使用eDDA轉賬進行存款

eDDA是什麽?

eDDA全名是“電子直接扣款授權”。這是香港的一種轉帳服務,可供客戶以一種方便快捷的方式從香港銀行賬戶提取港幣或人民幣款項,存入其IBKR賬戶。eDDA授權開通請求經您銀行確認後,您只需填寫轉帳金額便可隨時爲您的IBKR賬戶充值。

存款方式詳情:

支持的幣種

港幣、人民幣(取决于您銀行支持的幣種)

銀行賬戶類型

賬戶名稱與IBKR賬戶相同的個人或聯名賬戶

轉帳限額

您的銀行或銀行賬戶配置可能會設有轉帳限額。請聯繫銀行瞭解詳細信息。

費用

由您的銀行决定,通常爲免費。

所需時間

eDDA開通和轉帳可支持即時處理,但可能會因您銀行的響應時間而有所延遲。

交易限制期

取款限制期

3個工作日

如何爲我的銀行賬戶開通eDDA轉帳?

要爲銀行賬戶開通eDDA存款,您只需選擇轉帳幣種,提供您的香港銀行賬戶號碼,再確認授權IBKR代您創建一個eDDA即可。

您可根據以下步驟爲銀行賬戶開通eDDA功能以向IBKR進行eDDA轉帳:

  1. 登錄www.interactivebrokers.com /sso/Login?action=FUND_TRANSFERS&type=DEPOSIT">客戶端
  2. 轉帳與支付菜單選擇轉帳資金,然後選擇存款使用新的存款方式
  3. 在下拉菜單中選擇您想要存款的幣種(港幣或離岸人民幣)
  4. 找到eDDA存款方式通過eDDA的即時本地轉帳,然後點擊開通新的eDDA
  5. 從給出的下拉列表中選擇您的銀行(請注意:如未能在列表中找到您的銀行,即表示該銀行目前不支持向IBKR進行eDDA 轉帳)
  6. 輸入您的銀行賬戶號碼(包括分行代碼)
  7. 提供一個賬戶昵稱幷簽名,然後點擊確認按鈕

如何判斷自己的eDDA開通請求是否成功?

部分情况下,我們能够在15秒內確認您的請求。但如您銀行的回復時間較長,我們將在收到其回復後向您發送電郵通知。

雖然有些銀行可立即處理您的eDDA開通請求,但許多銀行只會在當天處理。您的銀行也可能最多需要5天才能完成處理您的eDDA開通請求。如果遇到延遲,請聯繫您的銀行。

您也可以通過在www.interactivebrokers.com /sso/Login?action=FUND_TRANSFERS&type=DEPOSIT">客戶端中查看可用的存款方式來瞭解eDDA開通請求的狀態。您提交的eDDA開通請求將出現在存款 菜單點擊(i)圖標了查看具體狀態。

如何發起eDDA轉帳?

eDDA開通請求經確認後,您只需選擇已保存的存取款指令幷確認轉帳金額,便可隨時進行eDDA轉帳。大多數銀行可立即將資金轉帳到您的IBKR賬戶,但有些也可能需要數小時。

請根據以下步驟向您的IBKR賬戶進行eDDA轉帳:

  1. 登錄www.interactivebrokers.com /sso/Login?action=FUND_TRANSFERS&type=DEPOSIT">客戶端
  2. 轉帳與支付菜單選擇轉帳資金,然後選擇存款
  3. 在下拉菜單中選擇您想要存款的幣種(港幣或離岸人民幣)
  4. 從您已保存的存款指令中選擇部分下
  5. 找到您早前設置的eDDA存款
  6. 根據剩餘的說明前往您的銀行發起轉帳

爲避免被銀行收取不必要的費用,在發起eDDA轉帳前,請確保您的銀行賬戶裏有足够的資金。

 

故障排除

 爲什麽我的eDDA開通請求被銀行拒絕?

eDDA指令被銀行拒絕可能涉及幾個原因,以下爲一些例子:

