Dear- It is my first time to send cash from Interactive Broker to BAC(Bank of America). Appreciated if someone show me the menu (and direction) in IB. PS) How much was the service charge? PS2) And how many days does it take? PS3) Does IB allow us to use personal check? -Jay
Log in Account magement, go to Funding, than withdrawal, than follow instructions, you will probably need to first register the BAC account than finalize the withdrawal instruction - this last bit changed recently it seems 1 withdrawal per month is free, if you are sending USD to BAC in the US I suspect you will receive the whole amount, if it's a BAC overseas you should lose a few $ as intermediary bank fee. Overall rather easy and fast process ( funds credited same or next day I pass the instruction when wiring money overseas for me). Besides for US banks there are other options than wire transfer, like ACH, someone can probably add more information on those.
This question is answered in triplicate on the IB website, including cute little videos that have even been posted on Youtube (I think). They are not particularly easy to find, but you can search for them as easy as anyone else. There are also IB Help Chat and Help Phone people available, who could as well direct you to the helpful videos, if they don't satisfy your questions right then. FWIW, do not try to memorize any of the machinations you'll need to go through, as "just as you get the game down pat, they'll change all the rules." But, as LuisHK wrote, once everything is in place, your money will be in your (designated, receiving) bank account in maybe 2hrs for a wire (once-free-per-month), 3-4 days for an ACH. Clickity-click.
Registering instructions are a little tricky,like many places they send you two small deposits like 18 cents or something the you have to fill in that amount on the request form. Just one time, the first time, after that you bank act will be registered and you can get one a month for free and small amount for more than one per month. ACH is what you want, not wire.
As someone noted above, go ahead and set-up the (free-from-both-ends) ACH "method" while you're at it, so you're not paying wire charges to your bank *and* to IB, should you desire a withdrawal more frequently than every 30 days. You don't want to be a'learnin' this stuff all over again. (Again, it's a pain-in-the-butt, but when you're done, "Clickety-click." Pretty sweet.