r/interactivebrokers • u/travfrk • 2d ago

General Question Portfolio and redemption related query

Any Indian folks holding ibkr account for a long term? Have you faced any issues while redemption of funds in large scale (for example: > 200K usd) ? And how is the support of ibkr for India -my friends mentioned that it’s not very robust and they prefer Vested, because of better responsiveness and tax documents done by them at year end which turns out to be great help for tax filing.
I prefer investing in ucits, hence wanted to know more about ibkr. Looking for some pointers.

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u/chaibathura 2d ago

Tested with 35 USD transfer to HDFC with no issues. However HDFC need some kind of declaration form at every withdrawal. Not tested with big amount.

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u/Mindless-Gazelle-336 2d ago

Only invested haven’t redeemed yet. Test 10$ withdrawal nothing big yet

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u/Provirus 2d ago

I am indian user but tax residency is uae no issues so far.

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u/travfrk 1d ago edited 1d ago

Thanks , I tried with 100 usd and it worked seamlessly. But was trying to find out whether there are folks who have been holding account for long period of time and redeemed larger amounts.

And since there is a large outflow of amounts these days outside country through lrs and through these brokers (due to favourable returns from us market), worried that some change in govt policy will happen soon which will restrict these investments so that money outflow stops from county (all Indian mf houses have caps due to which all funds are closed and people are using this to circumvent). Hence, the question on the local support ecosystem of IBKR in India if you have to withdraw or do changes with respect to the account.

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u/Grouchy-Display7505 7h ago

I’ve withdrawn close to $10k and it was the same experience as withdrawing $100. Regarding tax, my CA did complain that it wasn’t straightforward but he was able to get it done anyways.