What transfer methods are available to Clients for CAD as a funding currency?

IBKR has a bank account located at a Canadian bank which is eligible to receive CAD via Canadian transfer methods such as Bank Wire transfer, Canadian Online Bill Payment, and Canadian Electronic Funds Transfer (EFT). Bank wire needs to be used in case your bank is located outside of the Canada.

What information does my bank need to transfer CAD via Bank Wire?

We will provide you the CAD bank routing information upon completing the deposit notification in Client Portal.

1. Log in to Client Portal
2. Select Transfer & Pay followed by Transfer Funds and Make a Deposit
3. Scroll down and select Canadian Dollar (CAD) as the currency
4. Click Get Instructions next to Bank Wire as your deposit method and follow the prompts on screen
5. Once the instructions are submitted and confirmed, you can indicate the amount you wish to deposit

IBKR will provide you the account number, transit number, address of our bank account for transfer method Bank Wire, as well as our SWIFT/ BIC Code.

The deposit notification itself does NOT move your funds, you will need to go to the bank to initiate an actual wire deposit on top as well.

How to create a Canadian Online Bill Payment Notification?

This is an electronic fund transfer method available for CAD currency deposits from a CAD currency account held in your name that originates from an online payment service provided by your financial institution located in Canada.

1. Log in to Client Portal
2. Select Transfer & Pay followed by Transfer Funds and Make a Deposit
3. Scroll down and select Canadian Dollar (CAD) as the currency
4. Click Get Instructions next to Online Bill Pay as your deposit method and follow the prompts on screen
5. Once the instructions are submitted and confirmed, you can indicate the amount you wish to deposit

Then submit your bill payment on your bank's online payment service. You will simply need to add Interactive Brokers Canada as the payee and use your UXXXXXXX account number to transfer your funds.

Again, the deposit notification itself does NOT move your funds, you will need to create both a Billpay Deposit notification in Interactive Broker’s site, and initiate a Bill Pay from your online banking

How to deposit CAD via Canadian Electronic Funds Transfer (EFT)?

EFT is available for CAD currency deposits (for IB-CAN entity accounts) from a CAD currency account held in your name at a bank located in Canada that allows EFT transactions. IBKR limits EFT deposits to $100,000 USD equivalent over seven business days.

1.  Log in to Client Portal
2. Select Transfer & Pay followed by Transfer Funds and Make a Deposit
3. Scroll down and select Canadian Dollar (CAD) or United States Dollar (USD) as the currency
4. Click Get Instructions next to Connect Your Bank via EFT as your deposit method and follow the prompts on screen
5. Once the instructions are submitted and confirmed, you can indicate the amount you wish to deposit

In setting up an EFT, you will first be required to enter your bank account number (do not include the transit numbers). Then, under sending institution, click Search and input the 5 digits transit and 3 digits institution numbers.

You will also be required to complete two sets of verifications with each new instruction. The first verification is through the use of a Registration Confirmation Number which will be sent to the user email address of record to confirm your email address. The second verification sends debit and credit amounts to your bank which appear on your bank statement and which must be confirmed in your Pending Items’ page in Client Portal. This verification ensures that the person entering EFT bank information is the legitimate owner of the EFT bank account. Once the information is confirmed, you may create your first EFT deposit notification via your funding page in Client Portal by following the steps listed above.

How long does it take for the funds to be credited to an IBKR account for clients using CAD as funding currency?

 *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.

What are Giro/RTGS (Viber) transfers and International Bank Transfers (SWIFT) for HUF?

There are two different transfer methods available for transferring HUF depending of the location of your bank.

GIRO/ RTGS VIBER (domestic) transfers are available at banks located in Hungary for bank-to-bank transfers while banks located outside of Hungary will likely offer International Bank Transfers (SWIFT).

Giro /RTGS (Viber) payments

The Hungarian Internal Clearing System (ICS) operated by GIRO Zrt. is a payment system for the interbank clearing of domestic HUF transfers and direct debits. It is a "Real Time Gross Settlement" system called VIBER.

Banks that are connected to it will allow you to transfer HUF quickly and inexpensively between banks located in Hungary. It will be required to know the Bank Code, Branch Code and Account number of the receiving party.

You do not necessarily have to select GIRO or RTGS (VIBER) in your online banking. Your bank may call it "Bank-To-Bank transfer"  or "domestic payment method" using the details mentioned above.

SWIFT payment

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 HUF from a financial institution outside of Hungary, the payment would likely be routed via a correspondent bank located in Hungary before reaching your account. Such payments are known as cross-border payments and often take more time to complete because of the complexity associated with involving multiple banks.

Bank transfers can take time to complete, particularly when it comes to cross-border payments, because of the complexity associated with involving multiple bank in the payment chain.

Processing bank transfers involves a number of steps, particularly for cross-border payments. These are sent via the correspondent banking network and typically pass between several different banks along the way. 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 of 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 transfers

Banks make a domestic 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.

IBKR credits funds real-time upon receipt. Please note that we do not have influence on the speed of transfer. Please consult with your bank regarding their processing times.

Payments that are subject to additional review may take longer to credit.

How do I deposit SGD to Interactive Brokers?

IBKR's bank account for SGD is held in Singapore and is eligible to receive SGD transfers via domestic bank transfer (e.g. FAST) or international bank transfer (SWIFT). If your bank account is held with a local Singapore bank they will usually process SGD transfers as a domestic local transfer while clients with bank accounts outside of Singapore will use an international bank transfer (SWIFT).

We will provide you the SGD bank routing information upon completing the deposit notification in Client Portal. IBKR will provide you our bank account title and bank account number which are usually required for domestic SGD transfers from an account held in Singapore. SWIFT code will be provided for international bank transfers from a bank account held outside of Singapore. A SWIFT code is generally not required for domestic SGD transfers.

Please include your brokerage account number in the template you setup with your bank.

How long will it take for my SGD transfer to arrive?

The timing for SGD deposits varies based on the payment network your bank uses to transfer the funds.

*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 SGD.

Note

1. IBKR credits funds real-time upon receipt under normal circumstances.
2. 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. Transfers that are subject to additional review may take longer to credit.

What are SWIFT and RTGS transfer methods for NOK?

IBKR is able to receive NOK transferred via international bank wire (SWIFT) or RTGS (Real Time Gross Settlement payments system) to deposit NOK to your account, no matter if your bank is located within or outside of Norway.

Typically your bank may call those transfers just regular wire transfers, electronic bank transfers or bank-to-bank transfers and may not distinct between international bank wire versus RTGS. You may want to consult with your bank for further information

about the transfer system they use to facilitate your payment.

SWIFT payment

The Society for Worldwide Interbank Financial Telecommunication - understandably shortened to 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 NOK from a financial institution outside of Norway, they may require to use a so called intermediary or correspondent bank to route the payment through, before reaching your account and they are called cross-border payments.

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. These are sent via the correspondent banking network and typically pass between several different banks along the way. 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. Firstly, 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.

RTGS payment

RTGS stands for Real Time Gross Settlement and is the fastest way to sent money from one bank account to another within the country. Banks charges fees for this real time settlement, that vary by bank.

RTGS method is mostly used for transaction of high value. Its a system where there is continuous and real-time settlement of fund-transfers. You may not be able to select this transfer method in your online banking screen.

It is rather a system your bank will use in the background to transfer your funds upon your request if the funds are transferred within the country. You  may consult with your bank which payment system they use to transfer funds.

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 credit 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.