A simple question about IB

[alex21]

Hi,
I have a very simple question regarding Interactive Brokers. The point is that IB (seems to be) has no office in Australia. I am in Sydney and I am going to use IB for trading at SFE and/or ASX.

How long does it take to transfer money from bank account here in Australia to the brokerage account in IB for trading only in Australia ? Time might be an issue for margin trading.

Can I use B-Pay to make transfers ? What is the simplest way to transfer funds ?

Thank you.

 

[disarray]

the IB account you transfer to is a citibank branch and account in sydney. i had access to the funds next day, but you need to wire it to them and your bank will slug you at least $30 for it. when you go through the deposit process just follow the instructions and make sure you reference your account number in the comments and there will be no probs.

 

[hooikk]

the IB account you transfer to is a citibank branch and account in sydney. i had access to the funds next day, but you need to wire it to them and your bank will slug you at least $30 for it. when you go through the deposit process just follow the instructions and make sure you reference your account number in the comments and there will be no probs.

does that mean I'll get stung with fees each time I want to deposit/withdraw money from my account? I'm trading with IG-Markets at the moment and I don't need to pay any fees. Plus, I actually fund my account practically instantly with my credit card.

Withdrawals just take about a day or so to clear as well.

I've been thinking of opening a IB account, but still doing research. Alot of mixed reviews out there.

 

[integrity]

IB list a number of different transfer options. I forget which one I use, but I am able to transfer to IB via internet banking, and vice-versa. Standard net bank charges (if any) apply. Transfers only take a day or two, but are not instantaneous. The only onerous costs are if I do more than one withdrawal a month (IB charge), not a problem as long as you plan ahead.

PS. Very very happy with IB, $6/trade beats ETrade's $30 hands down.

 

[alex21]

the IB account you transfer to is a citibank branch and account in sydney. i had access to the funds next day, but you need to wire it to them and your bank will slug you at least $30 for it. when you go through the deposit process just follow the instructions and make sure you reference your account number in the comments and there will be no probs.

Thank you very much for the quick reply. But still a bit unclear: IB has account in citibank here in Sydney; why I cannot use a "more standard" and less expensive method than wire, B-Pay for instance or internet transfer. (Sure, you are not the person to be responsible for that, but maybe you know the reason). Do I need to use wire for withdrawing funds from IB brokerage account (when time usually is not critical) ? Thank you.

 

[tech/a]

Thank you very much for the quick reply. But still a bit unclear: IB has account in citibank here in Sydney; why I cannot use a "more standard" and less expensive method than wire, B-Pay for instance or internet transfer. (Sure, you are not the person to be responsible for that, but maybe you know the reason). Do I need to use wire for withdrawing funds from IB brokerage account (when time usually is not critical) ? Thank you.

There are 2 wire methods.
The slow way ($6)
Or the Fast way ($28 from memory).
Just fill out the deposit/withdrawl notification and take it to your bank.
When I first started with IB I went to my bank (Commonwealth) and they set it up from the printout from IB.
They gave me a card with all details on it and now its a snap.
Walk in and done.

 

[jersey10]

After completing the deposit notification on the IB account management page (select wire transfer [the first option]), i simply use the pay anyone function from my ANZ account. No fees for me to do this from ANZ or IB. Takes about 3 minutes to do it and i have the money in my IB account usually within 2 days.

 

[Trembling Hand]

Guys I don't know what you are talking about with $6 - $30 fees to transfer money to IB. Must be over the counter transfer?

If you have internet banking its whatever your bank charges for a transfer, which for mine its $0 to $0.50

And mostly shows up next day. Only problem people will run into is the limit they have on daily internet transfers, most are $1000 or $10,000.

 

[Movendi]

Sorry to raise an old thread but it seems now in 2013 they don't offer the option for local bank wire?

My only option is an international wire to:
Citibank, N.A. (New York Branch)
Wall St, New York, NY, United States

and then has swift information

So each time i'll have to make a deposit it will be an international wire that costs ~$30??
And withdrawing will take up to a week if they wire back internationally...

 

[skc]

Sorry to raise an old thread but it seems now in 2013 they don't offer the option for local bank wire?

My only option is an international wire to:
Citibank, N.A. (New York Branch)
Wall St, New York, NY, United States

and then has swift information

So each time i'll have to make a deposit it will be an international wire that costs ~$30??
And withdrawing will take up to a week if they wire back internationally...

My IB is still telling me to send money to the Citibank in Sydney.

 

[Pager]

I’ve always used the Citibank Sydney details for Deposits/withdrawals, nothing done recently but as far as im aware nothing has changed.

Call the IB Sydney number (02)8093 7300, it will go through to Hong Kong but always find them very helpful and knowledgeable about all things from TWS issues to account enquires.

 

[blue0810]

I transferred last week to IB.

Bank of America (Sydney branch)

BSB 232-001

 

[CanOz]

I transferred last week to IB.

Bank of America (Sydney branch)

BSB 232-001

Me too, been B of A for a while now....


CanOz

 

[cbc]

Me too, been B of A for a while now....


CanOz

Yea same ere, Bank of America, showed up fair quick 2.

I need to transfer some mon so will let u know how long nk op?

 

[bellenuit]

Before you execute the transfer, you must log in to IB and fill in details of how much you are going to deposit and the details of the institution it will be coming from. I think the menu sequence is Account Management / Funding / Funds Transfer / then select Transaction Type = Deposit. Then chose Currency = AUD, Method = Wire and then enter the amount. You then select either to enter new bank information for this transfer request or use an existing one.

Once you give the go ahead, it will come back yo you with this info to provide the sending institution. :

Bank of America, N.A. (Sydney Branch)
Level 64, MLC Centre, 19 Martin Place, SYDNEY, NSW, 2000, AUSTRALIA
Bank BSB Code: 232-001
Bank SWIFT BIC Code: BOFAAUSX
Bank Account Name: Interactive Brokers LLC.
Bank Account Number: 15344028
For further benefit to: Uxxxxxx / Your Name

Since you will not be doing a real wire request, I have just done a normal bank transfer using BSB, Account Number, Account Name & Description. The rest I ignore.

BSB and Account number as above.
For Bank Account Name I have put Interactive Brokers Uxxxxxxx, the Uxxxxxxx being your account number with IB. In the Description I have put Uxxxxxxx / My Name.

That has worked for me from CBA and from NAB. Took 1 day and there was no charge.

 

[So_Cynical]

Before you execute the transfer, you must log in to IB and fill in details of how much you are going to deposit and the details of the institution it will be coming from. I think the menu sequence is Account Management / Funding / Funds Transfer / then select Transaction Type = Deposit. Then chose Currency = AUD, Method = Wire and then enter the amount. You then select either to enter new bank information for this transfer request or use an existing one.

Once you give the go ahead, it will come back yo you with this info to provide the sending institution. :

Bank of America, N.A. (Sydney Branch)
Level 64, MLC Centre, 19 Martin Place, SYDNEY, NSW, 2000, AUSTRALIA
Bank BSB Code: 232-001
Bank SWIFT BIC Code: BOFAAUSX
Bank Account Name: Interactive Brokers LLC.
Bank Account Number: 15344028
For further benefit to: Uxxxxxx / Your Name

Since you will not be doing a real wire request, I have just done a normal bank transfer using BSB, Account Number, Account Name & Description. The rest I ignore.

BSB and Account number as above.
For Bank Account Name I have put Interactive Brokers Uxxxxxxx, the Uxxxxxxx being your account number with IB. In the Description I have put Uxxxxxxx / My Name.

That has worked for me from CBA and from NAB. Took 1 day and there was no charge.

Thanks for that, very helpful.