Whenever I try to send USD from Alpian to IBKR, I get a request to provide separately a confirmation of payment. And post that funds are on hold for 4 working days (this part might be standard for ACH transfers)
However I was not sure why IBKR is blocking funds and asking for proof. Following is the reason
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Your bank might be using service of payment processor (Currency cloud) to transfer these funds.
Based on our extensive operational experience, we have identified consistent issues with transfers originating from Currency cloud. Specifically, Currency cloud transfers frequently omit critical reference information in the payment details that is essential for proper account crediting. This systematic omission has resulted in a high rate of transfer rejections and delayed processing.
In response to these recurring issues, we have implemented specialized verification procedures for Currency cloud transfers to protect our clients from potential fund rejections and the associated delays in account funding.
Recommended Banking Practice - Interactive Brokers strongly recommends initiating transfers from traditional banking institutions that fully support complete payment detail transmission. As a standard security practice, IBKR requires that all deposits originate from bank accounts registered in your name that match your IBKR account registration.
This policy serves to:
• Ensure regulatory compliance with anti-money laundering regulations
• Facilitate prompt and accurate crediting of your deposits
• Minimize the risk of transfer rejections and delays
• Maintain the security of our financial ecosystem
Should you choose to proceed with a Currency cloud transfer despite these known limitations, please be particularly diligent in verifying that all required reference information is included in your transfer instructions and consider reaching out to Currency cloud’s or your bank’s customer service to confirm their ability to include the necessary details with your specific transfer.
We appreciate your understanding and cooperation as we work to ensure the smooth processing of your financial transactions.
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