# Anyone transferred CAD to IBKR? without IBAN, tough with Yuh App
**URL:** https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312
**Category:** Banks, Insurances & Third Pillar
**Created:** [April 19, 2022, 12:04am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312 "2022-04-19T00:04:43Z")
**Posts on this page:** 18
**Page:** 2
### Author:  [@jay](https://forum.mustachianpost.com/u/jay)
#### Post date: [April 21, 2022, 6:24pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/22 "2022-04-21T18:24:23Z")
A possible option would be a Swissquote account. It has a multi-currency account with a single IBAN. By default only CHF, EUR and USD are enabled but it seems you can ask support to enable CAD as well. Assuming you can transfer CAD from Yuh to Swissquote, you could then do a SWIFT transfer from Swissquote to IBKR for a flat fee of CAD 20. I haven’t tried this myself, so can’t guarantee it will work but I don’t see why it wouldn’t.
As far as I know, it’s fairly simple to open a Yuh account if you already have a Swissquote account. I don’t know whether the opposite is also simple or whether you’d have to follow the regular account opening process with proof of identification.
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### Author:  [@neutralname](https://forum.mustachianpost.com/u/neutralname)
#### Post date: [April 21, 2022, 10:25pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/23 "2022-04-21T22:25:20Z")
> [@San\_Francisco](#):
>
> Neither will Yuh allow withdrawing 70k through a foreign ATM in any reasonable timeframe/amounts.
why did you say so? Yuh website hasn’t specified any max amount (at least I have not foiund) so I assume I can withdraw 70k by paying the 4.9 CHF?
> [@jay](#):
>
> A possible option would be a Swissquote account. It has a multi-currency account with a single IBAN. By default only CHF, EUR and USD are enabled but it seems you can ask support to enable CAD as well. Assuming you can transfer CAD from Yuh to Swissquote, you could then do a SWIFT transfer from Swissquote to IBKR for a flat fee of CAD 20. I haven’t tried this myself, so can’t guarantee it will work but I don’t see why it wouldn’t.
Thanks for your input, are you saying that with Swissquote it’s possible to pay Canada WITHOUT IBAN?
already have 3 accounts in CH (UBS, Yuh and Revolut) and still can’t avoid getting ripped off (transfer 70k CAD without having to pay \>1% commission/fee) and have to open a 4th account, I don’t want to complain but it’s so time-consuming,
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### Author:  [@San\_Francisco](https://forum.mustachianpost.com/u/San_Francisco)
#### Post date: [April 21, 2022, 10:36pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/24 "2022-04-21T22:36:12Z")
> [@neutralname](#):
>
> Yuh website hasn’t specified any max amount (at least I have not foiund)
[“Daily cash withdrawal limit: 1’000 CHF”](https://library.yuh.com/shared-images/yuh-pricing-more-information-en)
Irrespective of that, ATM operators may enforce lower limits (and often do) per transaction.
Side note: When requesting proof of source of funds, I doubt that any financial services provider (and their compliance team) is going to “like” your explanation and paperwork provided for your consecutive daily withdrawals over a period of 54 days 😉
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### Author:  [@neutralname](https://forum.mustachianpost.com/u/neutralname)
#### Post date: [April 21, 2022, 10:52pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/25 "2022-04-21T22:52:15Z")
> [@San\_Francisco](#):
>
> [“Daily cash withdrawal limit: 1’000 CHF”](https://library.yuh.com/shared-images/yuh-pricing-more-information-en)
Thanks SF, you always find the useful info! 😁
Do you think there is any chance this limit only applies on CHF? if it also applies on other currencies, I think they should write “or equivalent to 1000 CHF for any other currencies”, I haven’t found any footnote for this.
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### Author:  [@San\_Francisco](https://forum.mustachianpost.com/u/San_Francisco)
#### Post date: [April 21, 2022, 11:04pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/26 "2022-04-21T23:04:50Z")
> [@neutralname](#):
>
> Do you think there is any chance this limit only applies on CHF?
No, don‘t think so.
twenty
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### Author:  [@neutralname](https://forum.mustachianpost.com/u/neutralname)
#### Post date: [April 21, 2022, 11:32pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/27 "2022-04-21T23:32:25Z")
> [@San\_Francisco](#):
>
> twenty
20?? I struggle to understand what you mean
BTW if I choose to convert to another currency with Yuh(and pay the 1% fee 💔), which currency do you recommend or it doesn’t matter? I guess I shouldn’t choose USD as the same issue (without IBAN) with a US bank, and to CHF and Euros then I shouldn’t put more than 50k to IBKR to avoid negative interest, so I should choose GBP, SGD or which other currency?
