 22
Views: 4244

Re: FIREd - Smartest way to spend a large portion (or all) of my time in Italy?

As an Italian resident you’ll be subject to Italian tax on worldwide income. You’ll get a credit that may offset some or all of your US tax liability, if any. [ETA: see EddyB’s clarification regarding US rental income.] If your only passport is US, you may visit the Schengen area up to 90 days per (rolling) 180 period. A short visa run isn’t sufficient to reset- after 90 days in you need 90 days out. Doesn’t sound like the solution you’re looking for. Consider establishing residency in one on the comuni that qualify for the 7% flat tax. (Toscana won’t work.) Alternatively, I understand the French tax treaty is more favorable to US retirees, excluding at least some passive income from French taxation. You could look into the details of the t...
by ivk5
Mon Oct 09, 2023 2:10 am
Forum: Personal Investments
Topic: Traditional IRA or Taxable ETF?
Replies: 18
Views: 1513

Re: Traditional IRA or Taxable ETF?

the_wiki wrote: Sun Oct 08, 2023 10:26 pm If your income is too high to contribute to a Roth IRA, then you are well beyond the limits for a tax deductible traditional IRA. So the only way you would want to do Traditional IRA is if you plan to do a conversion to Roth IRA later as mentioned above.
The part quoted above is generally correct. For most circumstances, taxable is preferable over non-deductible IRA contribution, except when planning to immediately convert to Roth.
the_wiki wrote: Sun Oct 08, 2023 10:26 pm Otherwise, you will be double taxed.
The above quoted part, however, is false. The non-deductible “basis” is tracked on Form 8606 and is not double-taxed.
by ivk5
Fri Oct 06, 2023 1:51 pm
Forum: Personal Consumer Issues
Topic: Italian Citizenship by Ancestor
Replies: 24
Views: 3628

Re: Italian Citizenship by Ancestor

Birth, marriage, death records (and where applicable divorce/adoption/etc). In my case all I needed from Italy was birth record for my Italian born ancestor since marriage/death were in US. No need for in person visit, can generally get by mail (perhaps also by phone/online, depends on the comune). How were you able to get birth record of Italian born ancestor? My grand grandfather and grandmother were born in Italy. Would “Ancestry.com” be of any help with this? Thanks. You’ll get better guidance on dedicated forums, it’s been a decade since I had to deal with Italian bureaucracy for anything more than a passport renewal, AIRE, or registering kids’ births… You need to write to the comune/i where your great grandfather and grandmother were...
by ivk5
Fri Oct 06, 2023 5:15 am
Forum: Personal Consumer Issues
Topic: Italian Citizenship by Ancestor
Replies: 24
Views: 3628

Re: Italian Citizenship by Ancestor

Birth, marriage, death records (and where applicable divorce/adoption/etc). In my case all I needed from Italy was birth record for my Italian born ancestor since marriage/death were in US. No need for in person visit, can generally get by mail (perhaps also by phone/online, depends on the comune).
by ivk5
Thu Oct 05, 2023 2:24 pm
Forum: Personal Consumer Issues
Topic: Italian Citizenship by Ancestor
Replies: 24
Views: 3628

Re: Italian Citizenship by Ancestor

I did it in 2010-12. My docs were all US docs (apart from my grandmother’s Italian birth records), but I was living in Italy at the time so applied through the comune where I was residing (not the same as my grandmother’s birthplace). It was agonizing at the time but in hindsight fairly straightforward. My case and paperwork was about as simple as can be though, apart from parents’ divorce which added a doc or two. The trickiest part for me was establishing residency before applying (until I had residency they had no jurisdiction to process my application). IIRC I had to submit my citizenship application for informal review, on that basis they issued letter that said I was eligible for residency in attesa di cittadinanza, then I had to actu...
by ivk5
Thu Oct 05, 2023 2:08 pm
Forum: Personal Investments
Topic: Should I take out some of my capital gains from my Index Funds? Please help
Replies: 32
Views: 3054

Re: Should I take out some of my capital gains from my Index Funds? Please help

Jesteroftheswamp wrote: Thu Oct 05, 2023 1:38 pm I mean when do people ever take their earnings?
It’s not blackjack.

The time to transition from accumulation to withdrawal is when you retire and need to draw down on investments to fund living expenses.

Until then, as WhiteCoatInvestor has put it, “Invest we must.”

As other posters have pointed out, if events in the works make you want to tinker, it sounds like you may not be invested in an asset allocation aligned to your risk appetite (need/willingness/ability).
by ivk5
Tue Oct 03, 2023 4:00 am
Forum: Investing - Theory, News & General
Topic: Aren't bonds basically guaranteed to appreciate in the short/medium term?
Replies: 37
Views: 4230

Re: Aren't bonds basically guaranteed to appreciate in the short/medium term?

For most practical purposes, there is a mathematical relationship between bond prices and interest rates. So yes, if you assume you know what interest rates will do in the future, then you know what bond prices and yields will be. It’s nearly tautological (logical equivalency).

