What service do you use to transfer money to your broker [Bahrain]

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Topic Author
mohd
Posts: 95
Joined: Wed Jul 22, 2020 2:10 am
Location: Bahrain

What service do you use to transfer money to your broker [Bahrain]

Post by mohd »

Hello

People in Bahrain. What do you use to transfer your money to your broker?

I used to use "ila bank" last year and it was free of charge! but recently they changed the fees
and now it costs almost 13BD per transfer to InteractiveBrokers

I am wondering if you guys use another bank or service that is cheaper

:happy
Krombopulos
Posts: 7
Joined: Tue May 18, 2021 6:34 pm

Re: What service do you use to transfer money to your broker [Bahrain]

Post by Krombopulos »

They need to accept some form of credit card.

For 2021 you need to setup your Ila BHD account and attach a USD account to it.
Then add a mastercard to the USD account - all done online with a few clicks.
Their BHD-USD conversion rate is also fantastic compared to my bank.

This lets the broker charge your mastercard (0 fees) & you completely sidestep transfer fees.
Topic Author
mohd
Posts: 95
Joined: Wed Jul 22, 2020 2:10 am
Location: Bahrain

Re: What service do you use to transfer money to your broker [Bahrain]

Post by mohd »

Krombopulos wrote: Wed May 19, 2021 3:18 am They need to accept some form of credit card.

For 2021 you need to setup your Ila BHD account and attach a USD account to it.
Then add a mastercard to the USD account - all done online with a few clicks.
Their BHD-USD conversion rate is also fantastic compared to my bank.

This lets the broker charge your mastercard (0 fees) & you completely sidestep transfer fees.
Yea that would be really great

Unfortunately, it's not possible.

The only option I see now is to send them at once every X months
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