  1. 您在IBKR登記的個人信息與銀行記錄不相符:

a)       賬戶持有人名稱

b)       身份證明文件類型

c)       身份證明文件號碼

  1. 您輸入的銀行賬戶號碼有誤或重複輸入了分行代碼。請確保分行代碼僅輸入在指定區域,在填寫賬戶號碼的區域沒有重複輸入。
  2. 您在開通請求時輸入的可能是信用卡/借記卡號碼,而非銀行賬戶號碼。
  3. 您的銀行賬戶是一個聯名賬戶或公司賬戶:

a)       大多數銀行可接受以“其中一方”作爲簽署方的聯名賬戶開通eDDA,但請與您的銀行確認是否支持。

b)       “各方”均作爲簽署人的聯名賬戶無法開通eDDA。

c)       大多數銀行不支持公司賬戶開通eDDA。

  1. 您的銀行賬戶可能處于不活躍或凍結的狀態。
  2. 您的銀行可能需要您登錄互聯網/移動銀行平臺來確認您的eDDA授權請求。
  3. 您的銀行不支持使用多幣種賬戶進行eDDA轉帳

 爲什麽我的eDDA存款轉帳被拒絕?

eDDA轉帳被拒可能涉及幾個原因,以下爲一些例子:

  1. 您的銀行賬戶內沒有足够資金支持您的存款指令
  2. 您請求的轉帳超出了銀行賬戶轉帳限額
  3. 您請求的轉帳超出了銀行賬戶每日轉帳限額
  4. 您的eDDA授權可能已過期
  5. 您的銀行賬戶可能處于不活躍或凍結的狀態
  6. 您的個人信息(如姓名、證件類型和號碼)或銀行賬戶號碼自eDDA開通授權獲批以來已經過期

如檢查了上述的常見原因後,eDDA轉帳仍然多次被同一家銀行拒絕,您可通過安全消息中心發送諮詢單,告知我們有關問題。請參照以下步驟創建諮詢單:

  1. 登錄客戶端的www.interactivebrokers.com /sso/Login?action=CS_WEB_TICKET" target="_blank">安全消息中心
  2. 撰寫按鈕菜單選擇新諮詢單
  3. 有什麽可以幫您?菜單選擇資金與銀行
  4. 您的問題是否是關于…菜單選擇現金存款
  5. 如果您是在嘗試設置新的eDDA指令,請選擇相關存款未在此處列出,然後點擊我的問題不是關于某一筆特定存款按鈕。
    如果您是在嘗試使用已成功設置的eDDA指令進行存款,請選擇受影響的相應存款。
  6. 提供您所遇到問題的詳情,然後在方式下拉列表中選擇eDDA

如何取消eDDA授權?

您可隨時根據以下步驟取消通過eDDA向IBKR賬戶轉帳資金的功能:

  1. 登錄www.interactivebrokers.com /sso/Login?action=FUND_TRANSFERS&type=DEPOSIT">客戶端
  2. 轉帳與支付菜單選擇已保存信息
  3. 銀行信息下點擊eDDA指令查看詳情
  4. 點擊“X”,幷確認您想要删除該信息

Deposit Funds Using an eDDA Transfer

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: 

Supported Currencies

HKD, CNY     (Dependent on the currencies supported by your bank)

Bank Account type

Individual or Joint accounts held in the same name as the IBKR account

Transfer Limit

Limits may be set by your Bank or Bank accounts configuration.   Please contact your bank for further information.

Fees

Determined by your Bank, generally free

Timing

eDDA setup and transfers can support instant processing but may take longer depending on the response times from your bank.

Trading Hold

None

Withdrawal Hold

3 Business Days

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 menuYou 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

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

  1. Your bank account status may be inactive or frozen.
  2. Your bank may require you to login to your Internet/Mobile banking to confirm your eDDA authorization request.
  3. 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

Funding Via Wise

What is Wise?
Wise (formerly TransferWise) is an international online money transfer service that supports 55 currencies in 80 countries, mainly providing cross-boarder money transfer and foreign exchange services. Wise offers lower transaction fees than cross border bank transfers, are faster to arrive than cross-border bank transfers, and they offer competitive foreign exchange rates.

