My Withdraw Is Rejected (IBKR)

[virtusa]

Nope. I think Schwab allows that, but my impression is that most do not.

I have/had several brokers. I think none of them accept wire transfers to other bankaccounts than the account where to money came from. I remember that I read it in tye conditions of several of these brokers.

If you can send money directly to pay bills, you can also send it to an offshore account anywhere. That's exactly what they don't want.

 

[Sig]

E*TRADE allows it. Vanguard allows it. Probably 2x a year i transfer money to other entities, some on the order of your hypothetical example. It’s a serious lacking in a service that would benefit wealthy people who have private investments.

Schwab definitely allows it, just did a foreign wire to a contractor in another country with no issues two weeks ago.

 

[newwurldmn]

Schwab definitely allows it, just did a foreign wire to a contractor in another country with no issues two weeks ago.

What proper financial institution wouldn’t offer this service? Maybe a bucket shop in Cyprus

 

[Maverick2608]

I think there is a distinction between clients and brokers in the US og and clients and brokers outside the US. The likelihood of these transfers being allowed is much higher for US brokers serving US clients.

 

[tomorton]

The brokers I have used here in the UK will only remove funds from the trading account back to the holder of that account, they won't convey them on to any third party even on the client's instructions.

In fact, they will only allow a withdrawal to the client's same account he used to make the deposit. So I can't make a deposit from e.g. my credit card and then withdraw money from the account to my bank account.

I don't mind this slight inconvenience for the sake of better security. I don't really want a trading account that can be used to move money here, there and everywhere, even if they offered the choice.

 

[walter739]

Hello. I have this problem with IB when i open my account. Example:

Real Name Passport: RAFAEL LISANDRO DOMINGUEZ PEREZ
Account BOFA: RAFAEL PEREZ ( the system in BOFA for two names and last names long not apply. My name for received and send transfer it is short).

Account: IB RAFAEL LISANDRO DOMINGUEZ PEREZ
In this situacion for each deposit or withdraw i need explication to IB
Solution; I explain IB my situation and they modify only my account name to RAFAEL PEREZ.
No more problems.

Maybe can help you this information.

 

[tomorton]

Hello. I have this problem with IB when i open my account. Example:

Real Name Passport: RAFAEL LISANDRO DOMINGUEZ PEREZ
Account BOFA: RAFAEL PEREZ ( the system in BOFA for two names and last names long not apply. My name for received and send transfer it is short).

Account: IB RAFAEL LISANDRO DOMINGUEZ PEREZ
In this situacion for each deposit or withdraw i need explication to IB
Solution; I explain IB my situation and they modify only my account name to RAFAEL PEREZ.
No more problems.

Maybe can help you this information.

Good result.

The form of name is important. Many people have been refused boarding onto an aircraft because their ticket was in the name John Smith and their passport showed their name was John David Smith.

All these regulations are a pain if you don't realise they are there. But they have a purpose.