Interactive Brokers - Deposit Funds

InTheWild said:
hi there, just a quick q regarding IB..

I'm now considering using them as they dropped the minimum $10 per month admin fee (if account < $100k). I am also considering leaving a portion of deposited money in cash - so not allocated to long term investments. Sort of a emergency fund of sorts which I don't expect to use, but need non the less. I've kept in ZAR until now.

On that point, does anyone know how long it takes to withdraw from an IB account - is it quick and eays? As in +-3 days, or a bit of a hassle? So I'm thinking of having CC as 1month emergency fund, then 5months sitting in cash in IB (next to long term investments ETFs). And yes - I am well aware of the $/ZAR conversion risks.

Many thanks. :)
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Yes it is quick and easy, I usually receive my funds within a day.

I think you can only withdraw to accounts which is in your name.
 
Cage Rattler said:
Can use Wise to transact with IB via ACH. Also, if you have any other broker accounts and struggling to get ACH connectivity due to bank accounts, use IB and Wise for the initial transfer and then broker to broker transfer thereafter.
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noted, thanks!
 
Cage Rattler said:
Can also use ACH transfers via Transferwise account. Btw, Tradestation more problematic as they don't link with Transferwise.
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Cage Rattler said:
Can use Wise to transact with IB via ACH. Also, if you have any other broker accounts and struggling to get ACH connectivity due to bank accounts, use IB and Wise for the initial transfer and then broker to broker transfer thereafter.
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hey Cage does Interactive Brokers transact with Wise via ACH if you are based in SA?? i read on the Wise website that you can't send money internationally out of SA with Wise but can only receive it

Also if a ACH is possible, what is the minimum that IB can pull out of my Wise account?
 
Lemmy Sibeko said:
hey Cage does Interactive Brokers transact with Wise via ACH if you are based in SA?? i read on the Wise website that you can't send money internationally out of SA with Wise but can only receive it

Also if a ACH is possible, what is the minimum that IB can pull out of my Wise account?
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I can deposit or withdraw from Wise to IB with ACH perfectly - done it multiple times and I'm seen as a South African by IB. It's another story how how you interact with your Wise account from SA in terms of local forex control, etc. Minimum is a couple of dollars if I recall - effectively $0.
 
Cage Rattler said:
Can use Wise to transact with IB via ACH. Also, if you have any other broker accounts and struggling to get ACH connectivity due to bank accounts, use IB and Wise for the initial transfer and then broker to broker transfer thereafter.
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Cage Rattler said:
I can deposit or withdraw from Wise to IB with ACH perfectly - done it multiple times and I'm seen as a South African by IB. It's another story how how you interact with your Wise account from SA in terms of local forex control, etc. Minimum is a couple of dollars if I recall - effectively $0.
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i'm failing to comprehend what you mean by this statement "It's another story how you interact with your Wise account from SA in terms of local forex control", can you please elaborate in a layman's terms
 
Lemmy Sibeko said:
i'm failing to comprehend what you mean by this statement "It's another story how you interact with your Wise account from SA in terms of local forex control", can you please elaborate in a layman's terms
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As you said previously, in terms of transferring funds to Wise from SA, etc. with forex limits, etc., also having card access to the Wise account, etc
 
Cage Rattler said:
I can deposit or withdraw from Wise to IB with ACH perfectly - done it multiple times and I'm seen as a South African by IB. It's another story how how you interact with your Wise account from SA in terms of local forex control, etc. Minimum is a couple of dollars if I recall - effectively $0.
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This thread has been amazing to get a better understanding of investing in US stock markets.

Where i am in the process:

I have registered a Shyft account
I have registered IB account - need to transfer funds into
I have a registerd Wise account

I have roughly 1000 USD initial investment I would like to make, with subsequent investments quarterly.
  1. Deposit money into my ZAR Shyft account (no cost)
  2. Top up USD Shyft account ( Pay standard bank Spread Fee)
  3. Do a wire transfer to IB ( Pay fixed Standard Bank fee of USD 14
Cage reading your message how do you get your ZAR into your Wise account? Do you:

  1. Deposit money into your ZAR Shyft account (no cost)
  2. Top up USD Shyft account ( Pay standard bank Spread Fee)
  3. Do Debit Card transfer from Shyft to Wise ( USD11.40 currently checked on my investment amount (USD1k)
  4. Do an ACH with IB? ( not sure what cost is)
Would appreciate if you can explain your process for:
  1. the Deposit into IB (starting from local currency and the fees on each step, what you should select on IB platform.
  2. the withdrawals starting from IB platform to your Wise account and then eventually to your local ZAR bank account. ( i am pretty sold on using wise to get funds back into South Africa just a bit uncertain on the steps from IB to Wise)
Thank you everyone for sharing your knowledge so freely. It has definitely saved me time, and I will pay it forward to the next person.
 
