I have some payments coming in that are in a foreign currency. I don't want to convert them to USD and I don't have a foreign bank account. Would it be possible for me to have the person sending the wire, put the funds into my IB account? Thanks.
Theoretically yes - I asked them and they said just notify us ahead of the transfer - in practice it was rejected.
Not sure what you meant here. I've wired money from another broker to IB. The other broker would be a "third party", right? OldTrader
From your account with another broker should be fine. Someone else's account to your broker should be a no - no.
About 1 yr ago my Girlfriend from Eastern Europe wired money from EE to my IB account. It went fine and was accepted. about 1 month later i tried to draw a fraction there of and it was declined. Reason given: There is a 40 day holding period on monies supplied from a 3rd party (or something to that effect) This was about 1 year ago. On 2 other ocassions a friend of mine living in Austria who owed me money paid 2 instalments into my IB account from Austria and all went well (over 2 yrs ago) I am not sure if IB is more stringent today than 1 year ago.
Its possible to deposit money from a different name than the account holder, its not recommended though, you might have to warn IB in antecipation to this, asking for permission
I imagine though that similar rules apply as with normal bank wires and that the person, wiring the payment would not be able to easily take it back once the transaction is complete.
you can not send funds from any 3rd party source if the account is not the account holders. it falls under rico and money laundering rule w