Without permanence, at any time
As a client, you can cancel your account at any time. As you wish to do so, we will have to sell all your assets. The obtained prince will depend on the market situation of that moment, and maybe they might not correspond with the last liquidation value that you saw of the account.
In our assets selective process, we have been required to choose the one with a greater liquidation. That is why, except with exceptional circumstances, there are not supposed to be any problems with it.
A cancellation process can take up to 5 to 7 days due to the combination of sale times and the transfer process.
To make this an easier process, it is convenient that you have informed, at your client area, your destination bank account and your IBAN. So when you decide you want to cancel your account, inbestMe will calculate the pending yield tax, prorated by the days passed since the last liquidation, and will deduce it from the liquid amount to transfer.
In the case of ETF portfolios with Interactive Brokers, the client can decide if he wants to cancel only the management contract with inbestMe, without cancelling their asset account, to take control and manage it himself. This does not have to involve the sale of assets, it just means that from now on, the one who takes the direct management is the Client and that inbestMe would stop doing it from that moment.
In case of choosing this type of disconnection, the Client must contact inbestMe Customer Service, to receive instructions about how he must proceed. Then, the tax scheme will not be the same: Interactive brokers will apply the individual client’s taxes; but the account number, the username, and the password (the client used to have to enter Interactive brokers) will not change.
Additionally, in the case of Index Funds and Pension Plans portfolios, the client can also transfer the management of his account to another financial advisor. Before making these management transfers, inbestMe would calculate the outstanding commission prorated by the days that have passed, and deduct the amount from the account at the time of cancellation.
How do I close my account from my Client Area?
Once you got there, you will have to select the portfolio where you want to withdraw the money → Operations → Withdraw → Close Account.
With this option, you can make a full withdrawal and request the investment portfolio’s closure.
Warning:
The total amount that is shown on the platform, when you want to withdraw the money, and the amount you will receive, might not be the same due to:
- The market’s volatility: the portfolio’s value may change from the time the withdrawal is requested until the sale is made.
- The tax discount is pending getting paid.
- A promotion discount with a permanence minimum.
- Corresponding tax withholding for positions with gains (applicable to standard index funds or SRI).