Withdrawing from Interactive Brokers

[YellowMountain]

Wondering how people withdraw from Interactive Brokers into their SA bank account. I see you can use Wise, it seems to me the fees are quite high however I don't have another platform to compare, so maybe its not that expensive. I'm interested to know what others use or plan to use when they Withdraw?

I know people use Shyft to deposit into IBKR, perhaps its affordable to be used to withdraw to your local bank account too?

 

[Tosser]

I'm also with IBKR, but have not withdrawn as yet so also interested.
I recall some time ago reading that you had to transfer into a bank account , so no third parties, but could be mistaken.

 

[YellowMountain]

I'm also with IBKR, but have not withdrawn as yet so also interested.
I recall some time ago reading that you had to transfer into a bank account , so no third parties, but could be mistaken.

You can't really deposit straight your USD/EURO from IBKR into your ZAR South African bank. So you need to convert into ZAR on IBKR (not sure what their conversion fees are) first and then withdraw or use another platform like WISE (this method definitely works, its actually integrated/partnered with IBKR) to convert into ZAR, and then send to your SA bank account.

Another option I found is that you could send your USD/EURO from IBKR to Shyft, convert, and then send to SA bank account, which might be the best option at this time.

 

[JayM]

I believe you can send from IBKR directly to a FNB Global account. Might be a cheap option.

 

[ejtango]

I spoke to Shyft this week They evidently have a wallet for Pounds and Dollars There is no interest Could you keep it there until the Rand weakens against the Dollar and then convert to Rands?

 

[Tosser]

I see that Capitec is advertising that you can "receive international payments affordably". Wonder if this is less costly and less hassle than IBKR -> wise --> Capitec (assuming you bank with Capitec)?
Anyone doing this with IBKR to Capitec directly?

Foreign exchange services

Send and receive international payments affordably.

www.capitecbank.co.za

 

[Rumple4skin]

You can't really deposit straight your USD/EURO from IBKR into your ZAR South African bank. So you need to convert into ZAR on IBKR (not sure what their conversion fees are) first and then withdraw or use another platform like WISE (this method definitely works, its actually integrated/partnered with IBKR) to convert into ZAR, and then send to your SA bank account.

Another option I found is that you could send your USD/EURO from IBKR to Shyft, convert, and then send to SA bank account, which might be the best option at this time.

Very late reply, but on the topic of conversion fees: I have found that depositing Hong Kong Dollar into IB and then converting it into USD gives me pretty much the exact spot rate that Google shows. All the knowledgeable expats here use IB to transfer money back home, as that is the cheapest option.

Whether that's the same for USD to ZAR on their platform I have no idea though.

 

[JayM]

Very late reply, but on the topic of conversion fees: I have found that depositing Hong Kong Dollar into IB and then converting it into USD gives me pretty much the exact spot rate that Google shows. All the knowledgeable expats here use IB to transfer money back home, as that is the cheapest option.

Whether that's the same for USD to ZAR on their platform I have no idea though.

Bit late on the reply, but

a) Don't think it will work for ZAR for ZA residents due to exchange control legislation.
b) If you do this frequently and don't use the proceeds of the currency exchange to buy securities, they WILL block your account.

 

[Rumple4skin]

Bit late on the reply, but

a) Don't think it will work for ZAR for ZA residents due to exchange control legislation.
b) If you do this frequently and don't use the proceeds of the currency exchange to buy securities, they WILL block your account.

Yes I've heard about your 2nd point. Gotta buy some securities. Dunno how much.

 

[The Worker]

You can both deposit and withdraw from IB using Wise. But, with Wise you need to open a USD account. The rest is fast and easy enough.