European Assets Transfers
Overview:
European Position Transfers
IB can accommodate transfers in the following countries on a manual basis:
- Belgium: options, futures
- France: stocks, options, futures
- Germany: stocks, warrants, options, futures
- Italy: options, futures
- The Netherlands: stocks, options, futures
- Spain: stocks, options, futures
- Switzerland: stocks, options, futures
- United Kingdom: stocks, options, futures
- Austria: stocks
- Sweden: stocks, options, futures
Customers wishing to transfer positions to an IB account must fill out the Interactive Brokers Transfer of Assets in Europe form and provide the following additional information:
- customer contact information (phone number and e-mail address)
- delivering broker contact information (contact person, phone number and e-mail address)
- approximate value of the securities to be transferred
- desired settlement date of the transaction(s)
The request is to be made either
- by attaching the form to a Ticket via the Message Center in Account Management.
- or by fax at +41-41-726-9599.
Upon receipt of the Transfer of Assets form, IB will verify the request to insure that we are able to support the transfer.
Once done, we will send a confirmation to the customer. And if we are able to support the transfer, we will thereafter contact the customer’s clearing broker to organize it.
Please note the following points:
- All transfers to an IB account from another clearing broker must be delivered free of payment, FOP.
- Interactive Brokers only accepts products that are available for trading on the IB system. Certain products cannot be held in your IB account including: money market deposits, many bonds and similar fixed income instruments, many mutual funds, limited partnership units and certain classes of stock. IB holds all positions in the firm accounts in non-registered form. We do not support individual registration of positions. Positions in registered shares will be converted to non-registered form by default.
- For initial account funding, your transfer must meet our Minimum Initial Deposit requirements or the transfer will be rejected.
- You will not be able to withdraw any funds or transfer any assets to another broker for ten business days after an account transfer is received.
Free of Payment (FOP) Transfers
Overview:
Free of Payment (FOP) is term used by IB to refer to a process of transferring long US securities between IB and another financial institution (e.g. bank, broker or transfer agent) through the Depository Trust Company (DTC).
The FOP transfer method is often used when:
1. The delivering form is not a DTC ACAT (Automated Customer Account Transfer) Participant.
2. The customer would like to expedite the delivery of their securities. The processing time frame for securities transferred via FOP may, in certain instances, be less than that associated with an ACATS transfer.
The following steps are to be followed in order to create a FOP notice:
1. Log into Account Management.
2. Select Funding or Funds Management and then Position Transfers.
3. From the drop-down list, select the Transfer Method: Free of Payment.
4. Select the applicable transaction Type: Deposit or Withdraw.
5. In the case of a FOP Withdrawal, the steps are as follows:
- Select the Destination to whom the securities are being transferred.
- Enter your account number of the Third Party Broker Acount Information.
- Specify the security (Stock, Warrants or US Bonds).
- Enter the Symbol, Shares and the Exchange (optional) and click Add.
- Provide your electronic signature authorizing the transfer request and clicking on the Continue button.
- Verify your identity by entering your password and clicking on the Confirm Request button;
- If your account is enrolled in the Secure Transaction Program (STP), the processing of your request will take place once you enter your confirmation code and click on the Confirm Request button. If not STP enrolled, your request will be subject to security verification, requiring that you contact our Customer Service Center to validate your identity and request.
6. In the case of a FOP Deposit, the steps are as follows:
- Select the Source to whom the securities are being transferred.
- Enter your account number of the Third Party Broker Acount Information.
- Specify the security (Stocks, Warrants or US Bonds).
- Enter the Symbol, Shares and the Exchange (optional) and click Add.
- Provide your electronic signature authorizing the transfer request and clicking on the Continue button.
- A printable version of the FOP request is made available should your transferring firm require an authorization form.
7. Transfer requests are typically completed within five business days.
IMPORTANT NOTE:
While IB does not assess a fee to process FOP transfers, other firms may and we therefore recommend that you confirm with the contra-firm their policies in this regard prior to submitting a request. In the event a contra-firm does charge a fee to IB, the fee will be passed to the IB account holder.
Glossary terms:
What is a partial ACATS transfer and what is the typical timeframe for its completion?
