So same situation at IBCE, and it s considered an international wire transfer by the receiving bank, not a Sepa.
There s no ACH either.
Did u wire eur out of ur account since the account transfer ?
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New EU IB entities, funding issues, no Sepa, no HKD
- Thread starter luisHK
- Start date
So same situation at IBCE, and it s considered an international wire transfer by the receiving bank, not a Sepa.
There s no ACH either.
Did u wire eur out of ur account since the account transfer ?
You may need to check with your bank, perhaps the stated percentage is coincidental. Generally banks charge fixed fees for wires not based on percentage of transfer amount. At least TD, Scotiabank, HSBC, DB does.
Even in IBHK there have been changes last year. Before I could via free local transfer move foreign currencies from my HK HSBC account to IB HK. Now only HKD. All other currencies to my IBHK account need to be sent via wire transfer through the hub of that currency, for example sending CAD from HSBC HK to IBHK must be wired through a correspondent bank in Toronto before its credited to my IBHK account. Just saying there have been changes regarding local transfers involving different currencies.
But I get your point here, it seems it's just that IB in Ireland is not yet setup for local withdrawals (its called SEPA? Not sure in Europe). I reckon its just a timing issue.
Even in IBHK there have been changes last year. Before I could via free local transfer move foreign currencies from my HK HSBC account to IB HK. Now only HKD. All other currencies to my IBHK account need to be sent via wire transfer through the hub of that currency, for example sending CAD from HSBC HK to IBHK must be wired through a correspondent bank in Toronto before its credited to my IBHK account. Just saying there have been changes regarding local transfers involving different currencies.
But I get your point here, it seems it's just that IB in Ireland is not yet setup for local withdrawals (its called SEPA? Not sure in Europe). I reckon its just a timing issue.
Thanks Virtusa, though I just had a cursive look at the link so far
Problem with IB Ireland seems to be they don t offer Sepa yet, just ibternational bank transfers, my bank doesn t charge for Sepa yet charged 0.4% on this, I think the standard charge for them on International bank transfers.
Had the same problem with Bank of China in the UK a few years back btw, from HSBC UK money transfers to EU coutries were Sepa and free, but with BOC they were international bank transfers and incurred charges, although I can t remember a bank charging 0 4% on receiving those.
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No, I haven't yet. But I noticed they still have 1 eur fee for SEPA withdrawals under "fees" section https://www.interactivebrokers.hu/en/index.php?f=38209 (Withdrawals, EUROPE, currency EUR: Wire 8 eur, SEPA 1 eur). Maybe they will add SEPA functionality in the near future. IBUK "F" accounts didn't have SEPA either.
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The ACH transfer option for USD deposits/withdrawals and the Bill Pay option for USD deposits are also missing from IBIE. These are both free and efficient ways of sending cash to/from US bank accounts which were always available with IBUK. As with EUR transfers they're only offering bank wires for USD which may incur $15-$25 fees at the customer's end.
Thanks guys for your replies, what are the F accounts ? Those from IB Lite ?
Checking the remitting bank switft code for my withdrawal it states IBKRUS33XXX, it looks like the Citi Bank swift code IB uses for many transactions so IB would be sending the funds from the US, which sucks considering we are talking about withdrawing EUR from a EU based broker to a EU based account.
Talking of a lot more than 15 to 25$ charge here, I´ll contact my bank later but fees seem to be 0.4% on received funds for international transfers. Utter scam, but there it is, and I´ve used corporate accounts in France before and the fees were also absurd if not pre negotiated, which sounds harder to do as a private customer with not much activity on its account, although with a decent account balance. Those silly rules are among the reasons I don´t want to keep much money in Spain, but still try to always have cash on local bank account for at least half a year
Still haven´t heard back from IB btw, but this looks like a significant shortcoming for a EU brokerage (lack of several currencies for funding compared to the former IB account is another serious issue)
Checking the remitting bank switft code for my withdrawal it states IBKRUS33XXX, it looks like the Citi Bank swift code IB uses for many transactions so IB would be sending the funds from the US, which sucks considering we are talking about withdrawing EUR from a EU based broker to a EU based account.
Talking of a lot more than 15 to 25$ charge here, I´ll contact my bank later but fees seem to be 0.4% on received funds for international transfers. Utter scam, but there it is, and I´ve used corporate accounts in France before and the fees were also absurd if not pre negotiated, which sounds harder to do as a private customer with not much activity on its account, although with a decent account balance. Those silly rules are among the reasons I don´t want to keep much money in Spain, but still try to always have cash on local bank account for at least half a year
Still haven´t heard back from IB btw, but this looks like a significant shortcoming for a EU brokerage (lack of several currencies for funding compared to the former IB account is another serious issue)
Thanks guys for your replies, what are the F accounts ? Those from IB Lite ?
Checking the remitting bank switft code for my withdrawal it states IBKRUS33XXX, it looks like the Citi Bank swift code IB uses for many transactions so IB would be sending the funds from the US, which sucks considering we are talking about withdrawing EUR from a EU based broker to a EU based account.
Talking of a lot more than 15 to 25$ charge here, I´ll contact my bank later but fees seem to be 0.4% on received funds for international transfers. Utter scam, but there it is, and I´ve used corporate accounts in France before and the fees were also absurd if not pre negotiated, which sounds harder to do as a private customer with not much activity on its account, although with a decent account balance. Those silly rules are among the reasons I don´t want to keep much money in Spain, but still try to always have cash on local bank account for at least half a year
Still haven´t heard back from IB btw, but this looks like a significant shortcoming for a EU brokerage (lack of several currencies for funding compared to the former IB account is another serious issue)
F account at IBUK was subaccount for investments that are not available for usa users (London gold, CFDs, ...).
I'll make withdrawal tomorrow and see what happens.
Thanks guys for your replies, what are the F accounts ? Those from IB Lite ?
Checking the remitting bank switft code for my withdrawal it states IBKRUS33XXX, it looks like the Citi Bank swift code IB uses for many transactions so IB would be sending the funds from the US, which sucks considering we are talking about withdrawing EUR from a EU based broker to a EU based account.
FWIW, Citibank's swift codes begin with the CITI identifier. IBKRUS33XXX is IB's own swift code (brokerages, securities dealers, asset managers and a few other entities can have their own swift codes, just like banks), so the wire came directly from IB. Also it looks as if IB has switched from Citi to JP Morgan Chase, at least for receiving wire transfers in EUR (at JPM's Frankfurt branch) and USD (at a JPM branch in NYC)
F account at IBUK was subaccount for investments that are not available for usa users (London gold, CFDs, ...).
I'll make withdrawal tomorrow and see what happens.
From: IBCE
To: EU bank
Currency: EUR
Withdrawal took 3 business days, sender bank BIC code: IBKRLULL (INTERACTIVE BROKERS LUXEMBOURG SARL). This is Wire/SWIFT transfer, with SEPA (from IBUK) it usually took 3 hours.