Opening an IB Account

Discussion in 'Retail Brokers' started by fast, Oct 1, 2001.

  1. fast

    fast

    I want to open an IB account (Non-Daytrading Margin Account). To fund it I plan to transfer funds from an Ameritrade account.

    I have never transferred funds between brokers before and thought people who are more experienced might have some special tips -- beyond following procedures given to me by IB. I am particularly concerned about how long it might take for Ameritrade to transfer the funds.

    Thanks
     
  2. Fohat

    Fohat

    fast,

    The fastest way is to wire the funds directly by wire transfer. They'll be available the same or next business day. You have to have an already opened account.

    All other ways of transfer will take 10 business days or more.

    Fohat
     
  3. vikana

    vikana Moderator

    I agree with a wire transfer. Ameritrade have to by law wire your funds to a compeditor without hasseling you. If they give you any trouble, you should complain to the SEC.
     
  4. Htrader

    Htrader Guest

    The fastest way would probably be to transfer your ameritrade balance into your checking account and then wiring that money to IB. Interbrokerage transfers take several weeks at best.
     
  5. fast

    fast

    Thanks for the tips, everyone! Htrader, I will probably follow your suggestion and have the funds transferred to my bank account first.

    Will welcome any additional advice -- it will be a few days before I do this so there is time.
     
  6. tuna

    tuna

    fast i recently done one,wire transfer from brokerage accnt to brokerage account....no problem... as long as both accounts are the same name as you probably know.