# Is anyone moving away from degiro because of the MMF?



## confused12 (20 Apr 2020)

I'm thinking of moving to IB


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## NewEdition (20 Apr 2020)

Why?


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## RedOnion (20 Apr 2020)

MMF?
Male, male, female threesome?

Now I'm confused too...


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## Fella (20 Apr 2020)

I haven't decide yet, Money Market Fund, it's where they store your non invested cash and it has a negative rate at the moment. They have messaged me a couple of times about it but I am yet to withdraw.


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## JSnowWinterfell (20 Apr 2020)

I thought they only charge you the negative rate if the cash balance is above 2,500? I dropped my balance below that and stopped receiving the emails. 

Arguably I only ever keep a non invested balance in DeGiro for a short period of time.


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## Silverfield (20 Apr 2020)

They will only refund MMF losses if your balance is below 2500€ and if your money is in the morgan Stanly MMF, not the fund share MMF.

If you are going to buy American equities the dollar-dominated MMF's dont lose money and make money if your trades are over 10,000 just manual transfer into USD.  Or use a broker who will leave your money on deposit if it is in euro. Be aware small amounts manually transferred will be killed by the costs.


A significant point is. It will only take 48hours max, and most of the time, a bank transfer only takes less than 24hours to fund your account. So how quickly do you need to buy? 
If it's quicker than that and you want to be a short term trader Degiro is not the broker for you.


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## settlement (20 Apr 2020)

God-mode-active said:


> They will only refund MMF losses if your balance is below 2500€ and if your money is in the morgan Stanly MMF, not the fund share MMF.
> 
> If you are going to buy American equities the dollar-dominated MMF's dont lose money and make money if your trades are over 10,000 just manual transfer into USD.  Or use a broker who will leave your money on deposit if it is in euro. Be aware small amounts manually transferred will be killed by the costs.
> 
> ...



Yes but it's not always possible to transfer all your money in one day or even in one week. For example if you have 200k in a boi account, that will take 10 working days to transfer with a 20k per day transfer limit


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## Daddy Ireland (20 Apr 2020)

So if you had 10k sitting there for a month what would it likely cost you ?


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## RedOnion (20 Apr 2020)

Daddy Ireland said:


> So if you had 10k sitting there for a month what would it likely cost you ?


About 5 euro.
Based on -0.6% rate. Actual rate changes daily.


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## Silverfield (20 Apr 2020)

If you dont know how to transfer 200k in one go with your bank. You have no business investing 200k all in one go in the first place.


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## Steven Barrett (20 Apr 2020)

RedOnion said:


> About 5 euro.
> Based on -0.6% rate. Actual rate changes daily.



In other words, peanuts. 

People get so caught up in the fact that something isn't free but when they calculate the actual cost, it's nothing. If you are leaving €10,000 in cash in a stockbroking account for a month, it is most likely you will lose more than €5 from lost growth. 


Steven
www.bluewaterfp.ie


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## settlement (20 Apr 2020)

God-mode-active said:


> If you dont know how to transfer 200k in one go with your bank. You have no business investing 200k all in one go in the first place.



LOL some banks don't allow it online, it's not about knowing how


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## Silverfield (21 Apr 2020)

It is about knowing how I'm afraid.
If you ever reach the hights of being a private banking customer you will see how limits are arbitrary numbers. 
Until then simply walk into your local brach with ID and say you need to move the limit for transfers. If they believe your reason they will move it. It is that simple, so ya it is all about knowing how.


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## confused12 (23 Apr 2020)

God-mode-active said:


> It is about knowing how I'm afraid.
> If you ever reach the hights of being a private banking customer you will see how limits are arbitrary numbers.
> Until then simply walk into your local brach with ID and say you need to move the limit for transfers. If they believe your reason they will move it. It is that simple, so ya it is all about knowing how.



Unfortunately some of us live overseas and can't access our trading bank in person.


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## Daithi7 (26 Apr 2020)

confused12 said:


> Unfortunately some of us live overseas and can't access our trading bank in person.


If it makes you fell any better,  despite living in Ireland, and being a bloody good customer for BofI for ~30 years,  I feel I can't contact them in person either!!

E.g. need an appointment in branch,  impossible to talk to someone in branch in person,  etc, etc . It's like dealing with the bloody Borg tbh!! (= Star Trek, mind numbing network of robocons)


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## Zenith63 (1 Jul 2020)

Email from DeGiro today below.  The MMF thing must have been annoying lots of people....



> We would like to update you about an important change regarding your DEGIRO account.
> 
> As an investment firm, DEGIRO is unable to hold clients’ money. Therefore, we currently make use of Money Market Funds (MMFs) as a solution for you to invest your unused money and as a way to make sure it is sufficiently safeguarded.
> 
> ...


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## Silversurfers (1 Jul 2020)

Zenith63 said:


> Email from DeGiro today below.  The MMF thing must have been annoying lots of people....


Thought this was good news, but looks like balances over €2500 might still suffer charges.
At least the €100,000 guarantee will come into effect.


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