Help needed re Interactivebrokers

This is a discussion on Help needed re Interactivebrokers within the Brokerages forums, part of the Commercial category; Personally I would only send money via the method that IB recommends which is CHAPS. It appears in your account ...

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Old Sep 17, 2003, 10:25pm   #57
 
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Personally I would only send money via the method that IB recommends which is CHAPS. It appears in your account the same day. If you are concerned about a £20 fee how will you feel when an emini S&P position goes 1 point against you 'costing' $50 in half a nano-second!
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Old Sep 19, 2003, 4:07am   #58
 
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sidinuk

Point taken (excuse the pun) . I did in fact phone IB and they said that they only accept payment via CHAPS, therefore I will most probably now use this method of payment, after having changed my mind two or three times over this matter. Have accordingly increased my funding so it should not turn out too expensive in the long run.

Mike
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Old Sep 19, 2003, 10:18am   #59
 
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Micromike,

I see this issue is keeping you awake at night, posting at 4.07am!

Seriously, if you do a CHAPS transfer in the morning it will appear in your account that afternoon. There are a lot of people on here that have sent money to them and not seen it for days or even weeks! Best to do exactly what they want just for the peace of mind of knowing that your money isn't floating around in cyberspace somewhere.

I get your point though, £20 does seem excessive when a BACS transfer is free. Hopefully though, you'll only need to fund your account once!
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Old Sep 19, 2003, 2:07pm   #60
 
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IB accept BACS and CHAPS - the reason I know is because I've used both to fund accounts. BACS is the usual 'three-days to clear and costs nothing' and CHAPS is the 'same day but your bank charges £18-£20'.

BACS takes three days, and IB then takes a day to credit your account, so if you send funds by BACS on Monday it should be credited to your account Thursday afternoon (because it's done by the US which is five hours behind us).
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Old Oct 16, 2003, 4:40pm   #61
 
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I have just opened an account with IB, could someone please help clarify the $ value of each ES contract, also do I work on .1 for each point ( like d4f ) or a full index point.

Thanks
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Old Oct 16, 2003, 4:58pm   #62
 
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Each ES contract is $50 per point, per contract.

It is traded in 0.25 point increments, therefore each represents $12.50.
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Old Dec 11, 2003, 6:47pm   #63
 
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Quick question, especially for Trader333 or Oatman.

When you withdraw money from IB am I correct in saying that all you need is the SWIFT code of your bank (in my case NatWest NWBK-GB-2L), your name, account number and the branch name and address? Do you need the sort code or any other reference as well? It appears that you don't but I wanted to be sure.

Many thanks.
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