Anyone transferred CAD to IBKR? without IBAN, tough with Yuh App

[neutralname]

Hi Mustachians (Edit 2022-04-19, received an unclear reply from Yuh)

Short version:
The issue is there is no IBAN for Canadian bank and my app Yuh(digital bank) needs IBAN to process the transfer.

Recap:
I need to transfer 70k CAD to fund my IBKR account from the app Yuh, and on the Bank Wire Instructions generated by IBKR, there is no IBAN as it’s Canadian bank

*Provide the following information to your bank to initiate the transfer.

Wire Funds to

Royal Bank of Canada
180 Wellington St W - 8th Floor
Toronto M5J 1J1
Canada

SWIFT/BIC Code

ROYCCAT2XXX

Bank Account Title & Address

Interactive Brokers LLC
One Pickwick Plaza
Greenwich, Connecticut 06830
United States

Bank Account Number

09591

1034289

Transit Number

Account Number

But on Yuh you have to provide a IBAN to be able to make international transfer, I tried both with the simple account number and the Transit number+account number or BIC+ Transit number+account number but nothing works,

How did you manage to solve this?

Thanks

I also searched the Forum before asking the question and found this post, but I haven’t seen a clear answer to his question:

Anyone knows how to transfer CAD out of Canada?

Seriously… Canada doesn’t believe in wire transfers so all we have is “interac” (kinda like TWINT, but not as good) or a special kind of Canadian wire transfer that is used to pay bills but has been subverted by certain companies to act as a poor man’s domestic wire transfer. When I tell IBKR I want to send them CAD (and convert it there), they just give me the address of their bank and an account number. However, that doesn’t match the three numbers that are required for Canadian payments on T…

@boschika boschika
Did you have the same problem as me? Have you found a solution? Thanks

I have also found this artcile and tried with the suggestion but Yuh doesn’t seem to recognize the account number ‘0003 0959 1103 4289 00’ so still blocked

How to Send a Wire Transfer to Canada - LiveCA LLP

I received a reply from Yuh, maybe their reply is concise, or maybe the person hasn’t read this post at all. Here is our conversation record:

I can’t find an easy way to reach IBKR support

Edit 2022/04/21
I am travelling in Canada now, I went to a RBC branch yesterday as I also thought about withdraw my CAD in cash and wonder if there is a solution to pay IBKR directly as they have their CAD account with RBC

Yuh hasn’t specified any max withdrawl limit outside Swizterland, only shows it costs 4.9 CHF

No hidden fees and clear pricing | Yuh Swiss Finance App

but the staff told me I have to have an account in Canada to be able to pay IBKR and their ATM will not allow me to withdraw 70k CAD, and they can’t open an account for me because I don’t live in Canada…

[nabalzbhf]

Did you ask support?

[neutralname]

@nabalzbhf

Did you ask support?

I only contacted Yuh support and not received a reply yet, as I can’t find an easy way to reach IBKR support

[San_Francisco]

@neutralname

I need to transfer CAD to fund my IBKR account from the app Yuh, and on the Bank Wire Instructions generated by IBKR, there is no IBAN as it’s Canadian bank

Wrong issue.

Correct issue: Yuh app requires IBAN to make bank transfer to non-IBAN country (do they even support that?)

EDIT:

“With Yuh, you can transfer money in 13 currencies [CHF - USD - EUR - GBP - JPY - AUD - CAD - SEK - HKD - NOK - DKK - AED - SGD] to SEPA and IBAN countries”

Need somebody to help? | Yuh Swiss Finance App (emphasis mine)

Don’t bother poor IBKR’s support and don’t bother hacking together any semblance of an IBAN for a country that doesn’t use them. According to their FAQ, the limitation really is on Yuh’s end.

[neutralname]

@San_Francisco

“With Yuh, you can transfer money in 13 currencies [CHF - USD - EUR - GBP - JPY - AUD - CAD - SEK - HKD - NOK - DKK - AED - SGD] to SEPA and IBAN countries”

thanks a lot SF, so Yuh doesn’t allow me to transfer CAD to IBKR Canadian account? Then the app is really amateur.

How can I achieve this then?

1. open a CAD account with UBS and transfer the CAD there and(get ripped off) then send to Canada? I remember UBS charges already 1% to deposit a non-CHF currency.

2. or convert the CAD with Yuh to CHF/Euros and get ripped off the 0.95% FX conversion fee. I will face the same problem if converted to USD as it seems US banks also don’t use IBAN. and if I convert to CHF or Euro then I will get ripped off again for the amount above 50k for negative interest…

any option to transfer without being ripped off?

[San_Francisco]

@neutralname

Then the app is really amateur.

I think it may be less amateurishness but rather a conscious design decision. To prevent amateur users from mucking around and initiating - or bothering their support about - international bank transfers with wrong or incomplete account/routing information.

(This isn’t meant as a stab at you. Such transfers can be complicated, fail for various reasons and generally be a mess to support customers on. Even for what are probably more popular countries (US, CA) to make such transfers to. And the Yuh app is squarely designed for non-professional users and beginners)

[dbu]

Can you use (Transfer)Wise for your need?

[neutralname]

Mustachians I updated the post with Yuh’s reply…but problem still not solved…

@dbu

Can you use (Transfer)Wise for your need?

Thanks. I don’t have Wise account yet, I have Revolut, but this is for about 70k CAD and seems we shouldn’t put more than 500 CHF with Revolut, do I have to open Wise account and is it safe for this amount?

