What is an eDDA?

eDDA stands for Electronic Direct Debit Authorization.  It is a Transfer Service in Hong Kong that provides clients with a fast and convenient way to draw funds, in HKD or CNY, from their Hong Kong bank account to credit their IBKR account.  Once the initial eDDA setup request has been confirmed by your bank, you can top up your IBKR account at any time by simply confirming the transfer amount.

Deposit method details: 

How to setup my bank account for eDDA Transfers?

To setup a new bank account for eDDA deposits you simply need to select the transfer currency, provide your Hong Kong bank account number and confirm your authorization for IBKR to establish an eDDA on your behalf.

Follow the steps below to setup your bank account for eDDA Transfers to your IBKR account:

1. Login to Client Portal
2. From the Transfer & Pay menu select Transfer Fund then Make a Deposit and Use a new deposit method
3. Select the Currency (HKD or CNH) you wish to deposit from the drop down menu
4. Locate the eDDA Deposit Method "Instant Local Transfer via eDDA" and click Setup a new eDDA
5. Choose Your Bank from the dropdown list available (note: if you cannot find your bank in the list, it is not currently available for eDDA transfers to IBKR)
6. Input your Bank Account number (including your branch code)
7. Click the Confirm button after providing an Account Nickname and your Signature

How will I know if my eDDA setup request was successful?

In some instances we will be able to confirm your request within 15 seconds.  If your bank is taking longer to respond, we will send you an email notification as soon as they do.

While some banks are able to process your eDDA setup request immediately, many will process same day.  It is also possible for an eDDA setup request to take up to 5 days to be processed by your bank. If you are experiencing delays, you may wish to contact your bank.

You can also check the status of your eDDA setup request by reviewing your available deposit methods in the Client Portal.  Your submitted eDDA setup request will be visible on the Make a Deposit menu.  You can check the status by clicking on the (i) icon.

How to initiate an eDDA transfer?

Once your eDDA setup request has been confirmed, you can make an eDDA transfer at any time by simply selecting your saved instructions and confirming the transfer amount.  Most banks will transfer the funds to your IBKR account immediately.  However it is possible to take a few hours.

Follow the steps below to make an eDDA transfer to your IBKR account:

1. Login in to Client Portal
2. From the Transfer & Pay menu select Transfer Funds and then Make a Deposit
3. Select the Currency of the deposit from the drop down menu (i.e. HKD or CNH)
4. Under "Select from Your saved Deposit Information" Section
5. Locate your Previously setup eDDA deposit
6. Follow the remaining instructions provided to initiate the transfer with your bank. 

To avoid any unnecessary charges by your bank, please ensure you have sufficient funds in your bank account before initiating an eDDA transfer.

Troubleshooting

Why was my eDDA setup request rejected by my bank?

There are several possible reasons for your eDDA Instruction to be rejected by your bank, here are some examples:

1. Your Personal Information registered with IBKR does not match your bank's records:

a)  Name of account holder

b)  Identification document type

c)  Identification document number

2. You have input a wrong Bank Account Number or entered the Branch Code multiple times.  Please make sure branch code is only input in the designated field, and not repeated as part of the account number.
3. You may have input the Credit Card/ Debit card number instead of bank account number for the setup.
4. Your bank account is a joint account or corporate account:

a)  Most banks accept eDDA setup on joint accounts which have 'either party' as signatory. However, please confirm with your particular bank if this is supported.

b)  Joint accounts with 'all parties' as signatories are not accepted for eDDA.

c)  Most banks do not support eDDA setup on corporate accounts. 

5. Your bank account status may be inactive or frozen.
6. Your bank may require you to login to your Internet/Mobile banking to confirm your eDDA authorization request.
7. Your bank does not support using a multicurrency account for eDDA Transfers

Why was my eDDA deposit transfer rejected?

There are several possible reasons for your eDDA transfer to be rejected, here are some examples:

1. You have insufficient funds in your bank account to cover your deposit instruction
2. Your requested transfer exceeds your bank accounts transfer limit
3. Your requested transfer exceeds your bank accounts daily transfer limit
4. Your eDDA setup may have expired
5. Your bank account status may be inactive or frozen
6. Your particulars (e.g. name, ID type & number) or your bank account number have been changed since your eDDA setup was approved

If you continue to experience multiple eDDA rejections for the same bank account after checking the common reasons listed above, you can raise a ticket via the secure message center to notify us of the issue.  Follow the steps below to raise a ticket:

1. Login to Client Portal’s secure message center
2. From the Compose button menu select New Ticket
3. Select Funds & Banking from the How can we help you today? menu
4. Select Cash Deposits from the Is your issue regarding… menu
5. If you are trying to setup a new eDDA Instruction, select Deposit in question is not listed here and then click the click the My question is not about a specific deposit button.
   If you are trying to make a deposit using an eDDA Instruction that has been successfully setup, select the impacted deposit attempt.
6. Provide the details of the problem you are encountering and select eDDA from the Method dropdown list

How to cancel an eDDA Setup?

You can cancel your ability to transfer funds to your IBKR account via eDDA at any time by following the below steps:

1. Login in to Client Portal
2. From the Transfer & Pay menu select Saved Information
3. Click on your eDDA Instruction under the Bank Information to review its details
4. Click "X" and confirm you would like to delete the information