Through our collaboration with Wise, IBKR is able to provide you the following services while logged into the IBKR platform:
  • Link your IBKR account to your WISE account for funding
  • Transfer currency not directly supported by IBKR (e.g. RON, BGN, BRL, MYR, IDR)  from your local bank to Wise, convert at Wise and credit your IBKR account with a supported currency ( e.g. EUR, USD, etc)
  • Transfer from existing Wise balance to your IBKR account and back
 
Does IBKR allow deposits and withdrawals via Wise?
Yes, clients can deposit funds into their IBKR account via Wise and can also withdraw funds from their IBKR account back to their Wise account.
 
Who is eligible to use Wise funding methods ?
Individual clients of IBLLC, IB-UK, IBIE, IBCE, IB-HK, IB-CAN, IB-AU are eligible to use Wise for funds transfers.
 
Note that the Wise funding methods are being gradually released and will be available to all eligible clients by end of March 2023.

Is it your first time using a Wise funding method?
If it is your first time using a Wise funding method in Client Portal, 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. IBKR will prefill your application for a Wise account with information (name, email, etc) from your IBKR account and you will have to login to wise.com to complete the on-boarding process and upload the documents Wise may ask for.

This linkage of your Wise and IBKR accounts only needs to be established once. You may only link to an account under your name at Wise.
 
How can I deposit funds via Wise?
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.

If it is your first time using a Wise funding method, you will be prompted to link your Wise account.
 
Bank Transfer via Wise: Offers a direct integration to deposit local currencies (e.g. RON, BGN, BRL, MYR, IDR).  You will send a local currency to a Wise bank account and Wise will convert and deposit to your IBKR account a currency supported by IBKR. The list of local currencies depends on the IBKR entity where you have your IBKR account.
 
You will be presented with the Quote screen. The Source Currency will populate with the local currency you selected above, and you will need to choose a Target Currency to be deposited into your IBKR account (e.g. USD , EUR). You can modify the quantity of the Source Currency to see the applicable fees, the conversion rate, the amount of the Target Currency that will arrive in your IBKR account and the expected arrival time. Once confirmed, you will be given the Wise bank account details and instructions to send the funds.

With respect to timing, funds can take from a few hours to a few business days to move from your local bank to Wise and then up to a full business day to move from Wise into your IBKR account, depending on the currencies involved.
 
Transfer from Wise Balance: You can see the balances in your multi currency account at Wise and you can initiate a funds transfer into your IBKR account. You can either transfer the funds you hold at Wise without any conversion when the currency is supported in your IBKR account OR you can choose to convert your funds at Wise and transfer a supported currency ( e.g. EUR,USD) to your IBKR account.

Funds take from a few hours to a full business day to appear in your IBKR account after leaving your Wise account, depending on the currency.
 
How can I withdraw funds to my Wise account?
You may withdraw a supported currency (e.g EUR, USD)  from your IBKR account to send into your Wise account.
 
To withdraw funds to your Wise account, login to Client Portal and select Transfer & Pay followed by Transfer Funds.
Click Make a Withdrawal and select the Currency you would like to withdraw from the drop down menu. Upon selecting an eligible currency, select “Transfer to Wise” as the withdrawal method.
 
If it is your first time using the "Transfer To Wise: withdrawal method, you will be directed to link your Wise account to your IBKR account. Once you have a linked Wise account, you will be prompted to create your withdrawal destination with the information pre-populated from your Wise account. Once created, you will be presented with a screen with your saved destinations, and your newly created destination will display as “Transfer to Wise”. Choose this selection, enter the amount, and submit the withdrawal request for processing.
 
Funds take from a few hours to a full business day to appear in your Wise account after leaving your IBKR account, depending on the currency.
 
Is there a fee to transfer funds via Wise?
There may be a fee associated with transferring funds via Wise. If applicable, this fee will be presented to you on the confirmation screen prior to submitting your funds transfer request.
 
Can I make a withdrawal to a third party via Wise?
No, you may only withdraw funds to an account under your name at Wise.
 
Who can I contact for any issues regarding my transfer?
Please contact IBKR for any inquiries regarding the initiation of your transfer in Client Portal or if your payment did not arrive in your IBKR account but left your Wise account more than 1 business day in the past.
 
For any other inquiry regarding the status of your payment or issues surrounding your payment from your bank to Wise or pending at Wise, please login directly into your Wise account and contact Wise customer service.
 
Where can I get additional information about Wise and their services?
Please refer to the Wise Help Center at www.wise.com/help.

