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What's the best online method to Wire Transfer to INTERACTIVE BROKERS?


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What's the best online method to Wire Transfer to INTERACTIVE BROKERS?

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  #11 (permalink)
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mrburns View Post
@Etisan in the start question there is explicitly mentioned Interactive Brokers and how to fund trading account with them. I do not see any benefit in mentioning other brokers like Phillip Capital and moving the thread offtopic

He wasn't moving the thread off topic, he was illustrating the point that brokers may not be able to transfer money out using Transferwise, referencing as an example a specific broker where he knew that to be the case. Quite clearly not off topic.
You're not a moderator, whether you see any benefit in somebody else's post is irrelevant. I'm not a moderator either, if I see a forum post that requires a moderator's input, I can notify them with the alert button in the corner of that post and it is then for them to decide.

Regarding TransferWise I had been going to mention the anti money laundering regulations requiring the outgoing account to have the same name, but then scrolled down and read others had already said the same.
From your screenshot it looks like you are paying money from your own account in to Interactive Brokers so that might be slightly different to when they are paying money out as that is then their responsibility which could mean the legal requirements are more demanding. Have you withdrawn money using Transferwise?

But the most likely reason that you have been able to use Transferwise is that the large international brokers use banks in different countries. You are a EU citizen transferring money to a UK company account. That is a completely different set of regulations than the American based operation of IB using US accounts and servicing US customers would be required to adhere to, or that a customer in an Asian country might face.

As Bob said, it doesn't matter what anybody here says, he has to ask IB and they will tell him what is or isn't allowed in his case.

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  #12 (permalink)
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matthew28 View Post
He wasn't moving the thread off topic, he was illustrating the point that brokers may not be able to transfer money out using Transferwise, referencing as an example a specific broker where he knew that to be the case. Quite clearly not off topic.
You're not a moderator, whether you see any benefit in somebody else's post is irrelevant. I'm not a moderator either, if I see a forum post that requires a moderator's input, I can notify them with the alert button in the corner of that post and it is then for them to decide.

Regarding TransferWise I had been going to mention the anti money laundering regulations requiring the outgoing account to have the same name, but then scrolled down and read others had already said the same.
From your screenshot it looks like you are paying money from your own account in to Interactive Brokers so that might be slightly different to when they are paying money out as that is then their responsibility which could mean the legal requirements are more demanding. Have you withdrawn money using Transferwise?

But the most likely reason that you have been able to use Transferwise is that the large international brokers use banks in different countries. You are a EU citizen transferring money to a UK company account. That is a completely different set of regulations than the American based operation of IB using US accounts and servicing US customers would be required to adhere to, or that a customer in an Asian country might face.

As Bob said, it doesn't matter what anybody here says, he has to ask IB and they will tell him what is or isn't allowed in his case.

Fair enough, hovewer your points are inacurate:
1. I'm indeed not moderator but I guess that giving advices that's not going to the point of initial question whicih actually reads "What's the best online method to Wire Transfer to INTERACTIVE BROKERS?" only makes threads unecessary long, confusing and so not helping to others.
2. Screenshot I pasted is from Transferwise mobile Android app.
3. AML rules was mentioned by me
4. ACH wiring is available for ALL US bank accounts regardless of the owner domicile
5. IBKR UK you see in my screenshot is only "nickname" I've been using to the payment address which is actually IBKR US account of course.

I'm guessing you've not been using Transferwise for making ACH payments to IBKR US, have you?

I believe we can close discussion over the thread's subject with the statement that funding of IBKR account is possible from US TW bank account via ACH type of payment.

RE: Have you withdrawn money using Transferwise?
Not yet from IBKR, but since I've been withdrawing e. g. from PayPal to TW US account with no issue so I'm not expecting any problem withdrawing from IBKR either.

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  #13 (permalink)
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mrburns View Post
5. IBKR UK you see in my screenshot is only "nickname" I've been using to the payment address which is actually IBKR US account of course.

I don't believe this to be true. When from Europe you will not be an IB US client but an IB UK client. Also I think you cannot nickname the name of the instance who you send your money to. You're not an IB US client (if from Eu). What does your statement say (at the top)?

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  #14 (permalink)
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Mich62 View Post
I don't believe this to be true. When from Europe you will not be an IB US client but an IB UK client. Also I think you cannot nickname the name of the instance who you sent your money to. You're not an IB US client (if from Eu). What does your statement say (at the top)?

Well that's the problem with the forums. I do not care what anyone believe or not, personaly I would not comment on subject I'm not sure about or I do not know of, but that's apparently only my problem.

