Has anybody ever had trouble wiring money to IB? My current brokerage firm can't get verification of IB's account number, i called CitiBank myself and can't verify the information, and IB just tells me that the number i'm using is valid. Has this happened to anyone else? I understand it's discount, but you'd think they'd help a little trying to receive funds.
Not international, i'm located in the US. I've even called CitiBank myself and can't get verificatin of IB's account existing there. Somebody said it may have something to do with CitiBank acting as an intermediary for the funds and receiving the funds in the US, only to immediately turn around and wire them overseas. I'm on the phone (ok, on hold) with IB right now, trying to find this out. I may just have to have the current brokerage firm overnight a check to IB, but then i'll have to wait 10 days for it to clear, which i'm trying to avoid.
I wired money on 6/19 using all the info from IB's website and sent IB a deposit notice. IB had funds the next day. I did notice the person filling out the form at the bank forgot to put IB's bank account # on the trans. form. Once we got that in place it was sent out the next day.
This happened to me...once :eek: My local bank had no "appreciation" for IB's deposit procedure. After that I always make sure that the info that IB requires is there, exactly the way they want it...they're very specific. Jim
I'm adding this in case anybody reads this in the future and has the same problem. I don't fully understand it, but if you're experiencing a problem as above (because your bank calls to verify the info before wiring) you need to call CitiBank Delaware (not NY). NY showed no record of the account, but CitiBank Delaware confirmed it right away (this after countless runaround).
And always always always check over every last digit and character of your wire transfers. The tellers at the bank just type everything up and usually have at least a couple typos. And on a wire transfer, just one character off on the account numbers or ABA routing number will cause the wire transfer to fail.
just follows IB's instructions. they are very clear and with small or big transfers it's always available within 24hours in your account (my experience first hand). Often, it was available same afternoon. You only need a bank's account manager who follows precisely these instructions. If you don't have that, consider meeting and knowing an account manager (you want to be confident your money is managed properly, right?). Then, you won't have problems with IB. I found IB's funding and accounting dept very helpful and quick to respond (wish I could say that for the trading side support, but we know the difficulties there).
I have wired with IB instruction and the CITIBank have reply that my account don't exist. Waste of time and money because CITI said they will sendback to my bank the funds.