Interactive Brokers Troubleshooting
- Thread starter rub92me
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I'd love to know which banks charge and which banks don't charge for receiving transfers from IB.
Last night, about 8pm or latter; I transfered $6k from my IB account to my normal everyday (zero) account with BankWest.
To my pleasant surprise; the money was in my bankwest account this afternoon!
However... Bankwest has slogged me with an INWARD PAYMENT ORDER FEE of $10!
That's $10!
Now there is no way it costs BankWest $10 to receive my money!
I was also under the impression that since I am in Aus; IB would transfer my money from an Australian Account, rather than an International account. That is, just like when you do your first deposit to a CitiBank account of IBs, I assumed they would give me my money back via the same or similar account.
So questions;
Does anyone else receive a fee from there bank when they receive a payment from IB? If not, what bank are you with? Or what are you doing different to not receive this fee?
IB says they will give you one free transfer each month. So what would they be charging you for then if you make additional withdrawals?
$10 fee to receive a payment, pfft get farrrrrrrkkked!
EDIT:
Just spoke to BankWest. The lady was a bit of a cow; but she was nice enough to give me a once of refund for this fee.
She explained that there is two types of transfer that would cause this fee.
1 - RTGS - Real Time Gross Settlement - From her description this is an almost immediate transfer of funds. She says that the bank sending this would be charged about $20, and then it costs BankWest $10 to administer this transfer.
2 - Telegraphic Transfer - International transfer. This is I suspect what IB has done. But F me, gee it was quick!
So what can I do to eliminate this fee? Anyone receive transfers from IB fee free? Any banks I should consider? Any other method of receiving a transfer from IB? I don't care if it takes a day or two.
Last night, about 8pm or latter; I transfered $6k from my IB account to my normal everyday (zero) account with BankWest.
To my pleasant surprise; the money was in my bankwest account this afternoon!
However... Bankwest has slogged me with an INWARD PAYMENT ORDER FEE of $10!
That's $10!
Now there is no way it costs BankWest $10 to receive my money!
I was also under the impression that since I am in Aus; IB would transfer my money from an Australian Account, rather than an International account. That is, just like when you do your first deposit to a CitiBank account of IBs, I assumed they would give me my money back via the same or similar account.
So questions;
Does anyone else receive a fee from there bank when they receive a payment from IB? If not, what bank are you with? Or what are you doing different to not receive this fee?
IB says they will give you one free transfer each month. So what would they be charging you for then if you make additional withdrawals?
$10 fee to receive a payment, pfft get farrrrrrrkkked!
EDIT:
Just spoke to BankWest. The lady was a bit of a cow; but she was nice enough to give me a once of refund for this fee.
She explained that there is two types of transfer that would cause this fee.
1 - RTGS - Real Time Gross Settlement - From her description this is an almost immediate transfer of funds. She says that the bank sending this would be charged about $20, and then it costs BankWest $10 to administer this transfer.
2 - Telegraphic Transfer - International transfer. This is I suspect what IB has done. But F me, gee it was quick!
So what can I do to eliminate this fee? Anyone receive transfers from IB fee free? Any banks I should consider? Any other method of receiving a transfer from IB? I don't care if it takes a day or two.
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I transfer from IB to ANZ without any fees.
More than 1 withdrawal a month costs $15
(from here:
http://individuals.interactivebrokers.com/en/p.php?f=otherFees
click on the "withdrawal" tab)
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ANZ saving account?
Is this standard that you don't get the fee? or is it because of some other relationship you have with the bank? (loans etc?)
Is it a wire transfer you do from IB? that is, the type where you need to enter your banks SWIFT code etc.
IS there any other banks that don't charge this fee?
or is there any other payment/transfer methods from IB i can use fee free?
Is this standard that you don't get the fee? or is it because of some other relationship you have with the bank? (loans etc?)
Is it a wire transfer you do from IB? that is, the type where you need to enter your banks SWIFT code etc.
IS there any other banks that don't charge this fee?
or is there any other payment/transfer methods from IB i can use fee free?
skc
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I transfer money to Westpac which is free, but that account has a monthly fee of $3 in order to get free unlimited electronic transfers. I also transferred money to Adelaide / Bendigo bank which cost $2.
Actually I didn't know IB charges withdrawal fees for 2nd withdrawal in a month...
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My BankWest account is free and unlimited electronic transactions. The thing is, they are claiming this is a wire transfer or the other one I mentioned.
So either Westpac does these transactions free for you; or your transfers from IB are coming in as a normal electronic transfer from an Australian bank account
you dont have a say how IB transfer the monies and I suppose the way they transfer to their Australian clients would be in the same way for everybody here.
so its up to your bank if they charge a fee for the incoming transfers.