I just provided facts how to fund IBKR account from TW USD US account via US ACH payment system to IBKR USD US account. It does not matter from which jurisdiction you are, once someone is eligible to open TW USD US account he can use US ACH payment system for funding IBKR.

I think there is not any reason to extend this discussion further unless someone has got other real experience. In that case please share.

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  #15 (permalink)
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mrburns View Post
Fair enough, hovewer your points are inacurate:
1. I'm indeed not moderator but I guess that giving advices that's not going to the point of initial question whicih actually reads "What's the best online method to Wire Transfer to INTERACTIVE BROKERS?" only makes threads unecessary long, confusing and so not helping to others.
2. Screenshot I pasted is from Transferwise mobile Android app.
3. AML rules was mentioned by me
4. ACH wiring is available for ALL US bank accounts regardless of the owner domicile
5. IBKR UK you see in my screenshot is only "nickname" I've been using to the payment address which is actually IBKR US account of course.

I'm guessing you've not been using Transferwise for making ACH payments to IBKR US, have you?

I believe we can close discussion over the thread's subject with the statement that funding of IBKR account is possible from US TW bank account via ACH type of payment.

RE: Have you withdrawn money using Transferwise?
Not yet from IBKR, but since I've been withdrawing e. g. from PayPal to TW US account with no issue so I'm not expecting any problem withdrawing from IBKR either.

1. You've given your view, I've given mine. We can agree to disagree, but my opinion being different to yours doesn't automatically make it inaccurate.

2. I can tell by the shape of the screenshot it is a mobile. I didn't make any reference to that because the device used to make the transfer is irrelevant. inferring that I did so is being inaccurate.

3. I knew AML had been mentioned so I said I wasn't going to post that, and looking back it was just you. So me saying "others had already said the same" was in fact inaccurate.

4. I googled ACH to double check I was clear on the meaning. "ACH transfers are a way to move money between accounts at different banks electronically. They enable you to send or receive money conveniently and securely" - https://www.investopedia.com/ach-transfers-what-are-they-and-how-do-they-work-4590120
Of course ACH wiring is available for all US bank accounts. Nobody has said otherwise, certainly not me. I can't imagine there is any bank in the world that doesn't allow electronic transfers of money. My point is clearly not that a broker can's send or receive money, but that US regulations could be an issue requesting a payment be sent to an intermediate account that is not in the client's name.

5. I was referring to the three mentions of Interactive Brokers (UK) Limited in the screenshot. You're saying that's a nickname?

I'm saying that's the name of the account your money is in, the account isn't in the US and therefore isn't subject to US regulation.

No I haven't used Transferwise.

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  #16 (permalink)
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matthew28 View Post
1. You've given your view, I've given mine. We can agree to disagree, but my opinion being different to yours doesn't automatically make it inaccurate.

2. I can tell by the shape of the screenshot it is a mobile. I didn't make any reference to that as the device used to make the transfer is irrelevant. Suggesting that I did so is you being inaccurate.

3. I knew AML had been mentioned so I said I wasn't going to post that, and looking back it was just you. So me saying "others had already said the same" was in fact inaccurate.

4. I googled ACH to double check I was clear on the meaning. "ACH transfers are a way to move money between accounts at different banks electronically. They enable you to send or receive money conveniently and securely" - https://www.investopedia.com/ach-transfers-what-are-they-and-how-do-they-work-4590120
Of course ACH wiring is available for all US bank accounts. Nobody has said otherwise, certainly not me. I can't imagine there is any bank in the world that doesn't allow electronic transfers of money. My point is clearly not that a broker can's send or receive money, but that US regulations could be an issue requesting a payment be sent to an intermediate account that is not in the client's name.

5. I was referring to the three mentions of Interactive Brokers (UK) Limited in the screenshot. You're saying that's a nickname?

I'm saying that's the name of the account your money is in. It doesn't matter if the account is US Dollar denominated, the account isn't in the US and therefore isn't subject to US regulation.

Re 2 account: From your sentence
Quoting 
From your screenshot it looks like you are paying money from your own account in to Interactive Brokers so that might be slightly different to when they are paying money out

I made conclusion you've meant I payed the money from "my account" i.e. my domestic account. I made the payment from my USD account I ve got with TW in US with COMMUNITY FEDERAL SAVINGS BANK. It's US Savings account not EU account. TW manages/creates an account in the jurisdiction of the currency. So e.g. USD in US, AUD in AU, EUR in EU.

Re ACH: ACH system is being used predominantly in US, for payments from other geo locations it is highly cost ineffective.

Re Nickname: that's perhaps missunderstanding, in TW when you make a payment, you can store it as template and give it a name. In my case, since I'm client of IBKR UK I put there the IBKR UK, that's it.
But the transfer I made was done from TW USD US account to IBKR USD US account via ACH, IBKR UK does not have its own US account for USD funding. Also, I do not have any simple cost-effective option to pay from EU account to the ACH system other than TW. funding by SEPA is different story of course.

