Wiring money out of IB to other broker

Discussion in 'Retail Brokers' started by neutrino, Jun 28, 2008.

  1. How easy it is to wire money out of Interactive Brokers to other brokers?

    Because for some time I will use IB as my secondary broker, I plan to wire money out of IB from time to time to my primary broker to cover for intital margins and losses there. I expect to do this no more than once a month. Is this going to be difficult or it is as easy as wiring money to a bank? Of course the name of the account holder at both brokers will be the same. I've heard IB is somewhat paranoid about wiring money out. I don't mind the $30 transfer fee. I may also wire money from the primary broker to IB because the account at IB is SIPC insured. I ask this because I am in the process of opening the accounts and I wonder how much money to allocate to each broker initially.
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  3. I've been wiring money into and out of IB for years with no difficulty.

    Are they "paranoid". Well, in a manner of speaking I guess maybe they are. In other words, if you do something that creates a possibility that this could be a thief attempting to withdraw money from your account, IB will definitely balk. Most of us like that.

    So with that said, there is an instruction you can create to wire transfer to a broker. I've never done it. I only wire to my bank. I'm not sure what happens if you create more than one instruction. It looks like it's possible to do.

    I would suggest that you ask IB that question. What you don't want to do is to start out with an instruction to wire to a bank, then somewhere down the road create another instruction to wire to a broker. I think IB might balk at that, because they won't know if you're a thief, or if it's you, until they do more verification. Again, ask IB.

    By the way, there's no charge to wire once per month. A second wire costs $10 if memory serves. Not sure where you got this $30 figure.

  4. Daal


    oldtrader is wrong. I use IB as my 'bank', and send my money to oanda then back to IB then to MBtrading then to my US bank then to my international bank, I have tons of instructions and never had a issue beside once and a while having to call to confirm the data
  5. Tums


    IB is never paranoid over transfer between broker accounts.
    No broker is. For rightly so, never need be.
    There is a system in place. All brokers use the same system. Follow the system and everything will work like a clock.

  6. OK, thanks all, that sounds great.
  7. Never said that IB was paranoid over a transfter between brokerage accounts. I said IB was paranoid, meaning when things deviate from the norm they will balk.

    My main concern was over the idea of multiple instructions for wiring. According to Daal, this is not an issue. My advice was to call IB. I still recommend that.

  8. Tums


    All the transfer instructions are digital.
    I cannot imagine how simple and straight forward can it get.
    Multiple transfers are separate instructions. They could neither be confused, nor cross-contaminated. You are giving advice, but talk as if you have never make a transfer.
  9. Not trying to advocate for OldTrader here, but indeed all he recommended was to contact IB to be on the safe side. That is why his nick is OldTrader :) and I appreciate his advice.
  10. sprstpd


    You are right, but that hasn't stopped about 100 people in the past starting "Can't get my money out of IB - IB sucks!" threads.

    If you are careful with your wiring instructions and you don't change them often, you will have no problems with IB.
    #10     Jun 30, 2008