What is Request for Payment?

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 new 24x7x365 payments platform managed by The Clearing House and available to all federally insured U.S. depository institutions.

Who is eligible to use Request For Payment?

Real-time payment eligibility depends on your bank's capability to accept the request. U.S. depository institutions are actively preparing to accept RFPs and most are expected to be able to accept requests in the coming months.

What is the transaction amount limit?

The request for payment limit is determined by your bank. Initially limits are expected to be modest (approximately $5,000 to $10,000), but are expected to increase in the future. The RTP network's current credit transfer limit is $1,000,000

How long does it take for the funds to be credited to my account?

Under normal circumstances you should receive the prompt to approve the request for payment and, upon approval, the funds would be credited to your account and available to trade within a few minutes or faster. 

Account holders depositing from a local Japanese bank should send funds via domestic fund transfer.

Please see below for more information regarding how to deposit funds into an IBSJ account.

Instructions for how to deposit JPY into your IBSJ account

A deposit notification will be required. It is recommended that you always enter a deposit notification before arranging a fund transfer with your bank.

Account holders can notify IBKR of an incoming fund transfer by entering a deposit notification in Client Portal by selecting Transfer & Pay followed by Transfer Funds and Make a Deposit.

Local bank transfers should use 'Domestic Bank Transfer.' Overseas accounts able to send JPY should use 'International Transfer.'

Banking instructions will be provided after submitting a deposit information. It is recommended that you always confirm that the banking instructions registered with your bank match those which are provided when creating a deposit notification.

Contact your bank and confirm how to complete a fund transfer using the provided bank instructions.

IMPORTANT: A deposit notification instructs your intent to send funds to your IBSJ account. Notifications DO NOT move any funds. Please arrange with your bank to send funds to your IBSJ account.

What methods can I use to fund my IBSJ account with JPY?

Local - Clients sending funds from a local Japanese domestic bank should send funds via domestic fund transfer.

International - Deposits from overseas bank accounts must use the 'International Transfer' method to send JPY to their IBSJ account. Confirm procedures with your sending institution on how to send an international wire using the provided banking instructions.

For both methods, account holders should confirm fees and procedures with their bank before sending funds. IBSJ is not responsible for fees charged by your bank.

What information does my bank need to transfer funds?

Local - Local Japanese banks will need the IBSJ bank, bank code/branch code, bank account title & address, and 7-digit destination bank account number/VAN*.

*A VAN (Virtual Account Number) is a bank account number assigned specifically to you for domestic fund transfers.  It should be used exclusively for deposits initiated by yourself and should not be shared with anyone else. A VAN will not be used for international fund transfers

International - International transfers require IBSJ's bank information, SWIFT code, bank account title & address, and 10-digit bank account number. Be sure to include your name and U-account number in the memo/reference field of the transfer details. Failure to include this information may delay the arrival of funds to your account.

Contact Client Services should additional information or assistance be required.

What information does IBKR need to transfer funds?

Please create a deposit notification as instructed above.

If funds are sent without a deposit notification, proof of deposit may be requested to credit the funds to your account.

How long does it take for my funds to arrive into my IBSJ account?

Local - Your Japanese bank's daily cutoff times may affect the funds' arrival.

Should clients miss the daily deadline set by their bank, the funds should arrive the next business day. Please confirm this information with your Japanese bank.

International - The arrival of funds may take longer when sending JPY from an international bank via International Transfer (up to 3-4 business days in some cases).

Be sure to include your name and U-account number in the memo/reference field of the transfer details. Failure to include this information may delay the arrival of funds to your account.

Confirm that you have entered a matching deposit notification for your transfer. The arrival of funds may be delayed if funds are sent without a matching deposit notification.

As costs vary by institution, please consult with the sending institution about the costs incurred to process your payment. IBKR does not charge fees for the deposit of funds.

IBKR credits funds to accounts in real-time upon receipt. Please note that we do not have any control over the speed/processing of your fund transfer. You may consider consulting your bank regarding processing times.

Payments that are subject to review may take longer to credit to the account.

Are third-party deposits into my IBSJ account permitted?

Funds must be sent from a bank account held in your name. Funds sent from an account using a different name will be considered third-party and will be rejected.

Does IBSJ charge for deposits?

IBSJ does not charge a handling fee for deposits.

Related fees (including, but not limited to: transfer fees, rejection fees, etc.) are to be paid by the account holder. IBSJ is not responsible for fees incurred due to rejected deposits.

Can I use a fund transfer service such as Wise or Revolut?

Fund transfer services, including Wise and Revolut, cannot be used for funding your IBSJ account. Please use a bank wire to send funds to an IBSJ account.

What is Request for Payment?

Request for Payment (RFP) 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 new 24x7x365 payments platform managed by The Clearing House and available to all federally insured U.S. depository institutions.

Who is eligible to use Request For Payment?

Real-Time Payment (RTP) eligibility depends on your bank's capability to accept the request. U.S. depository institutions are actively preparing to accept RFPs and most are expected to be able to accept requests in the coming months.

What is the transaction amount limit?

The Request for Payment limit is determined by your bank. Initially limits are expected to be modest (approximately $5,000 to $10,000), but are expected to increase in the future. The RTP network's current credit transfer limit is $1,000,000.

How long does it take for the funds to be credited to my account?

Under normal circumstances you should receive the prompt to approve the Request for Payment and upon approval, the funds would be credited to your account and available to trade within a few minutes or faster. 

What transfer method can I use to fund my account in DKK?

IBKRs bank account for DKK is held with our Danish Bank and is eligible to receive DKK via RTGS (Real Time Gross Settlement) or International Bank Transfer (SWIFT).

IBKR does currently not support domestic transfer methods (local bank to bank transfer).

What Information does my bank need to transfer funds?

IBKR will provide you with our IBAN (International Bank Account Number) and the SWIFT code of our bank account upon completing the deposit notification in Client Portal.

If your bank is located in Denmark, they may ask you to provide local bank account details. Please explain that our account is not eligible for local bank to bank transfers and let them advise you on how to transfer funds using our IBAN/SWIFT. IBKR is working to implement local bank transfers, however we cannot provide you a date at this time when it will be available.

If your bank is located outside of Denmark, your bank will typically process payments via international bank wire (SWIFT) or the RTGS payment method. Your online banking will likely show Wire, electronic bank transfer or bank-to-bank transfer as available methods.

Your bank will select the method to transfer your funds on your behalf.

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 DKK from a financial institution outside of Denmark, they may require the use of a so called intermediary or correspondent bank to route the payment through before reaching your account. These 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. 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

Kronos2 is Denmark National Bank's RTGS (Real-Time-Gross-Settlement) system for payments in Danish Krona and it is primarily used for settlement of large-value, time-critical interbank payments. You may consult with your bank which system they use to facilitate your payment.

You will typically not be given a choice on which method your bank will use to transfer your funds, and it depends as well on the size of payments, the banks involved in the transfer and what service your bank offers.

Difference between domestic and international bank transfer

Banks make a domestic wire 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.

Please 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.