How to Terminate enrollment in DirectStock

There is a way for German investors who have bought GS2C to transfer to IBKR and convert the GS2C to GME at the same time. So far, no one has reported any fees for this process.

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It is done by using what is called a Cross-Border-Delivery or X-Border-Transfer (XBT).

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Please Note: Transferring in this way creates a new settlement, so there can be a few days delay in the shares leaving your German broker and arriving at IBKR.

 

You start by making a transfer request with IBKR for GME (not GS2C!). You will need your account number with your German broker, and your German broker's contact email for this.

• Login in your IBKR account, and click on “Transfer & Pay” from the top menu and select “Transfer Positions”.

• On the next page select “Incoming”.

• Then select “All Other Regions” from the drop down menu.

• Select “Basic FOP Transfer".

• Select your German broker from the drop down list.

• Put your German broker account number on the field : “Your Account Number at the Financial Institution".

• Choose your account type (most likely individual).

• Put your Country (most likely “Germany”).

• Put the Contact Email of your German broker.

• You have to add the asset you want to transfer, click on “Add Asset".

  • In the pop up window, search which stock you'd like to transfer (GME). Then click on “Search".

  • On the next page, click on the row “GAMESTOP CORP-CLASS A / NYSE".

  • Input how many shares you'd like to transfer. Click on “Save and Finish".

• On the next page you'll see a summary of the transfer. Write in your name as it shows on the page and click on “Continue”.

• Interactive Brokers will then generate a Letter of Instruction for you. Click on “View Form”, then click on “Print”. (If you have issues with the size of the words or document, you can turn the document 90 degrees and print it landscape instead)

• Print, sign, and scan the form back in.

• Once the Letter of Instruction is signed, and scanned in- send an email to your German broker or contact them through their message center online.

• For the subject write: “(Your German Broker Account Number) - Transfer out Request”.

• For the email write: 

"Sehr geehrte Damen und Herren,

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Hiermit beauftrage ich Sie [Anzahl] meiner Gamestop Corp. Class A Anteile aus meinem Depot [Depotnummer] im Cross-Border-Delivery Verfahren an mein Interactive Brokers Depot [Depotnummer] zu übertragen. wenden Sie sich bitte an IBKR unter fop-transfer-in@interactivebrokers.com, um die Überweisung zu veranlassen.

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Mit freundlichen Grüßen,

[Dein name hier]"

• Attach the Letter of Instruction.

• Hit "Send".

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The next step is to raise a transfer support ticket with IBKR:

• Log into your IBKR account.

• Go to the Message Centre.

• Make a new ticket.

• Under the "Reason for the Ticket", select "Funds and Banking".

• Then select "Position Transfers".

• For the "Support Ticket" write:

"Dear Sir and Madam,

I recently opened a transfer request for [Anzahl] of my Gamestop Corp. Class A shares to Interactive Brokers. I already submitted the signed Letter of Instruction to my broker via eMail.

Please proceed this order from CEDEL to DTC via Cross-Border-Delivery Transfer.

Please contact my broker directly via [Support eMail deines Brokers] and put me into CC for the upcoming conversation.

I'd also like to continue this support ticket with a german speaking employee if possible."

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IBKR should be able to handle the request from here. It has been reported to take 5-7 days to process and settle in your IBKR account.

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Sometimes IBKR and your broker can miss or possibly ignore eachothers emails. So it's best to chase both of them up at the same time to ensure they are communicating.

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From here you can follow our guide on How to DRS Transfer from IBKR.