Funding Reference

Withdrawals

To make a withdrawal of funds, complete a withdrawal request on the Fund Transfers page in Account Management. IB allows one free withdrawal request every month. After the first withdrawal (of any kind), IB will charge fees for any subsequent withdrawal. Click here to see a schedule of the fees charged after your first monthly withdrawal. Please note your daily and weekly withdrawals may be subject to a restriction based upon the Security Device associated with your account. For information, please click here.

A withdrawal request will be processed only if the customer has sufficient available funds and equity in excess of the initial margin requirement. Available funds are defined as the lower of trade or settlement date funds. If a withdrawal request is rejected, you may re-enter the withdrawal request once there are sufficient available funds and equity in excess of the initial margin requirement.

In accordance with anti-money laundering regulations, all withdrawals will be sent in the name of the account holder.






Wire

Description

Wire transfer requests processed and approved prior to the cut-off times shown below will be sent on the same day under normal business circumstances. Wire transfer requests received after the cut-off times are handled on a best efforts basis. Large withdrawal requests are subject to additional Compliance verification procedures, which may include a telephone call back to the customer.

Wire transfers are processed for same-day credit. However, it may take longer for your bank to credit the funds to your account.

Cut-off times may be earlier than shown below because banks can sometimes take ten minutes or so to process wire requests.

Americas
Currency Local time
USD 16:00 EST
CAD 13:00
MXN 11:50
Europe
Currency Local time
CHF 12:00
CZK 9:30
DKK 15:00
EUR 13:00
GBP 14:00
HUF 15:00
ILS 12:00
NOK 14:30
RUB 9:00
SEK 14:30
Asia-Pacific
Currency Local time
AUD 15:00
HKD 15:00
CNH 16:00
JPY 10:30
NZD 15:00
SGD 16:00



US Automated Clearing House (ACH) Transfer Initiated at IB

Description

ACH withdrawals are only available for US dollar currency withdrawals to an account held in your name at a US bank that will accept ACH fund transfers. Requests approved by 14:00 ET will be sent by 18:00 ET, under normal business circumstances, for next day credit. It may take longer for your bank to actually credit the funds to your account.

Each ACH withdrawal is limited to USD 5,000,000.

When you save the bank information for an ACH Initiated At IB withdrawal, you select the type: ACH Debit & Credit for future ACH Initiated At IB deposit notifications and withdrawal requests between your IB account and your bank account, or an ACH Credit Only for future fund withdrawals only from your IB account to your bank account. You must also enter your bank's ABA number and your bank account number. If you do not know your bank's ABA number, you can search for the correct ABA number. In one to three business days after you submit your request, IB will verify your bank information by crediting two small test amounts and debiting one small equivalent test amount to your bank account. After you verify these test amounts, the instruction will be available for future ACH Initiated At IB withdrawal or deposit requests. Saving the initial bank information does not move your funds; you must create a new ACH Initiated At IB withdrawal request and select the previously-created and verified bank information.




Check

Description

Only available for US currency withdrawals by customers with a US mailing address. Check requests approved by 09:30 ET will be mailed sometime during the next business day. Arrival is dependent on the mail and credit is dependent on your bank.




Canadian Electronic Funds Transfer (EFT)

Description

Available for USD or CAD currency withdrawals to a USD or CAD currency account held in your name at a bank located in Canada that allows EFT fund transactions. Cash will be automatically transferred. EFT requests approved by 09:30 ET will be debited to your account the next business day, under normal circumstances.

Each Canadian EFT withdrawal is limited to USD 5,000,000.

When you save the bank information for an EFT withdrawal, you select the type: Debit & Credit for future EFT deposit and withdrawal requests between your IB account and your bank account, or an EFT Credit Only for future fund withdrawals only from your IB account to your bank account. You must also enter your bank's three-digit institution number, your five-digit transit number and your bank account number. IB will verify your bank information by crediting two small test amounts and debiting one small equivalent test amount to your bank account. After you verify these test amounts, the bank information will be available for future EFT deposit notifications and withdrawal requests. Saving the initial bank information does not move your funds; you must create a new EFT withdrawal request and select the previously-created and verified bank information.