 

Common FAQs when depositing USD from a DBS Bank account to an IBSG account

How do I obtain Interactive Brokers Singapore DBS USD bank account details?

To obtain instructions for depositing USD into your IB Singapore account through a DBS Singapore bank account follow the steps below:
  1. Log in to Client Portal.
  2. From the Transfer & Pay menu select Transfer Funds and then Make a Deposit.
  3. Create a new deposit instruction by selecting USD as the Currency of the deposit from the drop-down menu.
  4. To get the Instructions select YES to "Are you transferring funds from DBS Bank in Singapore?".
  5. Then you will be presented with IBKR’s DBS Singapore receiving bank account details.

Notes

  • Upon completing the deposit notification, you will need to contact the institution that is transferring funds to initiate the transaction.
  • You may be asked to provide the name and account number for the institution you are transferring funds from and the amount IBKR should expect to receive.
  • As part of its anti-money laundering efforts, IBKR implements restrictions on certain client deposits and withdrawals.
  • Find out more about Funds Transfer Restrictions in the IBKR Knowledge Base.

 

Why were my funds received in SGD?

Receiving your USD deposit in SGD usually happens when the wrong wallet is selected on the DBS banking platform. SGD is generally the default wallet selected on the banking platform. To change the wallet, after selecting Interactive Brokers Singapore’s DBS bank account as the recipient:

Mobile Application

  1. Tap on the bank account number
  2. Select USD under Currency

Website Banking Platform

  1. Select USD from the drop down list

If you are uncertain on how to navigate the banking platform, please reach out to DBS support for further assistance.

 

Why did I receive the error message “Enter a valid foreign currency corporate account that has 13 digits or starts with 885”?

The error message “Enter a valid foreign currency corporate account that has 13 digits or starts with 885” appears when overseas wire/foreign transfer is selected instead of local transfer. Please ensure that on the Mobile Application, select Pay and Transfer then Local Transfer. On the Website, select Transfer then To other DBS or POSB account.

 

Can I deposit USD from a Non-DBS bank account to the DBS USD receiving bank account?

No, you can not deposit USD from a Non-DBS bank account to the DBS USD receiving bank account.

Depositing into a DBS USD receiving bank account is exclusively for clients initiating the USD transfer from a DBS bank account. If you are depositing USD from a non-DBS bank account, you will need to create a corresponding deposit notification within Client Portal by selecting "No" to "Are you transferring funds from DBS Bank in Singapore?" in order to obtain IB's USD receiving bank account details for our US bank.

Please Note

  •  Transfer attempts in USD to our DBS account from a non-DBS bank account may result in rejections and fees charged.

 

What are SWIFT and Bankgiro payments for SEK?

There are two different transfer methods available for SEK transfers depending on the location of your bank.

Bankgiro transfers are available between banks located in Sweden. Banks located outside of Sweden will offer International Bank Transfers (SWIFT).

Bankgiro

Bankgiro is the payment system for the Swedish market in which all banks are included. You obtain a Bankgiro number from your bank and the bank connects your bank account with your Bankgiro number.

On the day of payment, a withdrawal is made from the payer's account and a deposit is made to the payee. For further information, see: https://www.bankgirot.se/en/about-bankgirot/our-offer/payment-systems/bankgiro-system/

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 SEK from a financial institution outside of Sweden, 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. Firstly, 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 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?

Payment Type

Timing

Approximate Cost*

Bankgiro

same day up to 1 business day

free of cost or very low cost

International bank transfer (SWIFT)

from 1 to 4 business days

vary by bank

*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 in 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 ZAHAV and SWIFT payments for ILS?

There are two different transfer methods available depending of the location of your bank for ILS transfers.

If you are located in Israel your bank will give you the choice to select between domestic and international bank transfers. Please ensure that you select ZAHAV payment. For clients outside of Israel the common transfer method to use is an International Bank Transfer (SWIFT).

ZAHAV payments

The ZAHAV system (a Hebrew acronym for Real Time Credits and Transfers), which was launched in Israel at the end of July 2007, is an RTGS (Real Time Gross Settlement) system that operates in most of the world's countries (both developed and developing countries). It is an advanced system for the real-time, final, efficient and reliable settlement of shekel payment​s in Israel. The system operates in parallel with the regular settlement method, in which the transactions that are transferred via the clearing house are not final in the course of the business day. Payment instructions transferred in the ZAHAV system, however, are carried out immediately and are final once they are carried out.

