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How to Deposit Funds in Interactive Brokers (IBKR)
1. Login to your Interactive Brokers account in your browser. Click on “Deposit”
2. Click on “Use a new deposit method”.
3. Select the currency you want to deposit.
4. Click on “Get Instructions”.
5. Fill in the relevant details. Then click on “Get Wire Instructions”.
6. This is the page where you get the information to transfer the money to. Click on “Finish” when you are ready.
7. Go to your bank and transfer the money to the bank details that you got from Step 6.
8. Check if the money has successfully transferred after a few hours. I highly recommend transferring a very small amount of money on your first time. Then you can transfer again once you are sure that all the details are accurate.
9. Once you have saved your bank information from Step 5, it’s easier to access them again when you click on “Deposit”.
How to Withdraw Funds from Interactive Brokers (IBKR)
One free withdrawal is allowed per calendar month. Subsequent withdrawals using this method will incur a fee of SGD 15.00 at IBKR. Your bank may charge a fee for an incoming wire.
1 Login to your Interactive Brokers account in your browser. Click on “Withdraw”.
2. Select the currency you want to withdraw.
3. Select the method of your choice. For GIRO/ACH (refer to Step 4 to Step 8) and Bank Wire (refer to Step 9 to Step 12).
(Note: If you are doing GIRO or Bank Wire to the same bank account, you NEED to create the method accordingly. This is due to the differences in charges and processing time for either method.)
4. Fill in the relevant details and click “Save Bank Information”.
5. Confirm your bank details again. Complete your Signature and click “Continue”.
6. Your bank information has been saved.
7. Repeat Step 1 to Step 3 again to initiate the GIRO/ACH transfer to the selected account.
8. Key in the withdrawal amount and click on “Create Withdrawal”.
9. Fill in the relevant details and click “Save Bank Information”.
10. Check your bank details again. Click “Continue”.
11. Your bank details are saved.
12. Repeat Step 1 to Step 3 again to initiate the Bank Wire transfer to the selected account. Key in the withdrawal amount and click on “Create Withdrawal”.
If you found this guide useful, you might also want to check out our full list of guides for Interactive Brokers!
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.