How to fund InteractiveBrokers (IB) from Transferwise?

chatan

Registered User
Messages
10
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.
 

chatan

Registered User
Messages
10
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 :)
 

carterl

New Member
Messages
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?
 

chatan

Registered User
Messages
10
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?
 

carterl

New Member
Messages
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.
 

marcopoloTW

New Member
Messages
1
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?
"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.
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!
 

barbaros

New Member
Messages
4
Just wondering, if you send USD to IB account using N26 (they use TW to convert the currency) will it be sent under your name or TW's name? Did anyone tried this before? I don't know if they would accept the payment or refuse it.
 

chatan

Registered User
Messages
10
Hi,
@marcopoloTW Probably too late in getting back to you but anyway... As to whether my TW will _still_ get to IB, I just don't know, as I dropped my plan to use IB shortly after that first (very small) transfer. The whole experience of having to take a guess at the process to transfer money was really off-putting; I'll be stickin' to IBANland for now!
 

whatsmoney

Frequent Poster
Messages
76
Hi Chatan
You mentioned "
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".
Is this true? It's not possible to purchase US ETFs from Interactive Brokers??
 

chatan

Registered User
Messages
10
Yep, PRIIPs and all that. I haven't been following this stuff recently but suspect not much has changed
 

petri3

New Member
Messages
1
Here’s communication received from Interactive Brokers Compliance Director regarding TransferWise withdrawals.

“Interactive Brokers current policy regarding electronic money transfers to third parties does not allow for non-US customers to make electronic money transfers to third parties from an IB account. Our current policy only allows electronic money transfer to third parties, such as Transferwise, for US clients.”

So maybe this is why other user can and other can’t if one is US client and the other not ..... what a policy I say , in this modern world of banking
 

shirshegsm

New Member
Messages
1
For the ones who google this thread out: chatan's method still works as of August 2019, i.e. one can do a domestic ACH transfer to an IBKR account putting in the "U*****" IBKR account number as a reference, and in a day or two the money gets successfully credited to said IBKR account.
 
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