The online banking system of your bank located in Israel may give you the choice between ZAHAV and Masav payments. Please ensure that you select ZAHAV as Masav payments are not supported by IBKR.

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 ILS from a financial institution outside of Israel, they may require to use 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. Firstly, 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 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?

Payment Type

Timing

Approximate Cost*

ZAHAV

same day up to 1 business day

free of cost or very low cost

International bank transfer (SWIFT)

from 1 to 4 business days

vary by bank

*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 in 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.

GBP Deposit Types with Interactive Brokers

 What are CHAPS, BACS, SWIFT and Faster Payment transfer methods for GBP?

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

Most banks in the UK offer local transfer methods called CHAPS, BACS and Faster Payment as well as international bank transfer (SWIFT). 

Banks located outside of the UK may offer solely international bank transfer (SWIFT) to transfer GBP.

CHAPS payment

The Clearing House Automated Payment System - CHAPS - has been in operation since 1984.

CHAPS payments are used for retail and wholesale, high value payments within the UK. Although there's no minimum payment limit, CHAPS payments are not generally used for low value transfers because they’re typically quite expensive to process.

CHAPS payments are usually worth over £10,000, and can be settled immediately, making them perfect for large, and critical transfers which have to be received right away.

BACS payment

BACS stands for Banker’s Automated Clearing Services.

BACS payments are used for bank transfers within the UK, including direct debits. Usually it takes a couple of days to receive a BACS payment, which can be up to the value of £20 million for retail clients. Usually, a Bacs payment takes three working days to go through.

Faster Payments

Faster Payments are available for bank to bank transfers within the UK, and are typically one of the quicker ways to move money between bank accounts. In most cases a Faster Payments transfer is processed in a matter of seconds but can take longer, depending on cut off times at the sending bank. Twenty-three (23) banks and building societies currently offer this service, and they can each set their own transaction limits and charges. The maximum transaction limit set by the Faster Payments operator is £250,000.

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 UK banks and building societies, for international money transfers, and involve a series of banks which work together to make sure your money arrives at your account. SWIFT payments are the most common choice for UK high street banks making international payments but they’re not necessarily the cheapest or fastest option.

If you transfer GBP from a financial institution outside of the UK, then you may be required to use a so called intermediary or correspondent bank to route the payment through, before the funds reach your account and this is called cross-border payments.

Wire 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 wire 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.

What is the difference between the different payment methods?

Each of the different payment types has specific advantages and limits.

  • SWIFT payments are used to make international bank transfers from the UK OR from financial institutions located outside of the UK
  • Faster Payments are usually used for regular customers who need to transfer smaller amounts of money quickly within the UK.
  • BACS payments are used for UK payments, but take a little longer to process than Faster Payments.
  • CHAPS payments are processed immediately, and used mainly when transferring amounts worth over £10,000, within the UK.

How much does a CHAPS, BACS, SWIFT or Faster payment cost?

The costs of using different payment methods varies quite widely. Usually the most expensive type of transfer is a SWIFT payment, used for making international bank transfers.

For payments within the UK, the costs vary depending on the type of payment. BACS payments are usually quite slow, but free or only a few pennies to process. Faster Payments may cost a little more, but are still cheap - and a lot quicker than BACS. CHAPS payments are more expensive again - but can be used for high volume, time critical payments, when it’s essential your money is received on the same working day.

We advise you to consult your bank on the fees they charge you for each offered transfer method and the time for processing on their end.

 

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Sources:

https://wise.com/gb/blog/chaps-bacs-swift-faster-payments

https://www.barclays.co.uk/help/payments/payment-information/bacs-chaps-faster-payments/

https://en.wikipedia.org/wiki/BACS

https://moneytransfers.com/bank-transfers/bacs-payments

https://www.airwallex.com/blog/chaps-vs-bacs-payments-whats-the-difference

 

https://www.investopedia.com/terms/i/iban.asp

https://www.fin.do/blog/62_swift-transfers-explained

https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp

https://pdf.co/blog/differences-between-domestic-and-international-wire-transfers

https://www.mycreditunion.gov/about-credit-unions/products-services/money-transfers

 

 

What are SEPA and SWIFT transfers for EUR?