@San_Francisco

Even for what are probably more popular countries (US, CA) to make such transfers to. And the Yuh app is squarely designed for non-professional users and beginners)

Thanks, so how do you suggest me to transfer this fund? I am not a pro user either and it seems to me it’s basic to be able to transfer money to Canadian bank…

[MrCheese]

@neutralname

and seems we shouldn’t put more than 500 CHF with Revolut

Dafuq? Why is there such a fear of Revolut? As long as you can prove from where the money comes there’s no issue with putting larger amounts in Revolut. Even a Revolut Metal plan and then unlimited FX exchange would be cheaper than any other investigated solution.

[boschika]

I ended up doing an inter broker transfer. My Canadian broker warned me they’ll close my account because I’m no longer a resident and as such they’d waive the broker to broker transfer fees. So I sold my shares (because they didn’t exist in ibkr) and had ibkr request a cash transfer. Normally cost 100–200$. It took 6 or 7 tries because ibkr being ibkr, they wouldn’t inform me when it failed or why. It was painful and I wouldn’t do it again but that was the only way.

I also know someone who tried with TransferWise and even though they have a reference field, they drop it and don’t include it in the transfer. But if the amount and name matches, ibkr picks it up anyway and then asks you for some proof or documentation to release the funds (can’t remember what they wanted). This is also cheap because you can transfer CAD into ibkr and do the conversion there.

Overall it was a gigantic pain and I’d never do it again if I can avoid it.

[boschika]

Revolut’s management are also rather unethical, extracting unpaid labor and sales from prospective employees. And they work their employees to the bone hinting that they should be working on Sunday nights like their fearless leader. Fuck revolut, I refuse to use them on that basis personally.

[San_Francisco]

@neutralname

Thanks, so how do you suggest me to transfer this fund?

How much are we talking, roughly?

I believe you pretty much got your options down in your own post above yesterday.

(Though personally, I wouldn’t call 1% or less FX fees at the real exchange rate a rip-off, unless we’re talking large amounts)

[neutralname]

Do you have any suggestion for my situation? I just wish to transfer CAD from Switzerland(this online bank Yuh which doesn’t support transferring CAD to Canada as they need IBAN) to Canadian account. I don’t need to convert FX unless I am forced to do so.

[neutralname]

@San_Francisco

How much are we talking, roughly?

70k CAD

@San_Francisco

(Though personally, I wouldn’t call 1% or less FX fees at the real exchange rate a rip-off, unless we’re talking large amounts)

for Yuh, I have no idea if it’s the “real exchange rate”
for UBS, I don’t know what is the total cost, but just to transfer CAD from Yuh to UBS would cost me 1% (charged by UBS),and this is not even transferred to the Canadaian account yet

[San_Francisco]

@neutralname

70k CAD

Wait a moment. Weren’t you the person…?

You went from having no CAD three weeks ago to asking how to transfer CAD from IBKR to Yuh to pay for your travels two weeks ago - and actually doing that transfer a week ago…

…to now having 70k CAD on Yuh and needing to do the same thing in reverse?

[neutralname]

yes, same person, you know I don’t have control over other people. it happens you need a currency and after a week the situation changes… any suggestion to my questions? who should I choose to rip me off to transfer the fund? or there is a better option?

[boschika]

The post you replied to contains everything I know. I wanted to take CAD out of Canada and this is how I did it.

In any case, I’d look in ibkr or TransferWise’s direction. If they can’t do it then you’d either have to fly over and deposit cash or bite the bullet and pay the bank fees.

[San_Francisco]

@boschika

In any case, I’d look in ibkr or TransferWise’s direction

The thing is: He/she already took the funds out of Canada - successfully, to his Yuh account. Which now very much limits his/her options for further free/cheap transfers. A direct transfer to either Wise or IBKR is not supported.

@neutralname

I have Revolut, but this is for about 70k CAD and seems we shouldn’t put more than 500 CHF with Revolut, do I have to open Wise account and is it safe for this amount?

Wise’s Borderless account doesn’t supporting incoming CAD through SWIFT - and they don’t provide an IBAN either.

Revolut does provide a GB IBAN to receive CAD though. Probably your best and most convenient bet for a CAD account with an IBAN.

But yeah, good luck in getting around (or not) explaining that in- and outgoing transfer to Revolut’s compliance. I vaguely remember you received these funds from relatives, so proof of the transfer from them to you and…

@Patron

Or if you got money from parents or a friend for example, they want to see the full tax declaration of them.

…should likely suffice. It’s probably not getting any more intrusive than that, is it?

[neutralname]

@San_Francisco

He/she already took the funds out of Canada

no, my CAD was not received from Canada, I don’t have account in Canada…

@boschika

you’d either have to fly over and deposit cash

I am travelling in Canada now, I went to a RBC branch yesterday as I also thought about withdraw my CAD in cash and wonder if there is a solution to pay IBKR directly as they have their CAD account with RBC

Yuh hasn’t specified any max withdrawl limit outside Swizterland, only shows it costs 4.9 CHF

No hidden fees and clear pricing | Yuh Swiss Finance App

but the staff told me I have to have an account in Canada to be able to pay IBKR and their ATM will not allow me to withdraw 70k CAD, and they can’t open an account for me because I don’t live in Canada…

[San_Francisco]

Come on guys, this is getting ludicrous.

IBKR won‘t let someone deposit 70 grand in (physical) cash.
Their bank won‘t let a non-customer do it over the counter either.

Neither will Yuh allow withdrawing 70k through a foreign ATM in any reasonable timeframe/amounts.
Nor will RBC‘s ATM spit out that money.
I wouldn‘t be surprised if even Mastercard blocked that.

Edit: did I miss anything? Oh yeah…

@neutralname

they can’t open an account for me because I don’t live in Canada

That‘s not such a stretch, especially in Canada.

Though irrespective of the fact that it wouldn’t solve your problem (since, again, you won‘t be able to move your funds from Yuh to this account on the cheap), unless that was your very first question to the RBC representative, you‘ve probably raised so many red flags that there was no chance.