Bad news. Now IB refuse wire transfer to new accounts
- Thread starter thepalatinezoom4
- Start date
This is not a rocket science problem.
Simply wire transfer some $$$$ from your new bank account to IB account.
Then wire transfer $$$$ from IB account to your new bank account.
Don't need to complain.
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Doubt this has anything to do with money laundering. Rather about the recent Robinhood thefts. I imagine some would create accounts using fake IDs in certain countries using fake names. An unnecessary extra $50 for international wires, of course the cost shifted to consumers, once more.
EDIT:
I was probably wrong:
Clients residing or maintaining an address in a country designated as having elevated AML risk may only withdraw funds to an account from which that client received a first-party deposit.
So I assume you have another address somewhere with elevated AML or you're not an US citizen?
EDIT:
I was probably wrong:
Clients residing or maintaining an address in a country designated as having elevated AML risk may only withdraw funds to an account from which that client received a first-party deposit.
So I assume you have another address somewhere with elevated AML or you're not an US citizen?
Last edited:
This "problem" exists already much longer than the Robinhood thefts. Several years ago I had already brokers that refused to wire to different accounts than the one from where the money came.
To get around that problem you might close your account and let the money send directly to a new broker. That new broker does not have any bank account from you (if it is not reported by the previous broker). Use then your new bankaccount with your new broker.
One annoying thing is that if your broker sends your money to your bank account, the tax people can see it. And tax you. If they don't see it, they dont' know about the existance and you escape taxation.
If they don't see it, they dont' know about the existance and you escape taxation.
That's the spirit.
That's the spirit.
No need for that from what I understand. Just wire any amount from your account to broker and then make the withdrawal the other way.
Then switch to another broker which does not have this problem. Your choices seem limited regarding your issue.
From my experience IB wants to link you to your bank account(s). So you ask for a ... and they deposit some token amount e.g. 56cents. Then you tell them the amount 56 cents. (this confirms you know your own bank account details. Once this is done your bank account is "linked" to you and you can send or receive money to or from it.
In this way someone else (if they hack into your account) cannot send your money to their account emptying your IB account.
My apologies is this is not 100% correct - but I'm sure an IB rep can confirm or correct it.
In this way someone else (if they hack into your account) cannot send your money to their account emptying your IB account.
My apologies is this is not 100% correct - but I'm sure an IB rep can confirm or correct it.
No more. There is a new policy
Now, to send money to account 123456 you need first receive money from account 123456
You cant add a new account under you name and do a transfer