For transferring EUR currency , there are two different transfer methods available depending of the location of your bank.

SEPA transfers are available at banks located in the Eurozone and a few other countries.

Banks located outside of this zone will offer International Bank Transfers (SWIFT).

 

SEPA payment

SEPA (or the Single Euro Payments Area) is the new format for cross-border euro (EUR) bank transfers.

SEPA aims to make cross-border EUR transfers within this area equivalent to a domestic transfer within your own country.

SEPA is made up of the Eurozone, countries within the EU and a few other countries which also support EUR bank transfers.

Per EU Regulations, transfers between bank accounts in two different SEPA countries shouldn’t cost any more than a regular, local transfer.

 

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 EUR from a financial institution outside of Germany, they may require the use of an 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 a cross-border payment 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 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?

Payment Type

Timing

Approximate Cost*

SEPA

same day up to 1 business day

free of cost or very low cost

International bank transfer (SWIFT)

from 1 to 4 business days

vary by bank

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

 

What are the available transfer methods to deposit CHF to Interactive Brokers?

If your bank is located in Switzerland, your bank will transfer CHF as domestic payment with low or no cost.
If your bank is located outside of Switzerland, your bank may offer solely international bank transfer (SWIFT) to transfer CHF.

Local CHF payments

If you transfer from a financial institution located in Switzerland, they will be able to process your CHF payment usually as domestic transfer.

By entering a IBAN starting with CHxxxx the system will automatically recognize as local and process the payment accordingly.

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 CHF from a financial institution outside of Switzerland, 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.

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?

Payment Type

Timing

Approximate Cost*

Domestic CHF Transfer

1 business days

free of cost or very low cost

International bank transfer (SWIFT)

from 1 to 4 business days

vary by bank

 

*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.

 

How to Deposit CZK to Interactive Brokers

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

IBKR is currently not offering a local bank account held with a bank in Czech Republic that would allow you to use domestic transfer method to fund your account in CZK.

Depending on which Interactive Brokers entity your brokerage account is held with, you may be directed to deposit CZK into an Interactive Brokers bank account held at a bank in Germany. However, please note that even though the bank account is located outside of the Czech Republic, it is denominated in CZK and can receive CZK transfers without issues. IBKR is currently not offering a local bank account in Czech Republic that would allow you to use domestic transfer method to fund your account.

IMPORTANT: You must instruct your bank to transfer CZK.

If your bank is located in the Czech Republic, your bank application may ask if you would prefer to send funds in the currency of the destination country (which is EUR for Germany). Do not select to transfer EUR, and do not select SEPA as the transfer method as it is only valid for EUR transfers.

Ensure that the currency sent by your bank is CZK.

Certain banks in the Czech Republic may send funds in EUR by default when the destination bank is in Germany if you use their mobile application. We advise you to avoid using the mobile application and switch to their desktop application instead.

A list of banks affected can be found below. Please note that we cannot confirm the accuracy of the information provided, as they are based on client feedback and user experience. We recommend contacting your bank for further assistance on how to use their platforms and how to transfer funds in CZK:

  • mBank
  • ČSOB
  • Komerční Banka
  • Equa bank
  • Česká spořitelna

IMPORTANT: If you send EUR to Interactive Brokers' bank account denominated in CZK, the funds will not arrive at Interactive Brokers and will be returned to the remitter bank account automatically. Interactive Brokers will not be informed nor involved in the return process at the bank. The return process can be lengthy and fees may apply.

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 CZK from or to a financial institution outside of Czech Republic, 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.

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?

Payment Type

Timing

Approximate Cost*

Domestic/Local Transfer method

same day up to 1 business day

free of cost or very low cost

International bank transfer (SWIFT)

from 1 to 4 business days

vary by bank

*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 credit 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.

How long does it usually take for my funds to arrive?

Payment Type

Timing

Approximate Cost*

Domestic/Local Transfer method

same day up to 1 business day

free of cost or very low cost

International bank transfer (SWIFT)

from 1 to 4 business days

vary by bank

*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 credit 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.

 

 

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