What is an International Bank Transfer (SWIFT) for ZAR?

As IBKR`s bank account for ZAR is located in the UK, your bank will be able to transfer ZAR via international bank transfer (SWIFT payment).

Your bank will require the IBAN and SWIFT code of our bank to process your payment.

South African Residents only:

The South African Reserve Bank (SARB) has currency exchange control rules in place for South African residents. Find detailed information using the below link:

https://ibkr.info/article/2888

Current Situation

Our cashiering account is a non-resident account. Therefore, we are permitted to:

• Receive deposits in ZAR from other non-resident accounts.
• Disburse ZAR from our cashiering account to non-resident accounts.

• Receive deposits from accounts of South African residents.
• Disburse ZAR to accounts of South African residents.

SWIFT payment

The Society for Worldwide Inter-bank 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 ZAR from a financial institution outside of South Africa, the payment would likely be routed via a correspondent bank located in South Africa before reaching your account. Such payments are know as cross-border payments and often take more time to complete because of the complexity associated with involving multiple banks.

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 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 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. You may consult with your bank regarding their processing times. Payments that are subject to additional review may take longer to credit.

What are payment transfer methods for USD?

There are several different transfer methods available depending of the location of your bank for USD transfers.

Bank Wire

To make a wire deposit to your account you will first need to provide a deposit notification through Client Portal. Once logged in to Client Portal, select the Transfer & Pay and then Transfer Funds menu options. From there you will select "Make a Deposit" followed by the Deposit Method of "Bank Wire". Click the "Get Instructions" button to get started. 

You will then be prompted to input your delivering bank details including deposit amount, currency of denomination and sending institution. Once that information has been input you will be provided with all the details (e.g., ABA number, Swift BIC Code and bank account number) in a printable form which you, in turn, can provide to your bank in order for it to initiate the wire transfer.

Please note that creation of this notification is essential as the details necessary for your bank to wire funds vary by the currency in which the wire is denominated. In addition, this notification also serves to ensure that the funds are properly matched to your account immediately upon arrival.

Direct ACH Transfer

One-time setup at your bank to link to your IBKR account. After linking accounts, log in at your bank to initiate transfers.

ACH

Automated Clearing House (ACH) deposits/withdrawals may be made to your IBKR account from and to your bank. The method referred to as ‘Connect Your Bank’ means your transfer request will be automatically processed through a message sent to your bank by IBKR.  Prior to using this method, you will need to create a standing instruction through Transfer and Pay which authorizes IBKR and your bank to electronically transfer funds between the two accounts. 

Online Bill Payment

Online Bill Payment is only available in USD. One-time setup of IBKR as a payee in your bank's bill payment application. After initial set-up, use your bank's bill payment application to move funds from your bank to IBKR.

Check

(For paper and mail based deposit of funds)

Before sending your check deposit, you should write your account number on the check. We highly encourage you to create a deposit notification, which allows us to efficiently identify your incoming funds for proper credit to your account. The specific mailing instructions, including the printing of the deposit form, and addresses will be displayed during the deposit notification process. The IBKR address for sending your check will be printed on the deposit form. Upon receipt of this deposit the notice should update to provide the availability date of the deposit.

Mobile Check

US clients using IBKR Mobile with IB Key two-factor authentication can deposit endorsed checks drawn on a US bank into their account from anywhere using Mobile Check Deposit.

Mobile Check Deposit is NOT supported for: IRAs, MMCs, partitioned accounts or Advisor Masters (Advisors cannot deposit into client accounts).

Request for Payment (RFP)

Request for payment is a message that you could send via IBKR and its supporting bank to your bank to trigger a real-time credit transfer directly to your IBKR account. Your bank will prompt you via push notification or e-mail to review and approve the payment request.

Upon receiving your approval, your bank will send a real-time credit transfer directly to IBKR's bank and IBKR will credit your account. Real-time payments are done on a 24x7xx365 payments managed by the Clearing House and available to all federally insured U.S. depository institutions.

Wise

IBKR offers the ability to link your Wise account with your Interactive Brokers account. Once linked, you can use your Interactive Brokers account to initiate a transfer of funds from your Wise account and/or withdraw funds to your Wise account.

Please note: If it is your first time using Wise as a funding method, you will be redirected to wise.com to authorize your Wise account to be linked to Interactive Brokers. If you currently do not have an account at Wise, you will be prompted to create one. This linkage only needs to be established once.

To deposit funds via Wise: Login to Client Portal and select Transfer & Pay followed by Transfer Funds. Click Make a Deposit and select the Currency you would like to deposit from the drop down menu. Upon selecting an eligible currency, select “Bank Transfer Via Wise” OR "Transfer from Wise balance" as the funding method.

Bank Transfer via Wise: Offers a direct integration to deposit foreign currencies. Wise will convert your funds into an IBKR-supported currency for this method (which is EUR/USD) and deposit it into your IBKR account. Please note that this option requires the creation or linking of a Wise account.

Transfer from your Wise Balance: Initiate a funds transfer from your Wise multi-currency account to your IBKR account. Wise converts your funds into a IBKR-supported currency for this method (which is EUR/USD) and transfers the funds to your IBKR account.

Once you have a linked Wise account, you will be presented with the Quote screen. The Source Currency will populate with the currency you selected above, and you will need to choose a Target Currency to be deposited into your Interactive Brokers account (eg USD or EUR). You can modify the quantity of the Source Currency to see the applicable fees, current FX rate, the amount of the Target Currency that will arrive in your Interactive Brokers account and the expected arrival time. Once confirmed, you will be given the Wise bank account details and instructions to send the funds.

How long will it take for my USD transfer 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.

What are RTGS transfers and International Bank Transfers (SWIFT) for TRY?

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

RTGS (Real Time Gross Settlement System/domestic) transfers are available at banks located in Turkey for bank-to-bank transfers while banks located outside of Turkey will likely offer International Bank Transfers (SWIFT).

In both cases your bank may just require the IBAN and SWIFT code of our bank to process your payment.

RTGS payments

RTGS (Real Time Gross Settlement payment) is a special type of payment where the transfer of money takes place from one bank to another within Turkey on a real time and gross basis.

Settlement in real time means the payment is not subject to any excessive waiting period. You usually are required to know the IBAN and SWIFT of the receiving bank account. Your bank will automatically select the payment system based on your location and you will likely have no choice to select in your online banking. Otherwise, please consult with your bank for information about how they process your payment.

SWIFT payment

The Society for Worldwide Inter-bank 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 TRY from a financial institution outside of Turkey, the payment would likely be routed via a correspondent bank located in Turkey 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.

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 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.

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

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.