IB wire withdrawal issues

traderslair · Mar 10, 2012

If you did not use the correct SWIFT number and your own account number and bank address then it's you to blame.

osho67 · Mar 10, 2012

Quote from rwk:

I have done deposits by wire in the past with no problem. Wire transfers are apparently an anachronism requiring significant human interaction. Now that ACH transfers are available in both directions, there doesn't seem to be any reason to use wire transfers anymore.

I don't see how you can blame IB for a bank screwup.

What is ACH ? Is it available for UK? Thanks

Cdntrader · Mar 10, 2012

Quote from TheGoonior:

That's quite bizarre. Did you talk directly to the funds & banking people? I find it very odd that in this day and age that someone can "lose" an electronic transfer.

You think? lol

Just typical bullshit by banks to make it "complicated" so they can charge a fee.

I mean how hard can it fuckin b to transfer funds from 1 accnt to another??and do we really need more than ONE system to do it.??

Ridiculous.

EverythingIhad · Mar 10, 2012

Is this a joke? I did my monthly wire yesterday. It took me about a minute to process (maybe less) and the money was in my bank account within the hour. No complaints about IB from me, best brokerage I have used and I've been through most of em.

J.P. · Mar 10, 2012

Quote from EverythingIhad:

Is this a joke? I did my monthly wire yesterday. It took me about a minute to process (maybe less) and the money was in my bank account within the hour. No complaints about IB from me, best brokerage I have used and I've been through most of em.

+1
I've used IB wires a few times. They were way more efficient than any bank I've ever used.

Bigpipn · Mar 10, 2012

Withdrawal submitted on Tuesday at 10:30am EST, funds in PNC account by 1:15 PM the same day and this isn't the first time it's happened.

Now FXDD on the other hand is a completely different story. I currently have >$100k in there and I have submitted a withdrawal 38 times in the last month for $50,000, filed multiple complaints with the NFA (NFA has maintained contact throughout the entire process) and I still have not even had even as much as a courtesy reply email from FXDD. If anyone has an FXDD account please contact me via PM

I figured more people would read this message in an IB conspiracy theory thread

noone3 · Mar 12, 2012

Quote from tenthousandmen:

noone: your English is great, however if you are really outside of the country (us), wires will always be difficult, especially now a days.

ach is reported to be easier for international transfers.

If you are a us citizen (work on getting it if not), try opening a us bank and credit card to do your spending on.

No I do not live in the US, and thus, I just found out that the ACH method does not apply for bank accounts outside the US.
Therefore, the best method would be the international wire transfer.
As for the info provided, it was 100% accurate and the names match. I have done multiple wires in the past, so i have a general idea of how they work.
The problem is with IB's bank, or between their bank and my bank. It still sounds ridiculous that i have to wait sooo many days for a resolution. As of now, the situation remains unchanged.
Wire request date: Feb 24
Today: May 12

velosoandre · Mar 13, 2012

Quote from osho67:

What is ACH ? Is it available for UK? Thanks

Nop, ACH is a system for US Transfers between US Banks. But I think UK has a similar automated system called CHAPS

Traveler · Mar 13, 2012

What are your wire instructions? Maybe we can figure it out. Please omit your account numbers!

I've had some success with lost wires by just calling the intermediate bank myself and talking to the wire desk. If there was some problem with it, they can clear it or reject it back to the sender if unsure.