IB third party wire transfers

Discussion in 'Interactive Brokers' started by just21, Jan 19, 2018.

  1. Originated the wire to the crypto broker from a personal account at IB?
     
    #11     Jan 20, 2018
  2. IB has allowed third party wires, in principle, for some time. However, they are a big pain and require lots of documentation to justify the wire, the relationship with the third party, etc. and after providing that, they might or might not allow it.

    Given the way scammers could abuse this, it's not clear this is a bad thing. In practice, I just wire the money to my bank and then to whoever I want.
     
    #12     Jan 20, 2018
    truetype likes this.
  3. luisHK

    luisHK

    Yep noticed the option about 1 year ago, checked a bit at that time and there seemed to a lot of limitstions on those sorts of transfers. Never tried them.
     
    #13     Jan 20, 2018
  4. Last edited: Jan 20, 2018
    #14     Jan 20, 2018
  5. d08

    d08

    Very true. I was wrong in my comment. Still, the security with all online banking is weak.
     
    #15     Jan 20, 2018
  6. toc

    toc

    I have heard of cases where hackers have stolen 100s of millions to total of billion from banks.

    In turn, banks just sucked up the losses "quietly" as making them public would have resulted in customers closing their accounts in hordes.

    In one case of lady that I knew, $4K was taken away from her account. After due diligence and investigation, the bank refunded her amount.

    However, such losses like those of shoplifting, stolen credit card charges etc. result in "all" the consumers paying as businesses raise the prices of their goods and services to cover the losses.
     
    #16     Jan 20, 2018
  7. bawr

    bawr

    Not true. Fidelity and Schwab will wire to third parties.
     
    #17     Jan 24, 2018
  8. ZBZB

    ZBZB

    Has this changed in the last three years? Can you wire to coinbase?
     
    #18     Dec 26, 2020