So your conlusion is inacurate, because once someone is eligible for US account I mean in US bank, than he can use it for ACH transfers to other US bank account regardless of jurisdiction he is from. That was my fact based answer to the subject. Sharing the facts can helps others, academic discussions based on google search is not much relevant and helpful.

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  #17 (permalink)
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mrburns View Post
That was my fact based answer to the subject. Sharing the facts can helps others, academic discussions based on google search is not much relevant and helpful.

I'm getting bored now so I will accept everything you said prior to your last sentence.

Just to be clear, I don't need your approval or disapproval to Google one point in your reply to check the exact definition of ACH, as I was unclear why you were mentioning it and inferring I had been inaccurate to do so when I hadn't said anything about it.
The fact is the OP should get the correct advice from IB as no other experience makes any difference whatsoever.

You seem to have misunderstood the point of a public discussion forum.
I could have perfectly well posted that US Anti Money Laundering rules could be an issue and be something that the OP should be aware of when he checks with IB, as I had intended to until I saw somebody/you had already done so. Despite not having direct experience with Transferwise or any other intermediate currency exchange service, and not being an IB client that doesn't mean I can't suggest something that might be relevant.
In the same way a previous person was perfectly able to mention their knowledge regarding a different broker as something that might or might not be relevant to the OP.
It's a DISCUSSION FORUM people can give there views and are free to say whatever else they think might be helpful.

That's my last reply. Good luck in your trading.

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  #18 (permalink)
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matthew28 View Post
I'm getting bored now so I will accept everything you said prior to your last sentence.

Just to be clear, I don't need your approval or disapproval to Google one point in your reply to check the exact definition of ACH, as I was unclear why you were mentioning it and inferring I had been inaccurate to do so when I hadn't said anything about it.
The fact is the OP should get the correct advice from IB as no other experience makes any difference whatsoever.

You seem to have misunderstood the point of a public discussion forum.
I could have perfectly well posted that US Anti Money Laundering rules could be an issue and be something that the OP should be aware of when he checks with IB, as I had intended to until I saw somebody/you had already done so. Despite not having direct experience with Transferwise or any other intermediate currency exchange service, and not being an IB client that doesn't mean I can't suggest something that might be relevant.
In the same way a previous person was perfectly able to mention their knowledge regarding a different broker as something that might or might not be relevant to the OP.
It's a DISCUSSION FORUM people can give there views and are free to say whatever else they think might be helpful.

That's my last reply. Good luck in your trading.

I'm not here to keep you entertained, if you are here to not being bored I think it's not me who is missing main point of the discussion forums.

My only intention was to help someone about the subject which you apparently do not have got much experience with (IBKR, ACH, TW etx.) which is fine, noone can know everything, but please be less judging of something you barely know about.


Quoting 
It's a DISCUSSION FORUM people can give there views and are free to say whatever else they think might be helpful

Personaly I do not agree that me giving a view on the subject which is precisely asked and that's barely known to me would be really helpful to anyone. But as I said, that's my problem.

Take care.

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  #19 (permalink)
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mrburns View Post
I just provided facts how to fund IBKR account from TW USD US account via US ACH payment system to IBKR USD US account.

This is not true. You only showed a screenshot of money received by IB UK. "TW USD US account" is nonsense. TW=Trader Workstation is just the charting package. Account maintenance is done via Web Portal.


mrburns View Post
I think there is not any reason to extend this discussion further unless someone has got other real experience. In that case please share.

IBKR_Entity


You're welcome.

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  #20 (permalink)
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Mich62 View Post
This is not true. You only showed a screenshot of money received by IB UK. "TW USD US account" is nonsense. TW=Trader Workstation is just the charting package. Account maintenance is done via Web Portal.



IBKR_Entity


You're welcome.

So what? What does that should prove?

1. TW means TransferWise, I'm not sure what charting package you are talking about
2. My USD bank accound is legaly held in US Bank - meaning the bank in The United State of America
3. My brokerage account is legaly held by IBKR UK entity, as per what you've highlighted on your screenshot
4. Money transfers are being wired to common IB funding accounts depending which currency one needs to wire and from which bank account jurisdiction. Hence when I needed to use my US savings account I've been using ACH transfers, it's being then wired between mine US account and IBKR's US account.
If I was wiring EUR I've been using SEPA, if I was wiring CZK I've been using direct bank transfer available between my local bank I have account with and IBKR account held by other local bank in my home country.

What exactly is not true or is not clear?

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