How to Send Money to Your Interactive Broker's account for free

Investing / Funding & Currency conversions
21

Short message about my participation to the forum: I created it to let you (the readers) space to talk between each others, as I already occupy all the space on the blog :wink:
Less philosophically, I started to read/reply to every thread when launching it but couldnā€™t keep up with the huge amount of discussions that happen here. So I made the choice to not participate actively, in order to keep up the pace with blogpostsā€™ writing. Obviously I read the forum a lot to leverage all the smart infos shared here, as well as to get topic ideas :wink:

Cheers,
MP, who gets back into silence-mode :stuck_out_tongue_winking_eye:

4 Likes
22

Glad to hear (or actually read) that. Looking forward to your new blog posts. :smiley:

By the way, It would be nice to also have an opportunity to meet you on Swiss FI Meetup - either in Zurich or in Yverdon-les-Bains. Let us know if youā€™re planning anything. :slight_smile:

23

Good to know, Iā€™ll try this with my next transfer ! Thanks @hedgehog for discovering this trick ! Iā€™d appoint you ā€œmustachian of the monthā€ ! :mortar_board: :smile:

2 Likes
24

I can confirm that my CHF 1000 that I transferred yesterday evening using @hedgehogā€™s method, arrived safely to IB today afternoon. Once again - huge thanks @hedgehog! I owe you a beer!

1 Like
25

I strongly suggest to delete your username from this post.

1 Like
26

Thanks @lexandro, I have to be more careful!

Hereā€™s the original post:

Hello,

Thereā€™s one more thing. I sent a message to IB to ask them about the transfer that I made using the @hedgehog method, and they responded:

A CHF 1000.00 Wire deposit for IB account U123456 was received on 2017-05-31 and will be available for trading on 2017-05-31.

Please create a deposit notice for each transfer to our IB account as this is needed to properly credit the funds upon receipt.

Do you know how to create ā€œdeposit noticeā€ in IB?

1 Like
27

:slight_smile: not a big issue, but we must protect our 'stash :slight_smile:

1 Like
28

Fund transfers - deposit, in account management

You need to do it before every transfer, and bank account varies by currency

2 Likes
29

Good to know. I havenā€™t done that for my last transfer but they still managed to credit my account. For next time I have to remember about it.

30

Thank you @hedgehog for the tip about transfering money to IB. I did it and it worked just fine. On the phone, the IB person told me that there is no way to use an account based in Switzerlandā€¦ ahahaha.

Does anyone know how the less expensive way to transfer USD from my swiss bank account to my IB account?

Great forum by the way, thank you to all for sharing highly useful information.

Jean-Louis

31

Interesting, I just found this thread having been looking for ways to avoid charges on every transfer to IB, and now when testing it, I noticed that the new instructions on IB now mention the swiss IBAN:

428366fb221ad59f7e99b5fd7bada89ba5203c60.png1476Ɨ1097 55.7 KB

Not sure if this is because Iā€™m using the Beta Account Management page, but Iā€™m glad that they started giving out information that will save their clients money on useless intermediaries.

1 Like
32

Some people asked the support about the CH IBAN I found as far as I know and I guess they decided to look into it and changed it for everyoneā€™s benefit.

2 Likes
33

Yeah, I asked them too a couple of weeks ago and got this misguided response:

Thank you for contacting Interactive Brokers client service.

IB does not hold a bank account for CHF receipts in Switzerland which we can provide. Our CHF receipt accounts for clients is held with Citibank London CITIGB2LXXX and has to be used to deposit CHF. As of today there are no plans to offer a Swiss based bank account for CHF transfers.

Please use solely the bank routing details we provide when creating the deposit notice for CHF in account management:

1)Funding-> Fund Transfer
2)Transaction: Select Deposit, CHF, WIRE
3)Enter amount and confirm-> Now you will get the correct bank details displayed

Kind regards
Stefanie
IB Customer Service

34

Well technically their reply is 100% correct: CH20 8909ā€¦ IBAN is an account in UK, not in Switzerland. Account 10569674 at Citibank London. It just goes through swiss bank clearing systems with that CH IBAN.

2 Likes
35

Yeah, I guess so, but still not doing anything to solve the customerā€™s problem.

1 Like
36

Do you know/think we can also send USD on this same account?

37

No, payment would be rejected or converted at unfavorable rate

38

Thank you @hedgehog. I paid 22 CHF to transfer my USD from Postfinance to IB.

39

Have you seen this thread?

1 Like
40

Interactive Brokers confirmed via email:

It is correct that new bank routing details for currency CHF have been implemented. The CH-IBAN can be used already to transfer funds. IB will show the new bank routing details once our new Account Management will be released.

Good news :slight_smile:

4 Likes