What are the available transfer methods to deposit AUD to Interactive Brokers?

If your bank is located in Australia, your bank will transfer AUD as a local payment with low or no cost.
If your bank is located outside Australia, your bank may only offer an international bank transfer (SWIFT) to transfer AUD.

Local AUD payments

Electronic Funds Transfer (Local EFT)

It is easy to send or transfer money from an Australian bank account using your online banking app. The information you need are the following details:

• Account Name
• BSB number
• IBKR Bank Account number(Local EFT)

You will be told in the Client Portal the IBKR Bank account where to send the funds. Please include your U-account number in your EFT payment in the 'message to recipient' field. The U-account is your brokerage account at IBKR (for most clients this is letter "U" followed by digits). Payments received in IBKR's bank account without an U-account number may require additional proof of deposit and cause delays for processing the deposit.

BPAY

BPAY is also a convenient way to send your AUD to your IBKR brokerage account.

To transfer funds via BPAY to your IBKR account you will first need to get the Biller Code and Customer Reference Number (CRN) from IBKR:

1. Log in to your IBKR account via Client Portal
2. Select Transfer & Pay followed by Transfer Funds and Deposit Funds
3. Set currency to Australian Dollar (AUD)
4. Click the Get Instructions button next to Online BPAY
5. Enter the Amount in AUD and select Continue.
6. You will see a page with the Biller Code and Customer Reference Number (CRN)
7. Log in to your bank's online payment system and initiate a BPAY and include the Biller Code and Customer Reference Number (CRN) provided by IBKR

International transfer via SWIFT payment (For a bank account you hold outside Australia only)

The Society for Worldwide Interbank Financial Telecommunication - SWIFT - is a network that allows banks to communicate financial information securely.

SWIFT payments are offered by most banks for international money transfers, and involve a series of banks which work together to make sure your money arrives at your account.

If you transfer AUD from a financial institution outside Australia, they may require the use of an intermediary or correspondent bank to route the payment through before reaching your account. This is called a cross-border payment.

Bank transfers can take time to complete, particularly when it comes to cross-border payments. Clients are increasingly accustomed to a payments experience that feels instant, but making a payment to another country can be much more complex and time-consuming.

Processing bank transfers involves a number of steps, particularly for cross-border payments. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.

There are a number of reasons why cross-border payments may be delayed or held up. First, not all account balances can be updated outside the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions.

Difference between domestic and international bank transfer

Banks make a local transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international bank transfer. The differences between these two bank transfers affect the number of fees banks charge and the duration it takes to complete the transfer.

How long does it usually take for my funds to arrive?

*Please consult with the sending institution about the costs to process your payment as this may vary by financial institution. IBKR does not charge fees for the deposit of funds.

Note: IBKR credits funds real time upon receipt under normal circumstances. Please note that we do not have influence on the speed of transfer. You may consult with the sending institution regarding their processing times and cut off times. Payments that are subject to additional review may take longer to credit.