If you interrogate the assumption that you know the future of interest rates, on the other hand, you may come to a different conclusion.

Is there a connection between the bond durations you’re buying and future cash flow needs? Or just speculating with term risk?
by ivk5
Sat Sep 30, 2023 3:54 am
Forum: Personal Finance (Not Investing)
Topic: Financially Prudent / Practical to Fix Cosmetic Car Damage?
Replies: 17
Views: 2224

Re: Financially Prudent / Practical to Fix Cosmetic Car Damage?

Agree with others. Our family station wagon is purely for transportation. We do not repair cosmetic damage. Consider it patina.
by ivk5
Thu Sep 14, 2023 1:42 am
Forum: Personal Finance (Not Investing)
Topic: Virginia requesting my CA state income tax return
Replies: 41
Views: 4631

Re: Virginia requesting my CA state income tax return

wintermute wrote: Wed Sep 13, 2023 10:37 pm Should I even bother to respond to this at all?
I cannot imagine a scenario where it is advisable to ignore an information request from tax authorities.

The likely result is an adverse inference ie they will draw conclusions you will not be happy with.
by ivk5
Wed Sep 13, 2023 6:21 am
Forum: Personal Finance (Not Investing)
Topic: California Estimate Tax Payment Question
Replies: 14
Views: 1785

Re: California Estimate Tax Payment Question

I forget details of California safe harbor rules although I do pay (nonresident) taxes there.

Assuming you don’t meet safe harbor requirements, you may have a modest underpayment penalty for the first two quarters.
by ivk5
Tue Sep 05, 2023 2:04 am
Forum: Non-US Investing
Topic: Advice on transferring large amounts from US to Europe
Replies: 26
Views: 4255

Re: Advice on transferring large amounts from US to Europe

In answer to OP, I have done six-figure transfers with Wise without any issues.

Would use IB if I could due to lower fee/spread and higher net take, but it’s not an option for me.
by ivk5
Thu Aug 17, 2023 8:06 am
Forum: Non-US Investing
Topic: Using Revolut to transfer money to IB [Bahrain]
Replies: 11
Views: 4516

Re: Using Revolut to transfer money to IB [Bahrain]

I couldn't see any option to generate a statement in Revolut. I can only export transaction confirmation and receipt. Perhaps the supported version in my country is the lite version. When looking at my account (specific currency or All Accounts) I see "Add money", "Exchange", and "..." When I select "...", I see the following: Details Statements Add new account Converter I select "Statements", choose an account, select format (PDF/Excel) and start/end month, and click "Generate" Does Interactive Brokers impose any restrictions in case my funds are from Revolut and my withdrawals are to my local bank account? Both accounts are under my name Will let someone else answer your IB ques...
by ivk5
Thu Aug 17, 2023 2:45 am
Forum: Non-US Investing
Topic: Using Revolut to transfer money to IB [Bahrain]
Replies: 11
Views: 4516

Re: Using Revolut to transfer money to IB [Bahrain]

mohd wrote: Wed Aug 16, 2023 2:10 pm I always keep a copy of every wire transfer transaction from my bank and IB yearly statements stored somewhere.
Make sure you generate and save Revolut statements too, for completeness (yearly may be enough as long as you remember).
mohd wrote: Wed Aug 16, 2023 2:10 pm I was wondering how it would be in case of using a credit card to fund IB through Revolut, and if there will be any implications , since the transaction in the credit card statement shows a regular payment transaction labeled as Revolut.
I don't see an issue on this specific point.

My fear with Revolut, in light of the experience I shared, is primarily getting help when something goes wrong. It can happen to any of us.
by ivk5
Wed Aug 16, 2023 1:14 pm
Forum: Non-US Investing
Topic: Using Revolut to transfer money to IB [Bahrain]
Replies: 11
Views: 4516

Re: Using Revolut to transfer money to IB [Bahrain]

Was the issue due to inward or outward transfer? I am not planning to use it to receive or transfer any money from IB to Revolut. I only need it to transfer toward my IB account. My issue resulted from an inbound transfer to Revolut. But the take-home for me was that if/when anything goes wrong or something unexpected happens, their customer service may disappoint you, to put it mildly. Will be there any other issues, such as when some years later when I withdraw from my IB account to local bank, how much risk is there to prove that I previously did all transfers using Revolut if the local bank questioned the source of moeny? Because in case of using any local bank I can easily reference the bank statement. I would feel comfortable once IB...
by ivk5
Wed Aug 16, 2023 5:37 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance for 8 yr old?
Replies: 25
Views: 2204

Re: Whole Life Insurance for 8 yr old?

A search would uncover reams of writing on this topic.

