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International brokers with branch in HK and/or funding through HK banks
- Thread starter luisHK
- Start date
Quote from hagen:
Luishk,
I send you the limits
HKIB
where can i find out more info about Jardine Fleming unit trusts ?
Many Thanks
Hagen
The limits you posted are for Business internet banking - I'm quite satisfied with the limits I got on business accounts. The issue is with personal accounts.
Quote from HKIB:
hagen,
It became "J.P. Morgan Asset Management" a few years ago. You can put money in their money market fund and wire transfer the fund to a US brokerage account without any cost.
HKIB
How does it work ? I checked quickly their website and it seems the company only offers to invest in their funds ( which have terribly high fees, includingseveral percent initial fee).
Quote from luisHK:
HKIB
How does it work ? I checked quickly their website and it seems the company only offers to invest in their funds ( which have terribly high fees, includingseveral percent initial fee).
You are right about the initial fee for other funds, but the HK$ money market fund incurs no initial fee. I just sent a check from my HK bank, they automatically put it into the HK$ money market fund.
Quote from hagen:
Maybe you can transfer positions between brokers, but I don not the cost
Good idea. I plan to use TD Ameritrade to park my cash and use IB to trade. TD Ameritrade put my money automatically into two branches of the TD bank, so it provides the FDIC protection up to half a million US$.
Cash in the IDA is held at TD Bank, N.A., TD Bank USA, N.A., or both. Assets at each bank will be eligible for FDIC insurance of up to $250,000 per depositor. Because there are two banks in the IDA program, IDA balances could be covered for up to $500,000 per depositor. TD Bank N.A. and TD Bank USA, N.A. are affiliates of TD Ameritrade.
It seems that banks or brokerage firms in Hong Kong do not have the kind of protection such as FDIC.
By the way, TD Ameritrade provides check-writing ability and online bill pay, and there is no data fee and inactivity fee and wire transfer both way is free if the account is >US$100,000. For IB, wire in is free, wire out once a month is also free.
Quote from HKIB:
You are right about the initial fee for other funds, but the HK$ money market fund incurs no initial fee. I just sent a check from my HK bank, they automatically put it into the HK$ money market fund.
Thanks HKIB, actually it appears they have similar market funds also denominated in USD, EUR and GBP ( edit in : other currencies money market funds are not funded through a JPM Hk based bank account). It might be a better option than keeping cash idle in a HK bank account if there are no transactions fee.
Also do you know if one can also still wire money out of those market funds to a US broker without wire fee, like you did with Jardine Fleming ?
Quote from luisHK:
Thanks HKIB, actually it appears they have similar market funds also denominated in USD, EUR and GBP ( edit in : other currencies money market funds are not funded through a JPM Hk based bank account). It might be a better option than keeping cash idle in a HK bank account if there are no transactions fee.
Also do you know if one can also still wire money out of those market funds to a US broker without wire fee, like you did with Jardine Fleming ?
You should call them to find it out because I have not used their service
for many years. I am not sure my account with them is still valid, because it has zero balance for many years.