How to transfer from TD Ameritrade to Interactive Brokers (IBKR)

In September 2023, TD Ameritrade announced it would close its retail operations in Singapore. Clients had to choose between selling their positions and withdrawing the cash, or transferring their holdings to another broker before the deadline.

That process is now closed: TD Ameritrade stopped serving Singapore retail clients in December 2023, and the TD Ameritrade brand itself disappeared in 2024, when Charles Schwab completed the migration of its clients after acquiring the company.

This article explains what happened and, above all, how to transfer a portfolio from a US broker to Interactive Brokers through the ACATS process, which still works exactly the same way today.

What you should know about Interactive Brokers

How to transfer assets from a US broker to Interactive Brokers

1) Open your account

First, Interactive Brokers is ACATS eligible, which means it can receive assets from any US broker. To start a transfer, you first need to open an account with them.

2) Start the transfer

In the Client Portal, go to the top bar and select “Transfer & Pay”, then choose “Transfer Positions”:

On the next page, select “Incoming”:

Now choose “United States” as the region of the delivering broker:

Select “ACATS (Automated Customer Account Transfer Service)” as the transfer method:

Enter the delivering broker’s details (TD Ameritrade in our example) and all the transaction information. You’ll be asked whether you’re transferring all your assets or only some of them:

Bear in mind that ACATS transfers usually take between 4 and 8 business days to complete. Interactive Brokers doesn’t charge any inbound transfer fees for ACATS transfers, although the delivering broker often charges an outgoing transfer fee, so check its price list before you start.

Transfer status: you can monitor your transfer request through the “Transfer & Pay” and “Transaction History” menus in the Client Portal.

Can an ACATS transfer be rejected?

Yes, it can, and it’s usually down to human error, such as entering the wrong details. A few examples from the Interactive Brokers FAQ page:

• The account title doesn’t match. The name on the account at IBKR and at the delivering broker must be identical;
• The account type doesn’t match. The account type at IBKR and at the delivering broker must be the same;
• Transfers containing expiring options. Options aren’t transferred during expiration week;
• Transfers containing micro-cap stocks. IBKR only accepts transfers of US micro-cap stocks from eligible clients;
• Transfers containing mutual funds that IBKR doesn’t offer.

It’s worth checking these points before submitting the request, since a rejection means starting the process again and waiting several more days.

What happened to TD Ameritrade Singapore

For the record, this is how the closure unfolded:

• September 2023: TD Ameritrade announced it would stop serving retail (non-accredited) investors in Singapore, to focus on accredited investors;
• 27 October 2023: retail accounts started being charged a monthly maintenance fee of US$50. Accounts with less than US$50 in cash were only charged enough to bring the balance to zero;
• 4 December 2023: the deadline to transfer positions or withdraw the cash.

Separately, Charles Schwab had acquired TD Ameritrade in 2020 and completed the migration of its clients and of the thinkorswim platform in 2024, after which the TD Ameritrade brand was retired. If you still hold an account that came from TD Ameritrade, it is now a Charles Schwab account, and the ACATS process above works the same way.

What if you only have cash in the account?

If you only hold cash, you don’t need an ACATS transfer: you just request a withdrawal to your bank account and then fund your new broker.

At most US brokers, an international withdrawal is made by wire transfer (also called a telegraphic transfer), and if you’ve recently sold a position you have to wait for it to settle, normally one or two business days after the trade, before you can withdraw.

The first time you withdraw, or the first time you send money to a new bank account, the broker will usually ask for a bank statement showing your full name and account number, to make sure the destination account belongs to you.

Bottom line

Brokers reassess their markets from time to time. TD Ameritrade chose to stop serving retail investors in Singapore to focus on accredited investors, and the brand itself disappeared soon after, absorbed by Charles Schwab.

Singaporean retail investors remain well served by other brokers, including Interactive Brokers, regulated by the Monetary Authority of Singapore (MAS), with low trading costs, a wide range of products and a well-known global platform in Trader Workstation.

If you’re moving a portfolio between brokers, transferring your positions through ACATS is usually better than selling: you stay invested and you avoid triggering a taxable event.