Alternatively this WCI post may be a good starting point.
by ivk5
Wed Aug 16, 2023 5:32 am
Forum: Non-US Investing
Topic: Using Revolut to transfer money to IB [Bahrain]
Replies: 11
Views: 4516

Re: Using Revolut to transfer money to IB [Bahrain]

Story time. Apologies for long post; up to you what conclusions to draw. I used Revolut for a couple years. For my specific use case, it was the lowest cost option available to me by a good margin. I did get snagged a couple times by their aggressive and non-transparent compliance processes (source of funds verification), but once I got through that, it was great. For a while. One day, I attempted to make a large inbound transfer to my Revolut account via FedWire to US account info provided by Revolut. I made a fateful mistake: it turned out the transfer amount exceeded a poorly documented limit on inbound transfers via Revolut's US banking partner. Tracking down and regaining access to my funds took >7 weeks. It was stressful. In-app suppo...
by ivk5
Thu Jun 29, 2023 9:09 am
Forum: Non-US Investing
Topic: Help with FIRE Europe Plan
Replies: 42
Views: 5415

Re: Help with FIRE Europe Plan

stickstickly wrote: Thu Jun 29, 2023 8:45 am my newfound EU citizenship (by descent)
...
then possibly move to Portugal for a while under NHR to get DW a resident permit/citizenship in case something happens to me
Off topic but depending on your country of citizenship you might want to look into whether DW could get citizenship by marriage (to you)...
by ivk5
Tue Jun 13, 2023 4:19 am
Forum: Non-US Investing
Topic: Funds used in the 4% rule
Replies: 19
Views: 3300

Re: Funds used in the 4% rule

Mors wrote: Mon Jun 12, 2023 1:02 pm I would also argue that for your basic needs an inflation adjusted immediate annuity is appropriate.
Is this actionable? Where do you find such an annuity these days in UK (or US)?
by ivk5
Wed Jun 07, 2023 9:19 am
Forum: Personal Consumer Issues
Topic: How to use delta miles reward ticket(s) when traveling as a group
Replies: 6
Views: 490

Re: How to use delta miles reward ticket(s) when traveling as a group

In this situation I just book some tickets with miles and others with cash.

It’s not uncommon to have people traveling together on different record locators, easy to explain to airlines if needed (seat changes etc), happens all the time for other reasons- record split by upgrade requests, work trip with self-paid companion, friends paying separately, etc etc.
by ivk5
Wed Jun 07, 2023 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Pension or Lump Sum Consideration
Replies: 26
Views: 2216

Re: Pension or Lump Sum Consideration

Without info on assets and expenses, don’t know if you need or can use the annuity income.

Have you run a calculator (immediateannuities.com or similar) to see what SPIA you could get with that lump sum and a comparable survivor benefit?

If you take lump sum, are those qualified funds that roll into IRA?
by ivk5
Mon May 22, 2023 3:31 am
Forum: Personal Consumer Issues
Topic: Adding middle name to SSN and Passport
Replies: 29
Views: 3440

Re: Adding middle name to SSN and Passport

one-way flights and flights that suggest a passenger will stay in the arrival country beyond the length of stay normally permitted a tourist may call for special efforts to convince the airline personnel that the passenger will not be denied entry; practically speaking, showing the second passport is often the easiest way to convince airline personnel that it’s all ok. Again, this has never been my experience. I frequently book one-way tickets from US to Europe, for example. I check in online with US passport, since otherwise the sites ask for visa/ESTA info which I don't have (or need). I am never asked for my residency card or other passport to convince the airline of my right to enter/stay in the destination country. Admittedly, I rarel...
by ivk5
Sun May 21, 2023 10:56 am
Forum: Personal Consumer Issues
Topic: Adding middle name to SSN and Passport
Replies: 29
Views: 3440

Re: Adding middle name to SSN and Passport

Comment about flights with two different passports was misinformed. Even with multiple nationalities one gives the airline a single passport for a roundtrip (one set of API fields per PNR). That has nothing to do with which passport you present to immigration upon entry (and exit, for jurisdictions with exit control, which the US obviously does not have). This is NOT true... The airline requires both when traveling roundtrip to and from a country where the person is a citizen of both.... I don't know for one-way flights but would not be surprised if they still need both. Don’t know what to tell you. I’ve never done this with my passports even on flights between the countries where I have citizenship. Wouldn’t even know how to enter data fo...
by ivk5
Thu Apr 13, 2023 4:00 am
Forum: Personal Investments
Topic: Roth IRA Conversion Question
Replies: 12
Views: 1164

Re: Roth IRA Conversion Question

If all IRA contributions were after-tax, and it's unlikely she'll want to withdraw/spend the full amount including accrued gains on the contributions in the near term, converting to Roth is strictly better.

To convert she'll pay tax only on the accrued gains, and future gains in the Roth will be tax free.

If you leave the IRA unconverted, future gains will continue to accrue a deferred tax liability (which you may or may not be able to mitigate through various strategies at time of withdrawal like having low taxable income at that time, QCDs, etc).
by ivk5
Mon Apr 03, 2023 8:04 am
Forum: Personal Investments
Topic: Are market orders for VTI and VXUS ok?
Replies: 29
Views: 3615

Re: Are market orders for VTI and VXUS ok?

Market orders during trading hours. Not sure if it’s necessary but out of an excess of caution I prefer to avoid opening cross.