I`m with Westpac and all transfers are not free and Westpac might charge me 25 cents if that so I think its just a local transfer and not from abroad.
reckon its the RTGS and my bank surely doesn`t charge me $10 for that.
am afraid you`ll have to ring that nice cow everytime for a reversal or change banks.
so its up to your bank if they charge a fee for the incoming transfers.
I`m with Westpac and all transfers are not free and Westpac might charge me 25 cents if that so I think its just a local transfer and not from abroad.
reckon its the RTGS and my bank surely doesn`t charge me $10 for that.
am afraid you`ll have to ring that nice cow everytime for a reversal or change banks.
am in discussions with IB about the value of open pending orders in the stock market somebody can have.
IB will monitor the situation in real time and when you get closer to be fully invested, open pending orders will automaticly be deleted.
I only trade stocks so
the formula is Securities Gross Position Value (GPV) <= 30x Net Liquidation Value (NLV)
now if I have invested in stocks worth 48k and 2k in cash my liquidation value will be 50k.
GPV <= 30x NLV (50k)
48 <= 1,500,000
does that mean I can have 1,452,000 in pending orders with only 2k of cash left...........doesn`t sound right.
better would be (NLV - GPV) x 30 = $ 60,000
IB`s formula: GPV <= 30 x NLV
am I missing something here?
IB will monitor the situation in real time and when you get closer to be fully invested, open pending orders will automaticly be deleted.
I only trade stocks so
the formula is Securities Gross Position Value (GPV) <= 30x Net Liquidation Value (NLV)
now if I have invested in stocks worth 48k and 2k in cash my liquidation value will be 50k.
GPV <= 30x NLV (50k)
48 <= 1,500,000
does that mean I can have 1,452,000 in pending orders with only 2k of cash left...........doesn`t sound right.
better would be (NLV - GPV) x 30 = $ 60,000
IB`s formula: GPV <= 30 x NLV
am I missing something here?
The majority of international wire transfer fees will cost you money.
$10 is quite cheap. For CBA it costs like $30+.
Majority of major international brokers will be using some kind of international bank, or trustee (JPM or Fortis) so there it will in most cases be considered an international transfer. Not a domestic transfer (say from NAB to CBA).
$10 is quite cheap. For CBA it costs like $30+.
Majority of major international brokers will be using some kind of international bank, or trustee (JPM or Fortis) so there it will in most cases be considered an international transfer. Not a domestic transfer (say from NAB to CBA).
IB`s website is full of terms, but gives no examples.
In margin requirements/click on Calculations I read:
Time of Trade Position Leverage Check (check leverage cap for establishing new positions)
formula for stocks Securities Gross Position Value (GPV) <= 30x Net Liquidation Value (NLV)
Real-Time Gross Position Leverage Check (check on overall positions leverage)
formula for stocks GPV <= 50x NLV
what the heck is all this????
In margin requirements/click on Calculations I read:
Time of Trade Position Leverage Check (check leverage cap for establishing new positions)
formula for stocks Securities Gross Position Value (GPV) <= 30x Net Liquidation Value (NLV)
Real-Time Gross Position Leverage Check (check on overall positions leverage)
formula for stocks GPV <= 50x NLV
what the heck is all this????
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It seems that $10 is the norm but when your a/c is at the same branch of the same bank it annoys
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I'm still none the wiser as to how I can withdraw mney from IB and not be slugged with a fee when the money enters my Bank account.
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RazzaDazzla,
I'm not sure what you're doing but I don't get charged doing inbound/outbound wires, either end.
One free outbound wire is allowed per month, unlimited inbounds.
EDIT>>Sorry i've just realized you're having issues with Bankwest. Negotiate with Bankwest to have the fee permantly removed or change banks if the fee is a concern.
IB just cancelled all my open pending orders due to "value too small for opening position" whatever that means.....
its not the first time all my open orders have been cancelled for no good reason and I`m losing out on potential profit by having to go back to the bottom of the queue
it must be a technical error, `cos I had those orders in for weeks, but that`s what happens if you`re relying too much on automatics.
Am seriously thinking about a parting of our ways from here, `cos there are other issues as well
ie after a sell order is partially filled, the next morning that order goes to the bottom of the queue.
its not the first time all my open orders have been cancelled for no good reason and I`m losing out on potential profit by having to go back to the bottom of the queue
it must be a technical error, `cos I had those orders in for weeks, but that`s what happens if you`re relying too much on automatics.
