Reference Guide for Doing Funds Transfer for Interactive Brokers Account
Ensure Trading Account is funded before trading.
User to set up Standing Instructions with Interactive Brokers before Initiating Fund Transfer from your bank account.
1. Log in to Interactive Brokers account
2. Click on the left hand panel --> Transfer and Pay --> Transfer Funds
3. Choose Transaction Type --> Deposit
4. My Account's base currency is set to SGD.
The only fund transfer option for my account is Wire Notification.
This is set by Interactive Broker. Logical guess is that I am based in Singapore.
However, there are various methods available for Fund Deposit as seen in the screenshot taken from my account.
5. Input Bank Information
You can choose to Save the account information and set it as recurring transfer for convenience.
You can choose to Save the account information and set it as recurring transfer for convenience.
This is purely your own preference. I choose not to set as recurring transfer as I prefer to mange my account actively.
6. Input Transfer Amount
If you are risk averse as this is your first time setting this up, you can choose to transfer a nominal sum like SGD 10 to minimise the FX cost difference should the transaction gets rejected.
If you are risk averse as this is your first time setting this up, you can choose to transfer a nominal sum like SGD 10 to minimise the FX cost difference should the transaction gets rejected.
7. Once completed, Interactive Brokers will present you a set of instructions to pass on to your local bank
* Keep the Bank Account Number private as this is the account ID Interactive Brokers will reference for the Funds Transfer.
8. For your reference, I am using DBS eMulti- Currency Account.
Do a FAST Transfer using the Information provided by Interactive Brokers when you initiate the Standing Instruction.
Bank: Citibank.
Account Name: Interactive Brokers.
Key in your Bank Account Number provided (as seen in the screenshot)
Message: key in the exact phrase provided (consists of name and trade account detail)
Edit (as of April 2019)
I have received a notification from my local bank that there is a change in payment instructions to Citibank Singapore. Do take note of the change in BIC Code when selecting the Citibank entity.
Do a FAST Transfer using the Information provided by Interactive Brokers when you initiate the Standing Instruction.
Bank: Citibank.
Account Name: Interactive Brokers.
Key in your Bank Account Number provided (as seen in the screenshot)
Message: key in the exact phrase provided (consists of name and trade account detail)
 |
| Sample |
I have received a notification from my local bank that there is a change in payment instructions to Citibank Singapore. Do take note of the change in BIC Code when selecting the Citibank entity.
- For FAST transfers to Corporate and Investment Bank, Citi Private Bank, Citi Commercial Bank: Please select "Citibank N.A., Singapore Branch ("CNAS")"
- For FAST transfers to Global Consumer Bank, CitiBusiness, Citi International Personal Bank: Please select "Citibank Singapore Limited ("CSL")"
I am told that if the Fund Transfer is before 5pm SGT, the funds will reach my Trading Account by the same night. If the transaction is after cut- off time at 5pm SGT, I will only receive the funds the next morning.
Both cases verified true on my side.
Side note: Recommended to transfer before 5pm SGT so that you can do trading on the same day. For my case, I intend to trade the US market which is night time in Singapore.
9. Once the transfer is successful, you will receive an email notification from Interactive Brokers. Personally, I find it more convenient than logging into the Interactive Brokers account to check.
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