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### Author:  [@FunnyDjo](https://forum.mustachianpost.com/u/FunnyDjo)
#### Post date: [April 22, 2022, 5:35am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/28 "2022-04-22T05:35:23Z")
On this forum, Your response must be long of at least 20 characters so we add some characters at the end of a response to be over this twenty limit.
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### Author:  [@San\_Francisco](https://forum.mustachianpost.com/u/San_Francisco)
#### Post date: [April 22, 2022, 5:49am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/29 "2022-04-22T05:49:22Z")
> [@neutralname](#):
>
> which currency do you recommend
The one that you use and need.
Unless you just want to hold it as cash reserve and it‘s a depreciating currency (CHF historically is the opposite, so quite a good currency to hold at non-negative interest) or you‘re receiving interest well below market rates (Yuh doesn‘t pay interest on cash balances, do they?).
> [@neutralname](#):
>
> SGD or which other currency
Looking forward to your next thread about how to cheaply move/exchange SGD to something else. 😈
As I understood your last thread about it, you [don‘t want to invest](https://forum.mustachianpost.com/t/where-shall-i-open-an-account-to-receive-40k-euro-and-or-50k-cad-with-0-low-banking-fees/7487) these funds for the time being.
If you don‘t anticipate how you are going to spend it, and considering the time and effort you spend pondering about this subject, I‘d exchange to a currency that you can at least transfer easily and cheaply to somewhere else.
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### Author:  [@jay](https://forum.mustachianpost.com/u/jay)
#### Post date: [April 22, 2022, 5:54am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/30 "2022-04-22T05:54:08Z")
> [@neutralname](#):
>
> Thanks for your input, are you saying that with Swissquote it’s possible to pay Canada WITHOUT IBAN?
Yes, Swissquote is a full bank supporting regular international SWIFT transfers without IBAN. The following is the Swissquote form I’d expect to work (but again, no guarantees):
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### Author:  [@jay](https://forum.mustachianpost.com/u/jay)
#### Post date: [April 22, 2022, 6:14am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/31 "2022-04-22T06:14:08Z")
> [@neutralname](#):
>
> already have 3 accounts in CH (UBS, Yuh and Revolut) and still can’t avoid getting ripped off (transfer 70k CAD without having to pay \>1% commission/fee)
If you can open a CAD account (Kontokorrent) at UBS, I’d expect the transfer to work as well without a percentage fee. I don’t know whether they even offer CAD accounts in Switzerland but they might. For a one-time transfer it’s still not ideal as you have to open a new account and then close it again to avoid paying monthly account fees in the future. I don’t know whether UBS has an issue / extra fee if you do something like that. You could ask your account manager in the e-banking messaging system.
That said, this might still be more convenient than opening a Swissquote account, unless there is a shortcut for Yuh customers or you anyway want a Swissquote account.
The only account that is really limited is Yuh as it has very limited options for wire transfers, i.e. lacking a normal bank account function.
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### Author:  [@dbu](https://forum.mustachianpost.com/u/dbu)
#### Post date: [April 22, 2022, 6:24am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/32 "2022-04-22T06:24:52Z")
This is starting to cost you more money (convert to your hourly rate for example) and (definitely) time than it takes to open a Wise account and launch the transfer to your CHF IBAN.
Here is a simulation, fees come to ~0.56%.
And be done with it, not worth the stress.
> [@neutralname](#):
>
> why did you say so? Yuh website hasn’t specified any max amount (at least I have not foiund) so I assume I can withdraw 70k by paying the 4.9 CHF?
You can hardly withdraw more than 5-10k CHF from your CHF bank account on the CH ATM in a single go.
It’s logical that these digital banks won’t enable you to withdraw that amount of foreign currency in a foreign country.
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### Author:  [@San\_Francisco](https://forum.mustachianpost.com/u/San_Francisco)
#### Post date: [April 22, 2022, 9:56am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/33 "2022-04-22T09:56:28Z")
> [@dbu](#):
>
> This is starting to cost you more money (convert to your hourly rate for example) and (definitely) time than it takes to open a Wise account and launch the transfer to your CHF IBAN.
>
> Here is a simulation, fees come to ~0.56%.
Again, the question is: How is he/she funding this transfer from Yuh?
> [@dbu](#):
>
> And be done with it, not worth the stress.
>
> 
Unless you show us the following steps, in which Wise has to provide an _IBAN account number_ for the incoming transfer of 70k CAD, I remain unconvinced.
(cause Yuh, as mentioned above, on outgoing transfers require an IBAN number for the recipient’s account - Wise in this case)
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### Author:  [@dbu](https://forum.mustachianpost.com/u/dbu)
#### Post date: [April 22, 2022, 11:50am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/34 "2022-04-22T11:50:42Z")
I see what you mean, agree there is no IBAN to place as intermediary when sending to Canadian Wise account.
