Interactive Brokers - Funding

[Davros]

Hi,

I've managed to open an IB account but am having trouble funding it! Help via email is difficult and I am unable to find help on the web site. So what information do I need to "wire" an initial deposit to an IB account?

Thanks,
D.

 

[stevet]

why not just phone them?

 

[Skimbleshanks]

Have you received the official email confirming your account is open? If so, the funding details are contained as a link within that email.

 

[Mr. Charts]

"So what information do I need to "wire" an initial deposit to an IB account?"

That is all laid out on their website if I remember correctly. They tell you on screen what exactly to do incl the info necessary on the wire transfer. Log in and account management I think it's called.

 

[Mr. Charts]

I've just gone straight to it within seconds!
http://www.interactivebrokers.com/php/individual/individualDeposit.php

 

[Davros]

Looks like I was too quick off the mark. I received an email confirming the account but the account was not enabled. Works now!

ps. I found telephone support difficult with a previous enquiry - the man on the end of the phone could not be bothered to help.

 

[osho67]

I have found IB is always helpful, sometimes it might take few days for e mail replies. You can transfer funds online through your bank - not the CHAPS tranfer and will not cost anything.

 

[stevet]

if you have more problems - i am sure they have more than one person there - if the first is not helpful - tell them to put you onto someone else or the specific department - such as accounts

 

[wootton]

Having obtained account approval, I.B. have now told me catagorically that they will not accept funding through Internet banking, or by post: only wire transfers acceptable for GB based accounts. Seems a bit unreasonable, any suggestions? Having doubt as whether to proceed: also concerned about quality of telephone assistance, if needed urgently.

 

[juanbyte]

Wootton

I am in the UK and have funded my account through internet banking no problem.

 

[turtle trader]

It's not difficult to arrange a wire - just give your bank IBs banking details & the amount - you should be able to do it all on-line using a single secure message (or whatever type of message your bank uses)

 

[peto]

Wootton

I am in the UK and have funded my account through internet banking no problem.

Done the same several times (unfortunately!). Takes about 5 working days.

 

[peterpr]

Having obtained account approval, I.B. have now told me catagorically that they will not accept funding through Internet banking, or by post: only wire transfers acceptable for GB based accounts. Seems a bit unreasonable, any suggestions? Having doubt as whether to proceed: also concerned about quality of telephone assistance, if needed urgently.

Well, either you didn't explain what you were proposing very well or you spoke to a wally (and I have never found their telephone people to be wallies).

I use internet banking with them all the time - no problem. You use the 'funds and deposits' log-in to advise them of your intent ; then instruct your bank to 'pay a bill' or '3rd party payment' or however your bank's functionality describes it. Just make sure you include your own IB account on the payment reference.

I've never had any problems with them - super efficient in my opinion - and I can tell you I get pissed off very quickly with organisations that aren't, so that's praise indeed.

 

[wootton]

Just to clarfy: mine is a new GBP based account. The following were emails received from I.B. Funds and Banking, yesterday: '' The Funding method for a GBP based account is via a wire transfer.'' And: '' Internet Banking is not provided also because it can cause problems ( sometimes information is truncated).''

 

[One Eyed Shark]

Wootton

Transfer you need to do from your internet bank account is a CHAPS transfer ( sameday ) you will be charged for this , I think I get charged c£15, the alternative is a BACS transfer which takes a few days and is free.

 

[peterpr]

Wootton

Transfer you need to do from your internet bank account is a CHAPS transfer ( sameday ) you will be charged for this , I think I get charged c£15, the alternative is a BACS transfer which takes a few days and is free.

Well, as I pm'd wooton, I have used internet banking to transfer funds to IB about 5 times now with no problems. I did not ask them about it beforehand, simply advised them in the normal way through the 'Deposits and funds' account management page, then transfered the money using my Nat West internet banking facility, making sure the transfer had my user account on it as a reference. Each took between 3-5 days before funds became available for use, but no charges incurred and no problems having to chase the transactions at all.

 

[rossored]

Having obtained account approval, I.B. have now told me catagorically that they will not accept funding through Internet banking, or by post: only wire transfers acceptable for GB based accounts. Seems a bit unreasonable, any suggestions? Having doubt as whether to proceed: also concerned about quality of telephone assistance, if needed urgently.

I always send money to IB via my online bank facilities. I always make sure its an unusual amount (i.e. £2567 not £2500) so its stands out a bit more on a statement (for them and for me) and they've only ever mislaid it once - and that was because my notification of deposit had expired. Soon as I renewed it, the funds were in my account.

Oh, I also bank with Natwest.

 

[airmark]

Wootton

I am in the UK and have funded my account through internet banking no problem.

When you say through internet banking, you mean via BACS (now Faster Payments)? I am in the process of opening an account with them and they categorically told me that only wire transfers are accepted. This seems absurd to me, and quite frankly unacceptable (I do not want to pay wire transfer fees every time I need to top up my account). Since the person I spoke to wasn't based in the UK (and wasn't even aware of Faster Payments - when I mentioned it, she said that the wire transfer is usually very fast!), I wonder whether this is just customer service incompetence.

Edit: And yes, I do realize that this is a 9 year old thread, I just came across it after googling the issue and thought it made more sense to resurrect it than open a new one.

 

[T44]

Hi Airmark,
As you have the Union flag against your name and are talking in British banking terms I assume you intend to hold your funds in Sterling with IB, and make the transfer to them from a British bank?
If so you'll be please to know that IB have a UK account and your transfer will in effect be 'faster payments'. It then normally shows in TWS pretty quickly.
Also if you have any other US based brokerage accounts I find IB a great way to transfer funds to them in USD without incurring extortinate commissions. IB charge less than $2 if I remember correctly and you get the rate applicable at the time you square off the currency transaction. Your funds need to be with IB for 2 days before you can transfer them on to another broker. You then initiate the opposite trade within TWS using IBs Ideal(Pro) platform.
Incidently this is the same way that you square off any losses that you incur on any non sterling based instruments or of course preferably repatriate any profits!!
Hope this helps.

 

[s50cam]

Hi all

I came across this thread with the same funding query after opening an account with IB over the last few days. I have just used Lloyds Internet Banking to make a payment online and received a message within the hour to state that funds had arrived and could be used from Monday.