A partial ACATS transfer exists when the customer elects to transfer only a select group of assets from one broker to another rather than the entire account. As this type of transfer requires that the customer specify those assets to IB, the Account Management interface through which notification is provided precludes the entry of any security not eligible to be carried by IB. This effectively minimizes the need for an asset review and accommodates a transfer time frame ranging from 2 to 4 business days.
Glossary terms:
What is the typical timeframe for completion of a full ACATS transfer request?
A full ACATS transfer request will generally be completed or settled anywhere between from 4 to 7 business days. The actual time which any one request may take depends upon a number of factors, most notably being the speed at which the delivering broker responds to the initial request, the ability of the two brokers to successfully corroborate the customer’s account details (e.g., account title, account number, taxpayer identification number, etc.), whether the list of account assets requires adjustment due to the inclusion of securities not eligible to be carried by the receiving broker, and/or if the effect of the transfer would be to violate the receiving broker’s credit policy (i.e., create a margin deficiency).
Withdrawal restrictions applicable to assets transferred via ACATS
Assets transferred to IBKR via ACATS are subject to a withdrawal hold period of up to 30 days, the count of which begins the day after the transfer has settled and ends at midnight of the 30th day thereafter. Note that assets are often credited to an account holder’s equity and made available for trade prior to transfer settlement. The date at which a given ACATS deposit is eligible for withdrawal may be determined through the Transaction History function within Client Portal.
Links:
Assets eligible to be transferred through ACATS
Instruments handled by the ACATS system include the following asset classes: equities, options, corporate bonds, municipal bonds, mutual funds and cash. It should be noted; however, that ACATS eligibility does not guarantee that any given security will transfer as each receiving broker maintains its own requirements as to which asset classes as well as securities within a particular asset class it will accept.
Account holders are encouraged to use the Contract Search link on IB’s homepage to assess transfer eligibility prior to initiating a full account transfer request. In the case of mutual funds, please click here for a list of fund families and funds offered by IB.
ACATS Rejections - Most Common Causes
The rejection of an ACATS transfer request is typically initiated by action of the delivering broker once that broker has had an opportunity to review the request and confirm the details of the account to be transferred. In the case of certain rejection notices (i.e., categories 1-5 and 10 below), the ACATS process affords the receiving broker (IB) a 24-hour window within which revised information may be transmitted and after which time the transfer request will require resubmission by the client. During this 24-hour window, IB will attempt to contact the transferring client in an effort to reconcile any discrepancies causing the initial rejection notice. Rejections generally fall into the following categories:
Rejections by the Delivering Broker:
- Social Security Number/Tax ID Mismatch - the client taxpayer identification number as provided by the receiving broker does not agree with that of the delivering broker’s records.
- Account Title Mismatch - the client account title as provided by the receiving broker does not agree with that of the delivering broker’s records.
- Documentation Needed – the delivering broker requires additional account documentation in order to process a transfer request (e.g., death or marriage legal documents).
- Account Flat – account holds no transferable assets.
- Invalid Account Number – the client account number as provided by the receiving broker is not on delivering member’s books.
- Duplicate – delivering broker is already in receipt of a transfer request involving the same receiving broker and client account..
- Account in Distribution or Transfer – another ACATS transfer or other distribution of account assets directly to client is already underway.
- Client Rescinded – client has submitted written request to cancel transfer request.
- Missing Authorization Signature – transfer request requires an additional client and/or custodian signature.
Rejections by the Receiving Broker:
10. Credit Violation - the result of the transfer if effected would be to place the account in margin deficit and subject to forced liquidation.
Glossary terms:
PROCESS FLOW - FULL ACATS TRANSFER
Overview:
An ACATS transfer request typically takes 4 business days to complete and may take as long as 7 business days depending upon the circumstances involved in the transfer. Outlined in the table below is a process flow of the transfer process, including typical time frames for each stage of the process.