One could try “hacking” the IBAN out of bank details such as SWIFT etc., like here (in latest comments) 🙂
>
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### Author:  [@San\_Francisco](https://forum.mustachianpost.com/u/San_Francisco)
#### Post date: [April 22, 2022, 1:04pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/36 "2022-04-22T13:04:21Z")
> [@dbu](#):
>
> One could try “hacking” the IBAN out of bank details such as SWIFT etc.,
…for countries that actually use\* IBAN or at the very least have defined a structure for them according to ISO 13616, yes (it’s still questionable because the devil’s often in the details and thus disadvised).
\* Canada is [not among these countries](https://www.swift.com/de/node/301396).
There’s **no way** to directly make a bank transfer to a Canadian account using only IBAN (and BIC).
EDIT: To clarify, there are additional countries that have at least defined their format but aren’t officially using them and haven’t registered with SWIFT. I think you may get away with using IBAN in some cases, depending on the receiver’s bank. But Canada, most definitely no.
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### Author:  [@neutralname](https://forum.mustachianpost.com/u/neutralname)
#### Post date: [April 23, 2022, 12:58am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/37 "2022-04-23T00:58:25Z")
**Does anyone know why IBKR doesn’t allow us to fund our account with a debit card(like Revolut) or Paypal? That would be much easier. I assume we can’t because I haven’t found such info**
* * *
> [@San\_Francisco](#):
>
> The one that you use and need.
I need USD to buy US stocks, but I assume Yuh wouldn’t be able to transfer USD to US as there is no IBAN
> [@San\_Francisco](#):
>
> you [don‘t want to invest](https://forum.mustachianpost.com/t/where-shall-i-open-an-account-to-receive-40k-euro-and-or-50k-cad-with-0-low-banking-fees/7487) these funds for the time being.
I didn’t want 6 months ago, but I clearly want now
> [@San\_Francisco](#):
>
> I‘d exchange to a currency that you can at least transfer easily and cheaply to somewhere else.
what currency would it be? That’s why I mentioned SGD(this is just a brainstorming idea), but I have never done SGD transfer so there is uncertainty.
> [@jay](#):
>
> Swissquote is a full bank supporting regular international SWIFT transfers without IBAN
Thanks, I also believe a traditional bank like UBS would be able to transfer CAD to Canada, but do I really have to open an account with Swissquote? I already have 3 different CH accounts as mentioned and I am already quite fed up, ideally I woulld only have 1-2 account.
> [@dbu](#):
>
> fees come to ~0.56%.
Thanks for having specified this number, yes I am aware of the number of hours I have spent and its cost and I feel frustrated.
1. As San\_Francisco has said(if I have understood both him and you), it’s useless to open a Wise account in my case because I can’t transfer CAD from Yuh to Wise, unless Wise account has an IBAN number.
2. So Wise is also charging 0.56%? so I open an account just to save 0.39% (the spread of converting currency with Yuh and Wise) 😅
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### Author:  [@San\_Francisco](https://forum.mustachianpost.com/u/San_Francisco)
#### Post date: [April 23, 2022, 6:20am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/38 "2022-04-23T06:20:31Z")
> [@neutralname](#):
>
> Does anyone know why IBKR doesn’t allow us to fund our account with a debit card(like Revolut) or Paypal?
Acceptance of debit cards isn‘t free.
IBKR is a low-cost provider.
Fundsmith, for example, will accept your debit card - but they‘re charging good fees on a long-term investment product.
> [@neutralname](#):
>
> So Wise is also charging 0.56%? so I open an account just to save 0.39%
Well, foreign currency exchange and transfer isn‘t free.
It‘s a service provided that costs money.
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### Author:  [@dbu](https://forum.mustachianpost.com/u/dbu)
#### Post date: [April 24, 2022, 6:23am UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/39 "2022-04-24T06:23:33Z")
> [@neutralname](#):
>
> 1. So Wise is also charging 0.56%? so I open an account just to save 0.39% (the spread of converting currency with Yuh and Wise) 😅
You are trying to find the cheapest way to execute your wish, and we are trying to provide one for you.
You will **not** find what you need for **free** , as these services cost money (especially for those amounts), so I suggest to stop dreaming, accept reality, and get ready to pay something to get this “problem” out of your agenda.
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### Author:  [@Dr.PI](https://forum.mustachianpost.com/u/Dr.PI)
#### Post date: [April 27, 2022, 1:15pm UTC](https://forum.mustachianpost.com/t/anyone-transferred-cad-to-ibkr-without-iban-tough-with-yuh-app/8312/40 "2022-04-27T13:15:58Z")
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