US ExPat in Hong Kong and Interactive Brokers

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
rxtra8
Posts: 110
Joined: Wed Jun 10, 2015 1:12 pm

US ExPat in Hong Kong and Interactive Brokers

Post by rxtra8 »

Hi All
My wife and I will be living in Hong Kong (HK). We will need to move money from HSBC USA to HSBC HK; large amounts if buying property (one time) and smaller amounts for living expenses (ongoing). HSBC actually gives a half decent exchange rate, 0.25%, due to our account status. But playing with the paper IBKBR trading, it is obvious that IB would be much less expensive to exchange USD for HKD.

We are both USA citizens and my wife is also an HK permanent resident.

The actual FX trade seems easy in IB as is the funding with a Bank (HSBC) push. So 3 questions:
1. Do we fund IB USA or IB HK? I assume IB USA. Do we need to use IB HK at all?
2. Is there a 44 business day hold to withdraw after exchange to HKD in IB to the HSBC HK bank? We will use the same bank entity, HSBC, but in different countries.
3. As USA citizens, but residing in HK, can we use IB Lite?

Any insight will be greatly appreciated. Thanks for your time, Bill.
“The eye sees only what the mind is prepared to comprehend.” | — Robertson Davies
Top
Marseille07
Posts: 3001
Joined: Fri Nov 06, 2020 1:41 pm

Re: US ExPat in Hong Kong and Interactive Brokers

Post by Marseille07 »

Take a look at this thread, some of the questions are addressed: viewtopic.php?f=2&t=317734
Top
Topic Author
rxtra8
Posts: 110
Joined: Wed Jun 10, 2015 1:12 pm

Re: US ExPat in Hong Kong and Interactive Brokers

Post by rxtra8 »

Marseille07 wrote: ↑Tue Apr 06, 2021 11:29 pm Take a look at this thread, some of the questions are addressed: viewtopic.php?f=2&t=317734
Thank you for reminding me of that post. I had looked at it previously but really did not get the gist, but better understanding now.
Thanks again.
“The eye sees only what the mind is prepared to comprehend.” | — Robertson Davies
Top
occambogle
Posts: 772
Joined: Thu Dec 12, 2019 4:58 am

Re: US ExPat in Hong Kong and Interactive Brokers

Post by occambogle »

Re: withdrawal hold the 44 days is for ACH transfers so don't use that - use bank transfer instead. More info here:
https://www.interactivebrokers.com/en/index.php?f=1544
Top
Topic Author
rxtra8
Posts: 110
Joined: Wed Jun 10, 2015 1:12 pm

Re: US ExPat in Hong Kong and Interactive Brokers

Post by rxtra8 »

occambogle wrote: ↑Thu Apr 08, 2021 2:00 am Re: withdrawal hold the 44 days is for ACH transfers so don't use that - use bank transfer instead. More info here:
https://www.interactivebrokers.com/en/index.php?f=1544
Wow! Exactly what I needed. I have been looking all over IBKR and had not seen that concise bit of information.
Thank you very much!
“The eye sees only what the mind is prepared to comprehend.” | — Robertson Davies
Top
occambogle
Posts: 772
Joined: Thu Dec 12, 2019 4:58 am

Re: US ExPat in Hong Kong and Interactive Brokers

Post by occambogle »

rxtra8 wrote: ↑Thu Apr 08, 2021 2:32 am Wow! Exactly what I needed. I have been looking all over IBKR and had not seen that concise bit of information.
Thank you very much!
Welcome, IBKR seems to hide all its useful information buried deep on their site :-)
I fell foul of this rule once so I keep it in mind.....
Top
Post Reply

Return to “Personal Investments”