IB wire withdrawal issues

Discussion in 'Retail Brokers' started by noone3, Mar 9, 2012.

  1. noone3


    I have requested a wire withdrawal from IB 2 weeks ago
    It has been 10 business days and 15 calendar days and there is no sign of the wire yet. They are inquiring with the bank and have currently no clue of the wire whereabouts.
    Their service is extremely POOR, and i find them completely unreliable.
    I do not care whether it is the bank's mistake or not! I have made cash deposits that got through within 2 business days and the 1st time that i asked for a wire withdrawal i have been getting the most unreliable and BAD service up to know.
    Been with them for 3 years and i am considering closing my account finally

    Has anyone had any similar experience?
  2. rwk


    I have done deposits by wire in the past with no problem. Wire transfers are apparently an anachronism requiring significant human interaction. Now that ACH transfers are available in both directions, there doesn't seem to be any reason to use wire transfers anymore.

    I don't see how you can blame IB for a bank screwup.
  3. noone3


    Sure, let me explain.
    I have also made a few wire deposits in the past with great success. The transfers were complete within 2 business days.
    This is the 1st withdrawal and has made me very concerned about what might happen when i try to withdraw more or all of my balance.
    The reason why i am blaming IB and not the bank is due to the feedback delay. When i have a problem with my bank I make an inquiry or a phone call and get an answer within 24hrs. IB must be a big enough customer to be able to do the same if not better! If not, then i am even more concerned about their credibility.
    There is a track for every wire electronically...and shouldn't take 10 business days to have an answer back (still waiting and counting)
  4. I recently did a withdrawal without too many hitches. Is the destination account the exact same name as the IB account? I think that tends to throw them in to a tizzy if they don't match exactly. Also, did you use an ACH? If you put the wrong method in to your instruction, it just sits there...(and they don't really feel the need to bring it up).
  5. noone3


    Thanks for the reply.

    No i didnt use the ACH method. Is it applicable outside the US and Canada?

    I used the wire withdrawal and the wire left IB. It just never got to my bank account (same name as my IB account) and IB has no idea where it got stuck (probably their corresponding bank) and hasn't heard back from them yet.
  6. Once I forgot to add a SWIFT and my wire got stuck for 2 months. lmao. the money was there all along, they just didn't know who it belonged to it was ghost money on which they were probably getting interest.:p
  7. Names have to match, generally, and it's a lot better if the wire goes directly to your bank without any correspondent banks involved. Once it goes to a small bank without it's own Fedwire number, they have to rely on the OBO field where it says "For further credit to XYZ account."

    Outside of those kinds of issues, and IB's security procedures for source of funds, IMO it works flawlessly.
  8. noone: your English is great, however if you are really outside of the country (us), wires will always be difficult, especially now a days.

    ach is reported to be easier for international transfers.

    If you are a us citizen (work on getting it if not), try opening a us bank and credit card to do your spending on.
  9. Check your bank, it is usually the receiving bank. International wire goes to 1 main branch and then it is pass to local branch. Never had problem with IB international wire for the last 6 years.
  10. That's quite bizarre. Did you talk directly to the funds & banking people? I find it very odd that in this day and age that someone can "lose" an electronic transfer.
    #10     Mar 10, 2012