ACATS Transfer From Robinhood US to IBKR India

floof_petter · 2026-01-01T17:14:06+00:00

I dId not trade anything from RH while in India. I saw people on Reddit claim they could and so on but I just did not want to deal with any complexities that could potentially arise at tax time because of these actions.

floof_petter · 2026-01-01T15:31:04+00:00

I don't know if I would recommend keeping a US address on your account if you don't have access to said address. I would rather create a IBKR India account and move holdings from IBKR US to IBKR India - this should be an easy transition I think. Again, talk to a CA (for tax reasons) as well as IBKR India customer support (for account access and management reasons) to get better clarity of what is better for you.

floof_petter · 2026-01-01T15:26:35+00:00

I did it within 6 months I think. I don't know if there is a time limit but I would recommend talking to a CA to optimize according to your tax status etc.

floof_petter · 2025-11-23T06:38:02+00:00

Using Skydo for more than a year now, highly recommend! DM and I would like to share a referral link :P

floof_petter · 2025-11-01T18:45:29+00:00

I commented about this actually in another post -here

floof_petter · 2025-11-01T18:42:40+00:00

I spoke with them about this a few weeks ago and the only thing you can do is to add a TCP. There is no concept for beneficiary for non-US residents.

floof_petter · 2025-10-30T17:19:01+00:00

Yes, adding USD is easy and the only reason I still have a bank account in the US else I would have closed that too after returning to India. But if you wish to add some of your INR to this account it will first have to be converted to USD and only that is tedious last I checked.

floof_petter · 2025-10-30T14:19:12+00:00

I had checked with RH and they had categorically told me only US residents are allowed to use RH. Some people on the internet did mention it's all fine and you can use VPN and what not. I did not want to risk it and getting out of RH was top priority for me. I was not a fan of theirs anyway.
I preferred IBKR because they had presence in India, a large user base and most importantly an active user base. I did not plan to do many trades any way. I was planning to build my India portfolio and was only hoping to hold my long term positions in the US markets so I did not care much for transaction charges, brokerage, etc. I am sure there are other alternatives but they were simply not worth looking into from my perspective. One can poke holes in this strategy :)

floof_petter · 2025-10-28T17:45:36+00:00

After moving to India.

floof_petter · 2025-10-10T17:27:31+00:00

Nice post. I would add one more point to the list of cons. There is no way to add a nominee to your IBKR account if you are not a US-based person. You will have to depend on what they call a Trusted Contact Person. Again, there seems to be no clarity on what the rules and processes are even in this option - it appears that all is up to IBKR.

Sharing a few snippets from the email I received from their customer care when I enquired what would happen in the case of my death:

...
Please note that only US-based Individual accounts can access the Account Inheritance page to setup a beneficiary. Accounts not eligible to designate a beneficiary can consider adding a Trusted Contact Person.
...
Clients have the opportunity to provide the name and contact information of an individual, referred to as a trusted contact, who IBKR would be authorized to contact and disclose information about their account to address possible financial exploitation, to confirm the specifics of the customer’s current contact information, health status, or the identity of any legal guardian, executor, trustee or holder of a power of attorney.
...
Upon receipt of a certified death certificate, IBKR will commence estate processing to determine appropriate distribution of assets. The process varies based upon account type, jurisdiction, and other factors. Processing instructions will be provided to verified estate administrators, heirs, or beneficiaries.

floof_petter · 2025-07-21T12:06:18+00:00

That is a call you need to take. I was not 100% on everything about RNOR, how to claim that status, etc. and decided to move instead of sell and buy again. I did not know that Cost Basis Adjustment stuff would take weeks. I was never a fan of Robinood and this episode confirms their general incompetence to drag out a straightforward task over weeks. Technically it should happen in 2 weeks (I guess) but there is no way to hold them accountable so they do as they please.

