We discussed in the previous article how to fund an Interactive Brokers account from the brokers perspective . Now we are going to do it from a bank/ financial service provider.
To transfer funds i use Revolut and there are a cuple of reasons for this:
- Ease of use ( it’s a simple easy to use app )
- Commissions ( unlike my local bank which charges a fixed commission and 0.5 % , Revolut doesn’t charge anything )
While this is great for small amounts under 1000$ i would not advise transfer of larger amounts . Online banks have a cost advantage but they also have poor support in case things go wrong.
Actual money transfer
In the Revolut app you go to Payments and select Bank Transfers
Add Bank account
Choose transfer type – To a business
Choose the country and currency. For me it was Germany and Euro, for you, if you send dollars or other currency’s may be different. Always respect the details given for bank transfers by Interactive Brokers
Add the details given by IBKR in this step. They can be different for you . Do NOT just copy/paste mindlessly
After step 5 you can select the bank and send
Last step (be careful here) do not forget to mention your IBKR identifier in the notes of the transfer. For demonstrative purposes i put U3475663. You will have a different one. This will help IBKR identify you to be able to found your account
Assuming you did everything right, press send and that’s it. One last advice, make your first transfer small 10$ to make sure you got everything right and the money arrives safely.