How to fund InteractiveBrokers (IB) from Transferwise?

Discussion in 'Investments' started by chatan, 3 Jan 2019.

  1. chatan

    chatan New Member

    Posts:
    4
    In a flurry of New Year enthusiasm for a bit of US investment I've just set up accounts with these entities. Trouble is I now have my doubts as to whether I can actually get any USD into the IB account using this path! Are there folks here who have been successful with this mechanism? If so it would be great if you could tell us how; otherwise feel free to continue reading...

    I have kicked off a small test transfer but now wonder will make it 'across': IB gave me what they call a virtual account number but this includes one non-numeric character and is not accepted by the TransferWise 'form'. A bit of googling inspired me to just drop that character ('U') and hope for the best. (There is a routing number at least anyway). IB have subsequently told me that I could just include the bank's own account number and include my account info in the payment details. But there is no option for payment details in the TW form, other than a 'reference' field, which will - just about - take my account number. IB have also said that transfers from the likes of TW can be rejected as they 'are not sent in the client's name' and/ or 'not sufficient payment reference' is included. Given that the account name is 'Transferwise FBO <my name>' I would hope the first of those concerns is covered but overall, not looking terribly promising.

    In the meantime I haven't cancelled my first transaction attempt - I should know later today whether it gets through, and can share this if of interest or still relevant by then.
     
  2. chatan

    chatan New Member

    Posts:
    4
    FYI, I've resolved this. The first attempt (using the extended account number described above) bounced; for my next attempt I replaced this with the bank's own account number, and used the reference field of the Transferwise form to specify the 'virtual' bit. Of course it's a bit moot now having confirmed in the meantime that it's no longer possible to purchase US-based ETFs from them :)
     
    Dardania likes this.
  3. carterl

    carterl New Member

    Posts:
    2
    Hey, I'm glad I found your post. I'm trying to do the same thing but TransferWise doesn't want to save the recipient, saying it 'cannot currently accept payments to this recipient'.

    When you said: 'I replaced this with the bank's own account number' you meant 40806826UXXXXXXX, right?
     
  4. chatan

    chatan New Member

    Posts:
    4
    Hi,
    In your example above, I would have specified '40806826' as the account number. I then put 'UXXXX..X' in the reference field. This was accepted at that point by TW and subsequently made it to IB. My original attempt, using the extended account number, was also accepted at entry by TW, but was eventually bounced. Looks like you are getting a different issue though?
     
  5. carterl

    carterl New Member

    Posts:
    2
    Thanks for replying.

    I just got an answer from TransferWise:

    "Thank you for getting in touch. I dug into the and the reason, why we cannot send funds to this recipient is that they don’t support 3rd party payments to them.
    This means as we would send funds out under TransferWise, then they wouldn’t accept it. Unfortunately there is nothing we or you can do in this case."

    It looks I'm not going to be able to fund my IB account this way.
     
  6. marcopoloTW

    marcopoloTW New Member

    Posts:
    1
    Hi! It seems like @chatan succeeded to fund the Interactive account via TW, but not @carterl ?
    That's confusing, especially the TW support said to @carterl it will not work, but @chatan transfer went though?

    @chatan can you confirm that you TW transfer still get into IB?

    Thanks!
     
  7. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    36,773