PROCESS FLOW - FULL ACATS TRANSFER
|
Step
|
Transaction History
|
DTCC Stage |
Description
|
Result
|
Time Frame
|
|
1
|
Token Confirmed |
- |
Customer submits transfer instructions to IB via Account Management.
|
Begins transfer process.
|
Day 1.
|
|
2
|
Acknowledged | Request |
Receiving broker (IB) electronically transmits request via ACATS.
|
NSCC generates reports confirming transfer request to both IB and delivering broker.
|
Day 1 if Step 1 completed prior to 11:30 PM ET, else Day 2.
|
|
3
|
Acknowledged | Request |
Delivering broker has up to 1 day to review transfer request for accuracy of account details and accept or reject.
|
If validated, delivering broker submits asset list;
If rejected, delivering broker enters applicable rejection code.
|
Day 1 to Day 3, depending upon timing of customer submission, each brokers input relative to the ACATS multi-batch processing cycles and the ability of the two brokers to corroborate the customer’s account details.
|
|
4
|
Acknowledged | Review |
If transfer request was accepted by delivering broker, the receiving broker (IB) has up to 1 day to review asset list.
|
If asset list was received, receiving broker (IB) can either accept the account, request adjustments (e.g., where asset lists include securities not eligible at receiving broker), or reject the account (e.g., where account is not in margin compliance).
|
Day 2 to Day 4, depending upon events as noted above as well as decision of receiving broker to accept the account or request adjustments.
|
| Rejected | Rejected | If transfer request was rejected by delivering broker, depending upon the nature of the rejection the receiving broker may have up to 1 day to resubmit request. |
If transfer request was rejected by delivering broker, receiving broker may correct and resubmit request or take no action and let request reject. | Day 2 to Day 4, depending upon events as noted above as well as decision of receiving broker to accept the account or request adjustments. | |
|
5
|
Acknowledged
|
Settlement Prep |
If receiving broker (IB) accepts the account the assets are staged and ‘locked’ for transfer. Assets begin to transfer.
|
Neither the delivering nor receiving firm can adjust or delete the ACATS transfer. Settlement will take place next business day.
|
Day 3 to day 6.
|
|
6
|
Processed
|
Settlement Close |
Assets Settled.
|
|
Day 4 to day 8.
|
Glossary terms:
Links:
How can I check the status of funding transactions?
Overview:
IBKR provides account holders with a tool that provides real-time updates and current status of all deposit and withdrawal transactions relating to both cash and positions which have taken place over the prior 45 calendar day period. This tool is made available through the secure Account Management application and may be accessed via the Transfer & Pay and then Transaction History menu options.
Display
By default, the Transaction History page shows all of your funding transactions for the past ten days. You can adjust that up to the past 90 days by adjusting the time slider. Click and drag the slider right or left to change the time. The page updates to display all of your funding transactions for the selected period.
By default, transactions are displayed by date in descending order. Change the sort order by clicking any column heading. To change the sort order from descending to ascending, click the column heading again. For example, if you want to view all deposits listed together, click the Type column heading.
Click the Configure (gear) icon to configure the transaction history to display additional information, including Account ID, Account Title and Method.
To view transaction details, click anywhere on a transaction row. Details for the transaction appear in a popup window. From the transaction detail popup window, you can perform any of the following operations:
- Cancel any transaction that has a status of Pending by clicking Cancel. Click Yes to confirm the cancellation.
- Print the transaction details by clicking Print.
- Stop payment on a check withdrawal.
- Close the popup window by clicking the X icon in the upper corner.
- Note: DO NOT CLICK THE CANCEL BUTTON UNLESS YOU WANT TO CANCEL THE TRANSACTION.
Search and Filter
Search for a specific transaction by Account ID, Account Title, Transaction Type (deposit, withdrawal, etc.), Transaction Method (check, wire, etc.), or Status by typing the search criteria in the Search field, and then clicking the Search (magnifying glass) icon. Search words are not case-sensitive.
Filter the transaction history by Transaction Type, Method or Status.
Print and Export
To print the transaction history as currently displayed, click the Print icon located in the upper right corner of the screen.
To export your transaction history to an XLS file (Microsoft Excel-compatible), click the Export icon located in the upper right corner of the page. You are prompted to save or download the .XLS page to your computer (depending on your web browser). Once saved, you can open that file in Microsoft Excel.
Links:
I'm trying to transfer assets from my account at Fidelity via ACATS but can't find that broker on your dropdown list.
Overview:
Fidelity Investments uses its National Financial Services affiliate for certain clearing, custody and brokerage services including ACATS transfers. To initiate a full or partial ACATS transfer from a Fidelity account, select National Financial Services (DTCC No 0226) from the drop-down broker list.