Single Euro Payment Area (SEPA)

Description

Available for IB customers who have accounts with European banks, except IB Canada customers, Separate Trading Limit (STL) sub accounts and Non-disclosed Broker clients. SEPA withdrawals are only available for EURO currency withdrawals. Requests approved by 11:00 Zurich Time will usually be sent on the same business day. If there are unforeseen system errors or the request is approved after 11:00 Zurich Time, the request will be sent on the next business day.

Each SEPA withdrawal is limited to USD 5,000,000.

For more information about SEPA withdrawals, see the European Payments Council web site.




Third-Party Wire Withdrawals


You can request a wire withdrawal of funds from your account to an eligible third party. Only wire withdrawals are allowed.

A third-party withdrawal is a two-step process:

  1. Enter third-party payee information on the Fund Transfers page in Account Management and submit it for approval.
  2. Upon approval of the third-party payee information, submit a third-party withdrawal request for payment to the approved third party. Note that your third-party withdrawal request is also subject to approval.
Eligibility

The following IB LLC, IB UK and IB Canada accounts are eligible to withdraw funds to a third party:

  • Individual, Joint and Trust accounts. The primary account holder and any account user with funding access rights in an Individual account, either account holder in a Joint account, and any trustee in a Trust account with funding access rights can enter third- party withdrawal payee information and initiate third-party wire withdrawals.
  • Registered Advisor accounts. A Registered Advisor is allowed to enter third-party withdrawal payee information for a client if the client has approved additional authorizations for the advisor. Registered Advisors can use third-party withdrawal information that has been entered by a client to initiate a third-party withdrawal for that client. Clients of Registered Advisors can enter third-party payee information for third-party withdrawals and can initiate third-party withdrawals.
  • Proprietary Trading Group STL account master users and Pool accounts.
    The master user and any account user with funding access rights can enter third-party withdrawal payee information and initiate third-party wire withdrawals. Officers, traders or owners of the proprietary trading organization are not eligible unless they have funding access rights.
  • Hedge Fund Accounts. The Fund Investment Manager and any account user with funding access rights can enter third-party withdrawal payee information and initiate third-party wire withdrawals. The Hedge Fund can request third-party withdrawals to vendors and administrators but not to individual investors of the Fund or the Investment Manager.
  • Fully Disclosed Broker accounts. The individual users with funding access rights can enter third-party withdrawal payee information and initiate third-party wire withdrawal requests.

The following accounts and/or account users are NOT eligible to withdraw funds to a third party:

  • Master and client accounts under an unregistered Advisor account (Friends and Family account and Family Office account with an unregistered Advisor);
  • Non-Disclosed and Omnibus Broker accounts.
  • IRA accounts;
  • In a Proprietary Trading Group account, any user OTHER than the master user and other than users with funding access rights.
Approval Process

As third-party withdrawals are subject to a manual review by our Compliance department and the review period may vary depending on the nature of the withdrawal request, please allow additional time for the processing of such withdrawals.

If third-party payee information has been approved, a transaction to that payee can be automatically processed without manual review if all of the following conditions are true:

  • The total third-party payments to all third party payees from that account (not just the particular third-party payee) in the trailing twelve months totals less than or equal to $75,000 including the current transaction being requested; AND
  • The current transaction is less than 70% of total account net liquidating equity; AND
  • For the current transaction, the third-party payee is a Joint account holder and the amount of the transaction is $10,000 or less.

Otherwise:

  • If third-party payee information for has been approved but the transaction exceeds $75,000, the withdrawal is subject to a manual review.
  • If third-party payee information has been approved but the transaction exceeds $250,000, the withdrawal will require a manual review and an additional level of approval.


Recurring Transactions

You can schedule any withdrawal transaction to recur at monthly, quarterly or yearly intervals. During the withdrawal request process, you will be given the opportunity to save your transaction as a recurring transaction. The bank information you enter for the transaction can then be used for both recurring and non-recurring transactions.

In the event the transaction falls on a US non-business day under normal circumstances, Interactive Brokers will process the request on the business day prior to the recurring transaction date. In the event this processing leads to multiple withdrawals during the same month, the account holder will be assessed Interactive Brokers' withdrawal fees.



