Transfer to Interactive Brokers

[diliff]

Just wanted to clarify what the situation and find out what others have done when transfering into the IB account. On their funds transfer page, they list the details as:

Citibank
BSB: 242-000
SWIFT BIC Code: CITI AU 2X
Acct: 121229005

I'm assuming that as an Australian with an Aus Bank account, I can transfer it with a bank transfer using the BSB number rather than SWIFT code, but my bank (Westpac) limits the transfer on internet banking to $5000 per day and I called them to confirm they could not increase this.

I'm actually living in the UK at the moment so I am unable to do the transfer in the branch. Is this the only way? I have already put the transfer order in on my IB account for $20k, so I'm wondering if it would just confuse them further if I placed four $5k transfers over 4 days?

 

[mayk]

Chat with IB about this issue. Alternatively, acknowledge four separate transfers on IB administration account.

You can ask Westpac to increase your limit. CBA can increase the limit to 20K. I think that should be the case for every bank?

 

[diliff]

Chat with IB about this issue. Alternatively, acknowledge four separate transfers on IB administration account.

You can ask Westpac to increase your limit. CBA can increase the limit to 20K. I think that should be the case for every bank?

Yeah, I might have to ask IB. I called Westpac Internet Banking and they said $5k was definitely the limit. Bit useless, isn't it.

 

[rub92me]

Just wanted to clarify what the situation and find out what others have done when transfering into the IB account. On their funds transfer page, they list the details as:

Citibank
BSB: 242-000
SWIFT BIC Code: CITI AU 2X
Acct: 121229005

I'm assuming that as an Australian with an Aus Bank account, I can transfer it with a bank transfer using the BSB number rather than SWIFT code, but my bank (Westpac) limits the transfer on internet banking to $5000 per day and I called them to confirm they could not increase this.

I'm actually living in the UK at the moment so I am unable to do the transfer in the branch. Is this the only way? I have already put the transfer order in on my IB account for $20k, so I'm wondering if it would just confuse them further if I placed four $5k transfers over 4 days?

Hi diliff, the safest would be to delete the notification with IB for the 20K and replace it with 4 for 5K. There's nothing IB can do about this.

 

[integrity]

IIRC their system will simply wait until 20k has been transferred. I had the same issue with $1000/day limit. Just post the transfers and once 20k has entered the IB account it will become active.

 

[IFocus]

IIRC their system will simply wait until 20k has been transferred. I had the same issue with $1000/day limit. Just post the transfers and once 20k has entered the IB account it will become active.

Yep this is how it works did the same thing