Opened an additional IB account but can only fund in 2 currencies?

[breadcrum]

I have an existing IB account and can fund it in many different currencies. I opened a new account and need to fund it in Japanese Yen but it lets me only choose HKD and USD. Anyone with similar experience?

On a different note, is it possible to fund my IB account with a cash deposit from my bank account where the bank account holder's name is different from the IB registered name? I want to fund my wife's account and wonder whether that is possible?

 

[thecoder]

For such cases (sending funds to your brokerage acct) I can recommend you to use https://wise.com/
Multiple currencies (besides USD, EUR, GBP, and some more, also CNY), you can convert from one currency to other etc. and then also do cheap ACH transfer (much better&cheaper than wire transfer) to US bank accts, incl. your brokerage acct.

 

[murray t turtle]

On a different note, is it possible to fund my IB account with a cash deposit from my bank account where the bank account holder's name is different from the IB registered name? I want to fund my wife's account and wonder whether that is possible?

%%
I doubt that;
even though they may let you deposit/ask them.

 

[breadcrum]

Their fees are very expensive imo...I look to fund directly via wire transfer from my bank which only costs a converted 20 us dollars or less.

For such cases (sending funds to your brokerage acct) I can recommend you to use https://wise.com/
Multiple currencies (besides USD, EUR, GBP, and some more, also CNY), you can convert from one currency to other etc. and then also do cheap ACH transfer (much better&cheaper than wire transfer) to US bank accts, incl. your brokerage acct.

 

[thecoder]

Their fees are very expensive imo...I look to fund directly via wire transfer from my bank which only costs a converted 20 us dollars or less.

It maybe depends on the amount you want to transfer. For small amounts like under $1000 it's much cheaper than wire transfer, I guess it's less than $1 (I recently only made an ACH transfer over $350 and the cost was only $0.51).

 

[breadcrum]

Yeah and that is the problem, I am talking several hundred thousand to 2 million dollars. That is when transferwise becomes ridiculously expensive compared to bank wire transfers. Anyway, I chatted with IB and an internal transfer from sole individual accounts to a join account is manual and can take weeks. I will probably just have the funds wired out of my account to my bank and then wired to the joint account, faster and still cheap enough.

It maybe depends on the amount you want to transfer. For small amounts like under $1000 it's much cheaper than wire transfer, I guess it's less than $1 (I recently only made an ACH transfer over $350 and the cost was only $0.51).

 

[luisHK]

I have an existing IB account and can fund it in many different currencies. I opened a new account and need to fund it in Japanese Yen but it lets me only choose HKD and USD. Anyone with similar experience?

On a different note, is it possible to fund my IB account with a cash deposit from my bank account where the bank account holder's name is different from the IB registered name? I want to fund my wife's account and wonder whether that is possible?

That s odd, is it with IBHK ?? I used to have an acct there and a whole array of funding currencies were available. There have been less options available with the recently created IBEU entities, IB wrote they were in the process to allow more funding currencies but don t know how it evolved

 

[breadcrum]

Yes with IB HK. I have an existing individual IB HK account linked to my advisor account and can fund via many different currencies. The new joint account has three options:HKD, USD, and offshore RMB. That's it. Indeed, very strange

That s odd, is it with IBHK ?? I used to have an acct there and a whole array of funding currencies were available. There have been less options available with the recently created IBEU entities, IB wrote they were in the process to allow more funding currencies but don t know how it evolved