A few things.
- On the Citi side, they still need the IB proof of incoming transfer, so I can generate that easily on the IB side on the day.
- Again on the Citi side, as the transfer out is manned, I need to basically follow up with Citi, rather than leaving it to see where it goes. I had originally submitted the transfer request on 6 February, but they did not action it until 17 February (7BD after submission) and then it took them 5BD to actually do the transfer (so a total of 12BD).
- On the IB side, its actually quite easy, you just need to create another transfer in request online.
I guess its just a case of putting in the paperwork and following up.
Ok, matches an earlier experience we had with Saxo (receiving share TX).
Their side was fairly automated and had an aggressive timeout which just did not match up with the form filling, faxing and other crap we had to do with another bank.
So submitted all my other positions for transfer today and also downgraded from Citigold to Citi Priority.
Re-checked the IB situation and it says that after 5BD if the transfer hasn't occurred they will cancel the request. Citi have told me its going to take over a week.
Based in this I'll follow up with Citi next week and see progress. I suspect I will have to submit another transfer request with IB. Luckily this only takes 5 - 10 minutes in total.
Just another data point, for IB transfer outs where the stock is listed outside of the USA you need to fill out a manual form and then email or fax it in. Could not find the IB charges for transfering shares out.