I'm using non-ZAR currencies at present for my Wise transactions.
IB: Choose Make a deposit and then choose Connect your Bank via ACH. You will enter bank account details - which you can also see on the Wise system - and a test in/out transaction will occur to link the accounts, most likely 3 to 4 days. All ACH transactions are free.

Wise bank account details for USD ACH as follows:
Bank Name: Evolve Bank and Trust
ABA Routing Number: 084009519
Bank Account Number: 9600000000547705
Bank Account Type: Checking
 
Anyone having the issue on IBKR where Evolve Bank and Trust isn't showing up when verifying account details for Connect your Bank via ACH Deposit?
 
I'm running into an issue adding Interactive Brokers as a beneficiary on Shyft. IB has given me a virtual account number which contains a letter, but the Shyft app only accepts numeric values in the account number field. How can I work around this?
LostGoat said:
Hi, so I finally created an account on IB and Shyft, I am probably being over cautious but I just wanted to confirm that I am filling in the payments fields correctly.

I first created the Bank Wire instructions on IB. I left out the optional field of account number as I could not find my Shyft account number.

I am now trying to create the beneficiary on Shfyt. I selected International transfer -> To Company
I just wanted to confirm the fields. The wire instructions give two addresses one for IB and one for the the bank JPMorgan. Did you enter the IB address into Shyft? I am guessing company is JPMorgan with their address and then interactive brokers for bank account holder?

For reference do you only enter your IB account number? Or include the full line "Payment Reference/For Further Credit to" which they show as "account number / Name Surname".

Are there any other steps I should be aware of or is it just creating the wire instructions on IB and then the beneficiary on Shyft?
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vintagevanity39 said:
I'm running into an issue adding Interactive Brokers as a beneficiary on Shyft. IB has given me a virtual account number which contains a letter, but the Shyft app only accepts numeric values in the account number field. How can I work around this?
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Use the number before the U as the account number, and specify payment reference/for further benefit to field as the IB account number starting with U.
 
Struggling to move my positions from TD Ameritrade to IB. Has anyone done this successfully or do I need to close my positions first?
 
Zukat ... this page has the process ..very similar to other US brokers too .. the target broker of the transfer can organise everything .. normally a form you need to fill in and probably the latest account statement too. Link: https://ibkr.info/article/65
 
Zukat said:
Struggling to move my positions from TD Ameritrade to IB. Has anyone done this successfully or do I need to close my positions first?
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Yes, I've done it. But it took some to and fro with both brokers. One issue is that transfers via ACATS, the automated transfers system, will fail if customer details on both sides are not exactly the same. And there is no standard for foreign accounts. So, e.g., TD Ameritrade set social security number to 11-111-1111 for foreign accounts. If the other broker doesn't use the same convention, the transfer will fail, or at least require manual intervention.
 
smc said:
Yes, I've done it. But it took some to and fro with both brokers. One issue is that transfers via ACATS, the automated transfers system, will fail if customer details on both sides are not exactly the same. And there is no standard for foreign accounts. So, e.g., TD Ameritrade set social security number to 11-111-1111 for foreign accounts. If the other broker doesn't use the same convention, the transfer will fail, or at least require manual intervention.
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So how did you resolve this issue? Would appreciate a DM.
 
Zukat said:
So how did you resolve this issue? Would appreciate a DM.
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Did you come right? I’m trying to transfer from my TD Ameritrade to IB. Can you transfer both stock positions and cash balance? Thanks.
 
I transferred my entire portfolio from TD to IB about a month or 2 ago. The process was rather painless but there are a few important points to make. First setup your IB account, you dont need to add any funds. Select the transfer option, then ACATS. Provide TD account details and wait. Wait is the important part, first TD will lock your account. You wont be able to access your account at all once they start the process the next day or so. After a few days the shares and any cash will reflect in your IB account (mine took 48 hours). Take note they dont accept fractional shares. If you have any they will sell your fractions and then move the cash across, this however takes a few days after your shares have been moved. This whole process takes several days and then right at the end +- 15 days they will update your cost prices, etc. You do not need to do anything. Just have patience.

On the TD side if you need to get statments or financial year end reports you can just phone them and they will open your account again for 14 days to get these documents - they will however only do this once the whole transfer has been complete and your TD account reflects ZERO.

Get free IB shares when signing up with my referal
 
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