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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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  #21 (permalink)
London UK
 
 
Posts: 27 since Mar 2017
Thanks: 0 given, 19 received


mrburns View Post
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?

I regularly use Transferwise to pay/receive several different currencies & conversions between my actual real physical bank accounts around the world. I think its a great service. But..

Re 2. Just to clarify. As Transferwise say: "although your bank details are unique, they don't represent real bank accounts, but simply "addresses" for your electronic money account"
(Your US$ is actually held under the Transferwise account at Wells Fargo & your balance(s) are just a digital representation of what Transferwise "owe you")

This is the same for any of the other currencies you can hold balances in. It can be very hard for non residents/citizens to open real physical bank accounts in certain countries & the Transferwise model of payments & accounts enables a user to use them "like a real bank account" (their words) when it actually isn't(which I think is great as far it goes). This is not just a subtle difference in that although Transferwise is regulated by the UK Financial Conduct Authority, your funds are not protected as deposits under the FSCS as they are in real bank accounts (up to 85,000).

Anyway, back to the original point of Transferwise >Interactive Brokers.

Q: After doing payment as per your screenshot. Do you then have to inform Interactive Brokers to expect money for Your Account? I can see how its possible to pay: the broker > the brokers account but am curious how you put (if you do) your own account details on the original payment...That's all.
EDIT: Disregard the above Q

I'll also be interested to know how things work for withdrawals. Brokers/Banks have to tread a very tight line to ensure funds go to right people in the right place without circumventing their own banking jurisdiction practices.

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  #22 (permalink)
Prague, Czechia
 
 
Posts: 20 since Jul 2020
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You are right, TW accounts are actually "virtual" accounts, I did not want to put useless complexity to this thread. Honestly I'm quite surprised that this one has got 22 answers....


Etisan View Post
I'll also be interested to know how things work for withdrawals. Brokers/Banks have to tread a very tight line to ensure funds go to right people in the right place without circumventing their own banking jurisdiction practices.

If you would have tried to use TW US account with IBKR you would have not been affraid of withdrawals. Guess why?

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  #23 (permalink)
London UK
 
 
Posts: 27 since Mar 2017
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mrburns View Post
If you would have tried to use TW US account with IBKR you would have not been affraid of withdrawals. Guess why?


mrburns View Post
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.

"sigh".. I'd rather not play guessing games but as of yesterday you said you hadn't tried withdrawals which is why I wondered if there would be a problem. Thats all.

No need to reply. I'm done

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  #24 (permalink)
Netherlands
 
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mrburns View Post
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?

Thanks for clarifying. I had it all wrong but understand now. Sorry for the hassle.

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  #25 (permalink)
Prague, Czechia
 
 
Posts: 20 since Jul 2020
Thanks: 16 given, 6 received


Mich62 View Post
Thanks for clarifying. I had it all wrong but understand now. Sorry for the hassle.

No worries, written communication can be sometimes confusing.

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  #26 (permalink)
Prague, Czechia
 
 
Posts: 20 since Jul 2020
Thanks: 16 given, 6 received


Etisan View Post
"sigh".. I'd rather not play guessing games but as of yesterday you said you hadn't tried withdrawals which is why I wondered if there would be a problem. Thats all.

No need to reply. I'm done


mrburns View Post
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.

Try to link TW account with PayPal. If wiring from PayPal works, then all other options will work as well.
In addition to that the very first thing what IBKR did when I wanted to make ACH funding for the first time was they tried to deposit several cents to my TW account. If it would not work they would never allow me to deposit money from my TW account. If the account would not comply with regulations I doubt that my TW account would be credited by test deposit made by IBKR.

I'm thinking about writing an e-book about funding IBKR account since there seems to be lot of rumours and guesses about it.

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