OpenBank

OpenBank does not DRS transfer shares, so you need to transfer your shares to another broker that can DRS transfer.

A popular route has been through Interactive Brokers (IBKR), as they are available internationally and can DRS transfer for $5(USD). For this example, IBKR is being used.

The quickest way is to open an Interactive Broker account, buy a share, and request a DRS transfer. While you wait for your Computershare account to be created, you can transfer your shares from OpenBank to IBKR with a Basic FOP Transfer, then from IBKR to Computershare via DRS transfer for a $5(US) fee.

Transfer Instructions

How to Transfer between Brokers

Once your shares are settled in OpenBank, you can start the process by making a Letter of Instruction with IBKR.

• Login in your IBKR account, and click on "Transfer & Pay" from the top menu and select "Transfer Positions".
• On the next page select "Incoming".
• On the next page select "All Other Regions" from the drop down menu.
• On the next page select "Basic FOP Transfer".
• Select OpenBank on the drop down list.
• For "Your Account Number at the Financial Institution" put your OpenBank account number.
• For "Name of Account Holder at Financial Institution" put your full name as defined on your OpenBank account.
• Select the Account type (most likely individual).
• Select the country of the Financial Institution where you access OpenBank from.
• For the contact email put "ayuda@openbank.es".
• You have to add the asset you want to transfer, click on "Add Asset".
• On the next page you can search which stock you'd like to transfer, click on "Search".
• On the next page, click on the row that has the company you wish to DRS shares of.
• On the next page, define how many shares you'd like to transfer and 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".
• Print, sign, and scan the form back in (or take a photo of it).
• Send the Letter of Instruction to your broker (details for this are above).

The transfer should be processed within 3-5 business days, but can sometimes take longer. You will receive an email confirming that the transfer was successfully performed. If you have not received confirmation within a week or two, then it’s best practice to chase it up with both brokers.

How to DRS Transfer

After your shares reach IBKR, you are able to request the DRS transfer from IBKR to the issuer's transfer agent. To do this you can follow our guide on how to DRS transfer from IBKR.