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Transferring USD from Morgan-stanley to Firstrade

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  • 28-01-2018 12:09pm
    #1
    Shai
    Registered Users Posts: 226 ✭✭


    Hey all. I have a bit of a weird situation.

    As part of my job compensation I receive US shares into a Morgan-Stanley account. I want to sell these shares for USD and transfer this money to Firstrade. However, this is proving to be a bit harder than expected.

    My first thought was just to have Morgan-Stanley wire my gains directly to Firstrade. They're both in the US, so how hard could it be? Well, it turns out that Morgan-Stanley does not allow customers to add custom info to the "For Final Credit To" wire transfer field. This means I cannot transfer directly from Morgan-Stanley to Firstrade.

    So now I'm looking for alternatives. I figured I might be able to use CurrencyFair as a go-between, but alas US brokers do not accept wire transfers from "3rd party companies". Seems protectionist bs to me, but it is what it is.

    It seems the only option left to me is to open a USD account in Ireland and have Morgan-Stanley wire the proceeds to this account. Then I can wire the USD from this account to Firstrade. While this would work, I'm annoyed about the wire fees.

    Is there a smarter way to go about this? And more generally, how do people tend to go about transferring funds to their US brokerages? What's the most cost effective way?


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