Interactive Brokers - Deposit Funds

r4nd0m said:
Did you manage to get access to your last statement? Once they transfer they lock you out.

Tried emailing them, but apparently I have to phone. :\
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No issues on my side, perhaps because I left 1 small caps position there, just so I can use the thinkorswim platform which I feel is the best out there.
 
Hey guys. I am trying to open an IBRK account for my wife, but seeing that they recently changed a couple of things I am a bit confused as to how to fund the account via Shyft.

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These are the options given. I always used the Bank Wire option, but as shown in this thread and on the following screenshot, IBKR recently sent an email stating that Bank Wire Transfers will no longer be accepted via the ACH method, which Shyft uses to transfer funds from SA to the US.

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So that leaves me with the "Connect your bank via ACH" option. But instead of showing "Get instructions" and then showing the banking details as it did previously, all option I now have is to click on "Connect" which forces me to verify one of these bank accounts in the US??

13.png

I am really confused as to how to proceed. I obviously do not have a bank account with any of these US banks listed under the direct ACH option, and I am scared that they will send back my funds if I select the Bank Wire option, as mentioned in their email, thereby wasting the $14 transfer fee.

Does anyone have an idea of what the best way is to move forward? This sht is really confusing to me. :(

Thanks in advance!
 

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Pietskopgat said:
Hey guys. I am trying to open an IBRK account for my wife, but seeing that they recently changed a couple of things I am a bit confused as to how to fund the account via Shyft.

These are the options given. I always used the Bank Wire option, but as shown in this thread and on the following screenshot, IBKR recently sent an email stating that Bank Wire Transfers will no longer be accepted via the ACH method, which Shyft uses to transfer funds from SA to the US.

So that leaves me with the "Connect your bank via ACH" option. But instead of showing "Get instructions" and then showing the banking details as it did previously, all option I now have is to click on "Connect" which forces me to verify one of these bank accounts in the US??

I am really confused as to how to proceed. I obviously do not have a bank account with any of these US banks listed under the direct ACH option, and I am scared that they will send back my funds if I select the Bank Wire option, as mentioned in their email, thereby wasting the $14 transfer fee.

Does anyone have an idea of what the best way is to move forward? This sht is really confusing to me. :(

Thanks in advance!
Click to expand...

Essentially, what IB want is a SWIFT (or Fedwire) transfer from a bank, or a e-link to a bank they know. All of the various ACH providers that don't do good "know your customer" stuff are scaring them from a compliance perspective. So really, you need to find out how to get Shyft to do SWIFT transfers, or find another way.
 
smc said:
Essentially, what IB want is a SWIFT (or Fedwire) transfer from a bank, or a e-link to a bank they know. All of the various ACH providers that don't do good "know your customer" stuff are scaring them from a compliance perspective. So really, you need to find out how to get Shyft to do SWIFT transfers, or find another way.
Click to expand...
Pietskopgat said:
Hey guys. I am trying to open an IBRK account for my wife, but seeing that they recently changed a couple of things I am a bit confused as to how to fund the account via Shyft.

View attachment 1215162

These are the options given. I always used the Bank Wire option, but as shown in this thread and on the following screenshot, IBKR recently sent an email stating that Bank Wire Transfers will no longer be accepted via the ACH method, which Shyft uses to transfer funds from SA to the US.

View attachment 1215164


So that leaves me with the "Connect your bank via ACH" option. But instead of showing "Get instructions" and then showing the banking details as it did previously, all option I now have is to click on "Connect" which forces me to verify one of these bank accounts in the US??

View attachment 1215166

I am really confused as to how to proceed. I obviously do not have a bank account with any of these US banks listed under the direct ACH option, and I am scared that they will send back my funds if I select the Bank Wire option, as mentioned in their email, thereby wasting the $14 transfer fee.

Does anyone have an idea of what the best way is to move forward? This sht is really confusing to me. :(

Thanks in advance!
Click to expand...
Check my post on 14 November. Shyft uses the ACH system to transfer the money. So you just need to use the details that IBKR give for ACH transfers. And remove the U in the Payment reference.

In IBKR, go to Deposit, you will see this option:
1640163994896.png
Click yes when it asks you whether the money will come from a US account, choose Yes. I had a detailed discussion with Shyft and they explained the mechanics of their system so this is not an issue. Next screen is what you will use to create the beneficiary on Shyft. The Routing number and your account number (Note the comment about leaving the "U" out) are the two most important items.
1640164015147.png

A few members (incl myself) have tested it and it works.
 
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So im considering trying to send ZAR to IB as the conversion rate looks better on IB than on Shyft. However looks like there is a bit of a process to send ZAR to IB, anyone gone this route?



I dunno but I think Shyft conversion fee's arent that great, On Google/IB the conversion rate for Euro/ZAR will be between R17.10c-R17.17c, but then on Shyft the conversion rate is R17.30c.. What gives?
 
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I don't think you can

From this link: https://www.interactivebrokers.com/en/index.php?f=1544
Due to exchange control rules put into place for South African residents by the South African Reserve Bank (SARB), IBKR is allowed to receive deposits in South African Rands (ZAR) from non-resident accounts and disburse ZAR to non-resident accounts. However, IBKR is not allowed to receive deposits from resident accounts or disburse ZAR to resident accounts
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SergioDomngos said:
So im considering trying to send ZAR to IB as the conversion rate looks better on IB than on Shyft. However looks like there is a bit of a process to send ZAR to IB, anyone gone this route?
...
I dunno but I think Shyft conversion fee's arent that great, On Google/IB the conversion rate for Euro/ZAR will be between R17.10c-R17.17c, but then on Shyft the conversion rate is R17.30c.. What gives?
Click to expand...
If you think Shyft's exchange rates are bad, try FNB. Their transfer fee isn't even fixed at $14 like Shyft.

People say exchange4free.co.za is better (rate wise), but their interface and forms suck imho.

Remember that for transactional purposes a currency has two prices, buy and sell. Obviously the buy price (to purchase currency) will be higher and sell price (to sell your currency) lower. The difference between those two prices is called the spread.

The spread is where brokers and exchanges make their money, hence the differences between Shyft, FNB and other exchange providers.

The price you see on google is an indication of the current interbank rate (open to correction here) and is reference price for your purposes. You're a retail buyer/seller, so you need to go through a provider.
 
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ConfusedGoat said:
I don't think you can

From this link: https://www.interactivebrokers.com/en/index.php?f=1544
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JayM said:
Any transfers of a capital nature must be converted to another currency if it leaves SA. You can use your R1M SDA to send ZAR out of the country, but sending it for uses which are capital in nature (e.g. funding your brokerage account) would be illegal under SARB rules.

FNB, Standard Bank and E4F have confirmed the above. See section B.2 in the official SARB currency dealer document:

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Has Wise zar to usd always been so expensive? No ACH option so that's out.

Credit / Debit card options charge quite a lot usd on top.

Wire transfer, the bank itself charges high amounts.
 
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