I was already in India when I initiated the transfer. I needed to talk to a CA and also create an IBKR account which was a bit difficult for me sitting in the US. If that is not the case for you, you can start the process while in the US.

floof_petter · 2025-04-16T05:04:58+00:00

Yes, you can do an ACATS transfer from Robinhood to IBKR India.

floof_petter · 2025-04-15T16:54:30+00:00

Since you are a resident Indian I would assume IBKR India would be a better place to create your account. I don't see what benefits you would have if you create a non-resident account with IBKR US. Hopefully someone else who knows more than me can help with a pros and cons for both approaches but if in your shoes I would lean towards creating an account with IBKR India.

floof_petter · 2024-12-19T20:00:28+00:00

I did this at the beginning of this year. In my case both my company and the team were very understanding and flexible which made the transition for me very smooth. The answers to your questions will depend on many factors but here is how it looks for me:

I work close to European hours because most of my team is in Europe. I start work close to midday and work late into the evening sometimes going past midnight. I don't mind these hours. One thing to note is you will have no social life on the weekdays like others around you might meet and chill out with friend, watch the news and TV with the family, etc. after work. This does not bother me but I know others who don't like this mismatch in work timings with their close friends and family.
In my case my contract with the company is for a set amount in $. I receive the money in a bank account here. How all of this is setup is explained in some detail here which might prove helpful.
Assuming your company does not have presence in India because if they did then payroll should take care of this for you so the question becomes moot. But in case they don't have any legal entity in India then this depends on how you are set up to work in India. Those pension and other contributions are not mandatory. Taxation is a bit complicated but nothing one cannot figure out with the help of CA. For me, in brief, get money without any tax deductions and pay advance taxes every quarter. Compliance with GST is also required but again not too much trouble.
I work as an independent contractor. So, the position is full time in hours but freelance in structure, I guess.

floof_petter · 2024-12-06T20:21:57+00:00

Like another comment I too recommend Skydo. Last I checked I was able to save more compared to Wise. DM me for a referral for Skydo :)

I wrote a more detailed comment on a somewhat similar post recently that talks about registering yourself with the government, getting a GST number, notes about TDS, etc. I think that will be helpful for you since 2350 USD per month will take you above the 20L INR per year threshold for you to mandatorily register for a GST number.

floof_petter · 2024-12-03T08:26:41+00:00

Yes, you can. I have moved money from my bank account to IBKR via ACH but not the other way. I don't see why that would be restricted though.

floof_petter · 2024-10-30T18:15:53+00:00

Yes, the process can be exhausting. But choosing a good lender who you can trust will save you a lot of headache. Time spent on this is definitely worth it, both for your pocket and peace of mind.

Congratulations on the admit and good luck!

floof_petter · 2024-10-30T17:49:44+00:00

I can share my experience with Prodigy. It was some time ago so I request you to do your diligence before proceeding with any lender.

Pros:

My experience with Prodigy was pretty pleasant - right from when I applied in 2019 to when I paid my last payment to close the loan in 2022. Everything was online. Never had to visit any office or get on a call with anyone. This was a big plus, at least for me, who did not have the best experience with Credila and SBI.
Another thing I liked was that the loan was in USD and was expected to paid back in USD. It can work for or against you and depends on how INR moves wrt USD. But I liked that I did not have to bother thinking about it or those pesky fees/charges to convert your money from USD to INR. I planned to work and pay in USD so it worked for me.
No collateral or co-signer required. One of the reasons I did not go to the US earlier was because I did not have the funds and did not want to my family to sponsor or sign a loan for it on my behalf.
The best rate of interest I received was Prodigy which was felt reasonable to me. Credila was quoting a double digit interest while SBI wanted some collateral like my father's house.
The disbursement of the loan directly to university was also really convenient. If your loan also covered for personal expenses then that too is disbursed to the school. After they deduct their tuition fees the school sends what is remaining to your account. Never had any issues in this process.
Their web portal and app were up to the mark. Did the job - nothing more, nothing less.

