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

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

Your bank will require the IBAN and SWIFT code of our bank to process your payment. Your bank may also ask you to provide the correspondent bank of our bank for AED transfers which will also be displayed upon completing a deposit notification. Please note that in most cases your bank will select the correspondent bank automatically and there will be no need to enter those details in your online banking.

Please ensure that you send funds to our bank located in the UK using the IBAN starting with "GB". Funds that are sent directly to the correspondent bank will not be accepted and will be rejected. Fees may apply for the return of the funds. Please ensure you select AED as the currency if your bank asks if you'd prefer to have it sent in local currency.

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 AED from a financial institution outside of the United Arab Emirates, the payment would likely be routed via a correspondent bank 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. 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.

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.