Problem transfering funds to IBKR Account

Investing / Brokers
1

Since UBS took over CS I am having trouble transfering funds to my IBKR account.

90 % of my transfers get rejected (sent back to my private bank account) by UBS because of “insufficitent information about recipient of the money” (ungenügende begünstigtenangaben). However, now and then a transfer works ok. Even if I copy the successfull transfer and try with the exact same information it gets rejected when I try for the second time.

Does anyone else also have this problem? Is there a solution?

Which information do you provide in your banking instructions to transfer funds to IBKR? How/where (which field of the form) do you provide your IBKR account number? Which adress do you provide in the baniking instrucktion? You home adress or UBS adress? Or IBKR adress?

2

I"m not with UBS or CS, but just a question: Do you fill out your name and IBKR account number in the right remarks field? Usually there is a remaks field for information for the recipient, but also a field for your own remarks. The later are not sent with the payment.

3

I send my account number in the recipient field (but I also tried in the remarks field and it worked one time :))…

1 Like
4

I don’t have this issue
You need to provide the following in field „message for payee“

UXxxxxx/first name last name

For example
U1223456/John Doe

Just make sure the transfer instructions are same as what is mentioned on IBKR instructions. Sometimes the bank account IBAN is different for different people

4 Likes
5

Never had an issue with UBS. Follow the process as described by Abs_max (and is what IBKR tell you to do).

6

Also never has a problem with UBS. Maybe check if you have the right Iban of IBKR? They have different ones and a while back I got a new one. It starts with 64 and it‘s also a UBS account. Transfers happen in a few minutes on the same day, if done before 12am.

7

…as in the reference field for the recipient?

Your not sending your IBKR account number as the recipient’s bank account number, are you?

8
  • Beneficiary: Interactive Brokers LLC, 06830 Greenwich, CT, United States of America
  • Beneficiary‘s account number: CH20 8909 5000 0105 6967 4
  • Payment reference: U1234567 / San Francisco

No need for a SWIFT code when transferring from my Swiss account to their CH IBAN.

Note that the beneficiary for the bank transfer is not you - it’s IBKR.

The recipient‘s address, that is IBKR‘s, of course.

UBS know their own address and they also know yours already.

1 Like