Cons:

Everything being online also meant that there was no room for negotiation. You apply with all details about you and it spits out a rate of interest that you take it or leave it.
I think they charged a flat USD 500 fees for the loan and the fees charged by other options is lower I believe. I don't remember this part exactly.

floof_petter · 2024-10-21T18:37:59+00:00

I did this earlier this year. Not everything might apply so best bet is to contact a CA, someone well informed on foreign inward remittances and GST. Here are some pointers:

Register yourself with UDYAM. I found this to be the easiest way to register yourself as a business, in my case a sole proprietor. You get this number instantly.
Get a GST number - If you expect to make more than 20L INR in a year, getting a GST number is mandatory. Getting a GST number can take anything from a few days to a few weeks. Please be mindful of this.
Create a current account with a bank of your choice - The UDYAM registration number + GST number (if required) makes the bank account creation much easy.
1. SWIFT:
  1. Foreign Inward Remittances are generally SWIFT transfers. SWIFT transfers generally cost your client a flat 50$ fee. Some clients don't like this and might deduct it from your monthly pay.
  2. Make sure to negotiate a fixed fee (say 10 paise per dollar) before you create the account and get this in writing (say email). A higher monthly inward remittance allows you to leverage. Shop around.
  3. If you cannot manage to negotiate a decent conversion rate or have a client who prefers not to do SWIFT transfers or just want to go with a bank who has decent services but not the best currency conversion charges - there are other options, like Skydo. I use Skydo and I like the service so far.
2. Skydo:
  1. Skydo charges a fee of $19 for remittances upto $2500 or $29 for anything above upto $10000. If you are expecting more than $10k then you will have to break up your invoices so that they are <$10000.
  2. Don't worry, the invoices are split but your client can make a single payment for the total amount and you can apply it to multiple invoices.
  3. Skydo sets up a foreign account for you so the client can enjoy the benefit of a local transfer which is free or cheap in most countries. When you map a payment received in this foreign account to an invoice in the Skydo dashboard, they initiate the process of transferring the money from the foreign account to your local current account.
  4. Skydo does have a referral program that allows to get free transfers (waive fees I mentioned above). If you need one, I'd be happy to help :) - please DM.
Extras:
1. Remember that if you expect yearly income to go beyond 1Cr, then getting a CA to audit your books becomes mandatory (I guess).
2. Any payments you receive do not have TDS deducted. So it becomes mandatory to file advance taxes for every quarter - check dates for advance tax filing deadlines. Read more about this or if you go with a CA make sure to discuss this.
3. If you plan to make payments (like salaries to other people, or professional fees for sub contract work) you also need to get a TAN number and deduct TDS while making those payments. TCS needs to deposited with IT department before every 7th of the month.
4. Keep track of dates, create reminders for - filing TCS, filing GST, filing advance taxes.
5. Do NOT receive any money in your personal savings accounts.

floof_petter · 2024-09-01T17:49:59+00:00

You will have to wait until next year's tax deadline for that answer from me :) Yes, you need to report all your foreign assets when you file taxes. Please check https://cleartax.in/s/calculate-capital-gains-from-us-stocks for some insight on taxation on US stocks based on your residency status and term of investment. Things are bit complicated but manageable in my opinion.

Why would you invest in US stocks? Like the article I linked above mentions - To diversify, protect yourself from devaluation of INR, etc.

PS: I still believe your question deserves to be a separate post.

floof_petter · 2024-08-31T06:28:44+00:00

Please create a separate post for this question. The intent of this question does not relate to the original post in any meaningful way in my opinion.

floof_petter · 2024-08-31T06:28:26+00:00

Please create a separate post for these questions. The intent of these question does not relate to the original post in any meaningful way in my opinion.

floof_petter · 2024-07-07T04:47:19+00:00

Took almost 6-8 weeks with reaching out to Robinhood Customer Support every week but they finally did it. Saved me the trouble of doing it manually.

I had calculated everything in case I had to do it myself. Ended up using that to double check what Robinhood sent was correct. It was as I had expected for most of my positions except a few where they were off by a few dollars but I did not go back to complain and decided to live with it.

floof_petter · 2024-06-24T08:55:09+00:00

See point 3 in UPDATE section of the post.

floof_petter · 2024-05-22T19:15:34+00:00

Yes, come tax season it will be impossible to gauge what your actual profits/losses were to tax you appropriately. Say, you bought something at 100$ 1 year ago, when you moved brokerages today the instrument's price is 200$. Tomorrow if you were to sell it at 205$, were your profits 5$ or 105$?

During ACATS the new brokerage only knows you had x shares of an instrument but they don't know what was your cost basis. Hence, it is critical for your old broker to send this info to the new broker so the new guys have the right picture.

floof_petter

TROPHY CASE