EUR Sepa withdrawals subject to manual review

[luisHK]

There s a new warning when trying to do a Sepa withdrawal, it states it can take up to 48h, which considering IB staff reaction time lately could mean several days more. It s annoying while also having to juggle with the interests to pay IB on positive EUR balances over 50k and the withdrawal limit equal to the EUR available in cash in the account ( the latter one with IB IE at least)
I checked with USD bank wire withdrawal and there was not such a "manual review" warning. Afaik it wasn t there a couple of weeks aho when I did my last withdrawal, the "under review" part of a withdrawal is usually sorted i na few minutes

Anybody else seeing this ? Especially what about customers of IB Ireland ?

 

[luisHK]

here

 

[blink18]

There s a new warning when trying to do a Sepa withdrawal, it states it can take up to 48h, which considering IB staff reaction time lately could mean several days more. It s annoying while also having to juggle with the interests to pay IB on positive EUR balances over 50k and the withdrawal limit equal to the EUR available in cash in the account ( the latter one with IB IE at least)
I checked with USD bank wire withdrawal and there was not such a "manual review" warning. Afaik it wasn t there a couple of weeks aho when I did my last withdrawal, the "under review" part of a withdrawal is usually sorted i na few minutes

Anybody else seeing this ? Especially what about customers of IB Ireland ?

How did you get this warning? Is it limited to some amount? I haven't noticed anything like that, my last SEPA withdrawal was in August.

 

[Collagen]

I confirm got the same msg since many months ago. But the review in my case is fast. I guess since You appeared in the other thread where we discussed the additional documents wanted by IB, that this additional review is a gift by IB for those with residency different than some common parameters.

Personally what bother me with IB is the limit of 3 accounts where we can move our funds which include other broker. I have another broker so i just can move funds in an account denominated in $ and the other one in euro.

 

[luisHK]

How did you get this warning? Is it limited to some amount? I haven't noticed anything like that, my last SEPA withdrawal was in August.

Warning shows after I select a EUR SEPA destination account among the withdrawal methods, the same page where one is asked to enter the withdrawal amount. It doesn´t show if I select a USD bank wire destination account, and might have to do with compliance issues as Collagen mentions below. Doesn´t seem to be related to the amount either, as I own way more USD cash than EUR and only get this warning for the EUR withdrawal request.
You can check on your account management easily, select fund withdrawal, than a Sepa destination account, and see if the warning is there.

I confirm got the same msg since many months ago. But the review in my case is fast. I guess since You appeared in the other thread where we discussed the additional documents wanted by IB, that this additional review is a gift by IB for those with residency different than some common parameters.

Personally what bother me with IB is the limit of 3 accounts where we can move our funds which include other broker. I have another broker so i just can move funds in an account denominated in $ and the other one in euro.

Thanks for your feedback, yes, IB asked me for some (apparently simple) documents recently and I thought both issues might be linked but surprised it only shows up with EUR withdrawal, USD wires haven´t changed. As transition to IB IE hasn´t gone totally smooth I wondered whether it might come from there as well (got feedback from non EU based IB accounts, and they don´t get a similar warning on their SEPA withdrawals)
How long does it take between applying for the EUR withdrawal and seeing the funds leave the account for you ?
As of the limit of 3 accounts, is that something new or also applied only to you and other with extra compliance requirements ? Can you share how u got informed about this ? Although I mostly use one account at the moment, and to withdraw funds, I have over 3 accounts linked to IB brokerage, was actually thinking of opening another bank account in the EU as well as a brokerage where to transfer some shares but that would cause a problem under that rule.

 

[Collagen]

Last time I did the sepa transfer took at most 2 days to see the fund deposited. (note with the same warning You are seeing which is normal procedure in my case) Same when I do ach transfer. But You have to wait at least a business day in the area where your transfer is directed before to see "reviewed" after pending state. (europe for sepa etc) Then "Sent" state appear rather quickly.

Regarding the limit of the withdrawal to 3 accounts I have been directed to this article after the warning:

https://ibkr.info/article/3441

Which doesn't state 3 but I am pretty sure is a limitations for others as well . Someone other else on this forum mentioned it. I took the chance to speak with someone at IB and confirmed the same limitation to 3 accounts. Note that I currently have 5 accounts linked but have been linked before the limitation kicked in. Which happened after the documents nightmare story You are aware. In order to add another account I should before delete three of the current account linked and then add the new one.