Am seriously thinking about a parting of our ways from here, `cos there are other issues as well
ie after a sell order is partially filled, the next morning that order goes to the bottom of the queue.
yes, there must be a technical problem, but I dont know what it is and quite frankly I`m not interested.
maybe they want to be like other brokers here and have a minimum position of $500 but mucked up the coding.
I contacted Steve in HK before about my partly filled sell orders being delegated to the bottom of the queue the next morning, but he brushed me off.
In that way my sell order of 1 million shares in AEX went to the bottom of queue each time I sold part of it.
That happened 4 times before those 1 mil were sold and IB charged me 4 x $6. And then I`m not even talking about possibly missing out on a profit.
trading Australian shares seem to be too difficult for IB sometimes, `cos its so different here from other parts of the globe.
I`ve been with them for about 6 years and if you trade other stuff than Ozzie shares, then I think there`s hardly any better out there. So its sad to leave, but I cant run a business like this.
I`m taking my money out today as well as my niece`s money .
maybe they want to be like other brokers here and have a minimum position of $500 but mucked up the coding.
I contacted Steve in HK before about my partly filled sell orders being delegated to the bottom of the queue the next morning, but he brushed me off.
In that way my sell order of 1 million shares in AEX went to the bottom of queue each time I sold part of it.
That happened 4 times before those 1 mil were sold and IB charged me 4 x $6. And then I`m not even talking about possibly missing out on a profit.
trading Australian shares seem to be too difficult for IB sometimes, `cos its so different here from other parts of the globe.
I`ve been with them for about 6 years and if you trade other stuff than Ozzie shares, then I think there`s hardly any better out there. So its sad to leave, but I cant run a business like this.
I`m taking my money out today as well as my niece`s money .
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I just realised today that my IB account cash was in deficit by about $2,500.00.
How did I manage to do this without realising? Well, before the Christmas quiet period, I logged into the IB account Management and it said "Hey, you have ~$6,000 dollars available to transfer out"
So, without logging into TWS to check my account balances; I transfered this amount out to another bank account to earn some interest over Christmas.
Logged into TWS today and noticed that my account Cash is ~ -$2,500.00.
I did a quick tally and this is ABOUT right.
Anyway, the thing that annoyed me is, it should be more clear as to how much you can withdraw from your account WITHOUT going into deficit. E.g. like the Aussie banks do, they have a Balance and an Available Balance. Then you know how much you can take out without going below zero!
Very annoying, but a lesson learnt none the less.
Also, I'd like to view a statement of my cash account. Something in the format of a bank statement. So it would look something like this;
20/12/2009 "Long 500 BHP @ $10" $5000.00 DR
20/12/2009 "Commisions" $6.00 DR
21/12/2009 "Short 500 BHP @ $11" $5500.00 CR
21/12/2009 "Commisions" $6.00 DR
22/12/2009 "Interest Charges" $22.00 DR
23/12/2009 "Data feed charges" $30.00 DR
24/12/2009 "Dividend from AAD" $60.00 CR
Where can I find a statement of my cash account like this?
In Activity Statements I found "Cash Report" but it only reports on;
Starting cash, commisions, deposits, withdrawals, sell trades, purchase trades , ending cash.
It doesn't include data fees, dividends in, interest etc.
where can I find an ALL IN ONE cash report?
How did I manage to do this without realising? Well, before the Christmas quiet period, I logged into the IB account Management and it said "Hey, you have ~$6,000 dollars available to transfer out"
So, without logging into TWS to check my account balances; I transfered this amount out to another bank account to earn some interest over Christmas.
Logged into TWS today and noticed that my account Cash is ~ -$2,500.00.
I did a quick tally and this is ABOUT right.
Anyway, the thing that annoyed me is, it should be more clear as to how much you can withdraw from your account WITHOUT going into deficit. E.g. like the Aussie banks do, they have a Balance and an Available Balance. Then you know how much you can take out without going below zero!
Very annoying, but a lesson learnt none the less.
Also, I'd like to view a statement of my cash account. Something in the format of a bank statement. So it would look something like this;
20/12/2009 "Long 500 BHP @ $10" $5000.00 DR
20/12/2009 "Commisions" $6.00 DR
21/12/2009 "Short 500 BHP @ $11" $5500.00 CR
21/12/2009 "Commisions" $6.00 DR
22/12/2009 "Interest Charges" $22.00 DR
23/12/2009 "Data feed charges" $30.00 DR
24/12/2009 "Dividend from AAD" $60.00 CR
Where can I find a statement of my cash account like this?
In Activity Statements I found "Cash Report" but it only reports on;
Starting cash, commisions, deposits, withdrawals, sell trades, purchase trades , ending cash.
It doesn't include data fees, dividends in, interest etc.
where can I find an ALL IN ONE cash report?
