Different deposit methods may be available to you depending on the country in which your bank account is held and the Interactive Brokers entity your trading account was opened under.
Deposit Methods Only Available to Clients of Interactive Brokers Hong Kong Ltd (IBHK)
Instant Local Transfer via FPS
The Faster Payment System is a payment infrastructure introduced by the Hong Kong Monetary Authority (HKMA) and operated by Hong Kong Interbank Clearing Limited (HKICL) to enable instant payments in HK.
Fund transfers from your Hong Kong (HK) bank account are instructed by entering our FPS ID number, or by scanning a QR code, provided in our transfer instructions. While the FPS ID can be used for all transfer amounts, QR codes are only provided for small-value payments (i.e. 10,000 HKD equivalent or below). Funds are generally received and credited within hours.
Electronic Direct Debit Authorization (**eDDA**)
Using the Faster Payment System, eDDA offers a quick and convenient way to draw funds from your HK bank account to credit your IBHK account.
To setup your HK bank account for eDDA deposits, you simply need to select the transfer currency, provide your bank account number, and confirm your authorization for IBKR to establish an eDDA on your behalf. Once the initial eDDA setup request has been confirmed by your bank, you can top up your IBHK account at any time by simply confirming the desired transfer amount in the Deposit Funds section of Client Portal. Funds are generally received and credited within minutes.
Deposit Methods Available to all Interactive Broker Clients
Local Bank Transfer
Banks in HK offer interbank payments denominated in CNH via the renminbi RTGS system by opening renminbi settlement accounts with the Clearing Bank. To make a local CNH transfer you will need to provide your HK bank, via online banking/branch, with the account details generated for you when you confirm your intended deposit details in the Deposit Funds section of Client Portal using the Bank Wire Deposit Method. This includes the bank account name, bank code, branch code and bank account number. Funds are generally received and credited within hours.
International Bank Transfer (SWIFT/ WIRE)
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), is a network that allows banks to communicate financial information securely around the globe. Most banks offer international money transfers using the SWIFT network. When a payment is instructed, a series of banks will work together to make sure your money arrives at the instructed destination account.
If you transfer CNH from a financial institution outside of Hong Kong, they may require the use of an intermediary or correspondent bank, to route the payment through, before reaching your account. These are known as cross-border payments.
When making a bank transfer, they can take time to complete as processing involves several steps. Especially for cross-border payments, as they are sent via the correspondent banking network and typically pass between several different banks along the way. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank, before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.
There are numerous reasons why a cross-border payment may be delayed or held up. Firstly, not all account balances can be updated outside of the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions. While clients are increasingly accustomed to a payments experience that feels instant, making a payment to another country can be much more complex and time-consuming.
To make an international CNH transfer you will need to provide your bank with the account details generated for you when you confirm your intended deposit details in the Deposit Funds section of Client Portal using the Bank Wire Deposit Method. This includes the bank account name, bank code, branch code, bank account number, SWIFT code, account address and payment reference.
Difference Between Domestic and International Bank Transfer
Banks make a domestic transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international bank transfer. The differences between these two bank transfers affect the number of fees banks charge and the duration it takes to complete the transfer.
Additional Information