Account Type Specifics

Type Description
IRA Accounts

Customers may request Normal, Early, Early with Exception, Disability, Death, and Excess Contribution Distributions. Please choose the correct distribution type from the Withdrawal Instructions under Account Management. You will also need to specify the tax withholding instructions. Customers wishing to manually rollover their funds to another IRA account should indicate Normal or Early Distribution, depending on your age. You will have 60 days from the payment of funds to roll them over to a third party IRA account in order to maintain IRA tax status. Withdrawals are permitted only in USD.

The deadlines for required minimum distributions (RMD) from your IRA account are:
Checks and ACH: 11:59PM ET December 29, 2014
Wires: 12:00PM ET December 31, 2014

For manual IRA Rollover or Trustee-to-Trustee Transfers to another IRA account, you must mail paper forms to the address below.
Interactive Brokers LLC
Attn: Retirement Accounts, Transfers
209 South LaSalle Street, 10th Floor
Chicago, IL 60604

Advisor Accounts

Advisors can only create banking instructions for their master account. Banking instructions for advisor clients must be created by the clients themselves. Once an advisor client has saved the bank information, either the client may request a withdrawal or the Advisor may use that bank information to make a withdrawal request on behalf of the client account. Checks will only be made payable to the client, and electronic transfers will be made only to an account in the client's name.

Note - Client initiated withdrawal requests require Advisor consent, however if the amount is < 80% of the withdrawable amount and submitted prior to 5:00 p.m. ET, they will be auto-consented at the end of the current day and the withdrawal will be processed the following business day. Requests submitted after the 5:00 p.m. ET cutoff will auto-approve at the end of the next day and process the day after approval. Requests representing 80% or more of available funds will auto-consented to after 3 calendar days.

Multiple Hedge Fund Accounts

Investment Managers with multiple funds can only submit withdrawal requests for their master account. Withdrawal requests for the fund accounts must be created by the funds themselves. Once a fund account has saved the bank information, the fund may request a withdrawal or the Investment Manager may use that bank information to make a withdrawal request on behalf of the fund account. Withdrawal requests initiated by fund accounts must be reviewed and approved by the Fund Investment Manager.

Proprietary Trading Group / Separate Trading Limit (STL)
All withdrawals should be made from the master trading account. Separate Trading Limit (STL) sub accounts cannot withdraw funds using SEPA transactions.
Fully Disclosed Broker Accounts
Clients withdraw funds directly from their accounts. Brokers can withdraw funds from their master account or from the Proprietary Account for Broker-Dealers.
Non-Disclosed Broker Accounts
All withdrawals should be made from the master account or the Proprietary Account for Broker-Dealers. Non-disclosed broker clients cannot withdraw funds using SEPA transactions.
Omnibus Broker Accounts All withdrawals should be made from the master account. Excess funds will automatically be transferred from the long/short accounts to the master account.
Disclosures
  • In order to further protect our customers we have modified our security policies which may result in a delay of withdrawals for up to 72 hours for those customers making changes to their banking instructions or email address. Customers may contact customer service via phone to expedite this process if needed.
  • As IB is not a member of the European Union banking system, your bank, if located within a Eurozone member country, may charge you a fee upon the receipt of funds wired from your IB account. Please note that IB has no control over these fees and they are separate from any fee assessed by IB when multiple withdrawals are made from your account within any given month. As practices vary by bank, and IB has no information as to individual bank practices, we strongly suggest that you contact your bank to familiarize yourself with their policies for charging fees when receiving funds from institutions located outside the Eurozone.
  • For an example of the currency margin calculation for withdrawals, please refer to the following IB Knowledge Base article:
    http://ibkb.interactivebrokers.com/node/971
  • IB withdrawal fees do not cover third-party fees. The account holder will be solely responsible for any fees assessed by a beneficiary or correspondent bank. In addition, processing fees charged by your bank or correspondent bank, which are not included in IB withdrawal fees, may be deducted from wire proceeds.
  • Due to exchange control rules put into place for South African residents by the South African Reserve Bank (SARB), IB is allowed to receive deposits in South African Rands (ZAR) from non-resident accounts and disburse ZAR to non-resident accounts. However, IB is not allowed to receive deposits from resident accounts or disburse ZAR to resident accounts. For more information about these rules, see the following IB Knowledge Base article:
    http://ibkb.interactivebrokers.com/node/2888.