IBKR: Withdraw USD to Revolut/WISE account?

Investing / Brokers
41

  1. I have done it. See IBKR‘s and Revolut’s fees (first withdrawal each month from IBKR is free). It‘s a domestic transfer, so no intermediary fees. I believe the receiving bank I had to provide to IBKR wasn‘t recognised as Revolut but some third-party payment service - no problem though.

  2. Sure, as long as the receiving bank accepts transfers from non-bank payment accounts. Revolut offers local GBP transfers, consult their fees.

They are (when using the borderless account) - although @weirded requires GBP transfers within the U.K., not SEPA transfers.

I fully agree on preferring Wise - seems like a less flashy, less cutting-edge but more user-friendly and refined product (and support experience if needed).

42

Not that it plays a big role if it is free, but I think that the UK remained in SEPA after Brexit.

43

They did - but SEPA transfers are for EURO currency only.

Outgoing U.K. domestic GBP transfers from a Wise multi-currency account are also free though. :slightly_smiling_face:

44

Thank you for your feedback.
I will start trying to transfer some GBPs I already have lying around on IBKR to Revolut and see what happens (whether it works for me as well, time & fees - if any). On this basis I’ll decide between sticking to Revolut and opening a Wise account.

45

Generally IBKR doesn’t like it so much if you abuse them for currency conversion. I remember hearing about account terminations after warning. But I have used them before and got no warning.

There is a direct integration with Wise. The money transfers within hours.

Wise also has quasi bank accounts in multiple currencies, with which you can send and receive money in your name. Some businesses still don’t work with Wise, and block (e.g. Degiro) or are blocked by (Wise → Kraken, but Kraken → Wise works).

46

There is a new transfer method in IBKR, you can now link your Wise account and withdraw funds for free once per month directly to your USD balance. I just initiated the transfer, will keep you updated on how long it takes for the money to arrive.
I don’t know when this feature was introduced but if it works as it should it pretty much rocks :metal:

edit: I used the search function without browsing this topic and realised that this is already known. Still it’s news to me and I’m happy about it, even more if I can avoid Revolut :slight_smile:

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47

I forgot about it !
Thank you for remind it to me.
I will use it to do the forex change for by next trip abroad.

48

Money arrived this morning, early, in full :slight_smile:

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49

I have mainly USD in IBKR and need to spend USD regularly too but have no bank account.

Currently, I have the very inefficient method of:

  1. Convert IBKR USD balance to CHF
  2. Transfer CHF to UBS
  3. Transfer from UBS to Revolut
  4. Convert CHF to USD
  5. Spend USD

Ideally, I could skip steps 1-4 and withdraw directly USD from IBKR to Revolut. From the above chain, it seems that Revolut charges 10 USD for such a transfer, which I do not want to pay. Has anyone managed to get free USD withdrawals for Revolut?

The second option seems to be withdrawal to Wise. I guess that’s an alternative, but then I have to track a second credit card.

50
  1. Transfer IBKR USD to Yuh/Wise in USD
  2. That’s it !

I recommend skipping UBS and Revolut and instead using only the multi-currency options provided by Yuh or Wise. It’s much more convenient, and you’ll only have one account to manage (note that for maximum simplicity and centralization, Yuh seems the most suitable choice).

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51

The first thing you can do is to start withdrawing CHF from IBKR to your UBS CHF account where IBKR will use autofx and this rate would be much better. Once you have CHF in your bank account , you have higher flexibility as you can transfer them to Wise / Revolut as CHF and only convert when you spend.

If you have very large expense in USD then having a multi currency account would be good. Like Yuh / Alpian etc

52

Ideally, I’d like to keep it in USD as going USD → CHF → USD introduces 2 unnecessary FX conversions.

53

Okay.
In that case maybe

IBKR → multi currency account in ALPIAN/Yuh could be interesting.
But do check what would be relevant charges when you will make the USD transfers or payments.
Alpian

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54

And now I feel dumb, Wise does not accept wiring money to crypto exchanges.
Money back to IBKR, minus a small fee :face_with_head_bandage:

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