fillyerboots
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Oatman,
Go to Configure, Order, Order Defaults from the toolbar. You can even do it contract specific.
Go to Configure, Order, Order Defaults from the toolbar. You can even do it contract specific.
Trader333
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Help urgently required to fund Interactivebrokers Account
With so many glowing recommendations and some not so glowing
have now opened an account with IB.
Have correctly filled in the online deposit form with a view of making an electronic transfer thru my internet bank immediately afterwards.
However for wires originating within the UK payment has to go via CHAPS. This is quite an expensive procedure when compared to making an electronic transfer which I would normally do to fund an internet broker in the UK (and is also generally free).
It would now seem my only recourse would be to send a cheque which I find a bit more troublesome especially as one has to wait upto about 10 days before it is credited to your account.
Does or has anyone transferred funds to IB electonically without having to use CHAPS.
With so many glowing recommendations and some not so glowing
have now opened an account with IB.
Have correctly filled in the online deposit form with a view of making an electronic transfer thru my internet bank immediately afterwards.
However for wires originating within the UK payment has to go via CHAPS. This is quite an expensive procedure when compared to making an electronic transfer which I would normally do to fund an internet broker in the UK (and is also generally free).
It would now seem my only recourse would be to send a cheque which I find a bit more troublesome especially as one has to wait upto about 10 days before it is credited to your account.
Does or has anyone transferred funds to IB electonically without having to use CHAPS.
GreyingSurfer
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Mike,
I've only ever transferred cash to IB using the method they specify, which is CHAPS, as you say. However, I've never been charged by my bank for doing so. It's an ANL internet account, so I set up the payments online. It does take several days for the cash to come through.
I've only ever transferred cash to IB using the method they specify, which is CHAPS, as you say. However, I've never been charged by my bank for doing so. It's an ANL internet account, so I set up the payments online. It does take several days for the cash to come through.
Think it depends on whether you have a sterling demoninated account (easiest if you are in UK), if you do an ordinary 3 day BACS transfer works fine because it goes to London branch anyway. Couldn't be easier.
Takes 3 days and is free, just like an ordinary bank transactions over internet.
Can't see the point in having non UK account if you live here, FX rates are good when you switch money. ( I Trade Euro demoninated futures)
Takes 3 days and is free, just like an ordinary bank transactions over internet.
Can't see the point in having non UK account if you live here, FX rates are good when you switch money. ( I Trade Euro demoninated futures)
madasafish
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Many thanks Peter and DaxTrader for your prompt and helpful replies - I nearly called you CHAPS !
Think my best course of action in the circumstances is to open an internet account with ANL as my bank RBS charges £20 a go -which does seem rather excessive. Also I cannot do this thru the internet and consequently have the drudge of visiting my bank. I realizes after sending my earlier message that you cannot send a cheque in the UK and that this generally applies to making a payment in the States.
Like your website DaxTrader !
Mike
Think my best course of action in the circumstances is to open an internet account with ANL as my bank RBS charges £20 a go -which does seem rather excessive. Also I cannot do this thru the internet and consequently have the drudge of visiting my bank. I realizes after sending my earlier message that you cannot send a cheque in the UK and that this generally applies to making a payment in the States.
Like your website DaxTrader !
Mike
GreyingSurfer
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Mike,
I'm sure I'm a very valued customer, but I'm also sure they waived nothing for me!
However, I did think after posting that I might have been unclear, or even unsure myself.
I think the point must be that I'm not making a Chaps transfer at all, but a BACS one (which takes 3 working days and is free). I know that IB say it must be a Chaps transfer, but I just setup an online mandate (which I'm pretty sure can only be BACS) and it worked fine (twice). I think I did talk on the phone with ANL, before sending it, just to make sure that the info they had recorded matched what IB asked for. You have to wait a couple of days after setting up the mandate (the first time only), then 3-4 days for the funds to appear in the account, so it isn't quick, but it is free!
Have you tried ringing IB customer service to clarify this? I'd be interested to hear what they say. However, I can see no reason why they can't accept BACS, it's just a bit slower. It think the point they are trying to make is that they don't accept cheques or cash.
I'm sure I'm a very valued customer, but I'm also sure they waived nothing for me!
However, I did think after posting that I might have been unclear, or even unsure myself.
I think the point must be that I'm not making a Chaps transfer at all, but a BACS one (which takes 3 working days and is free). I know that IB say it must be a Chaps transfer, but I just setup an online mandate (which I'm pretty sure can only be BACS) and it worked fine (twice). I think I did talk on the phone with ANL, before sending it, just to make sure that the info they had recorded matched what IB asked for. You have to wait a couple of days after setting up the mandate (the first time only), then 3-4 days for the funds to appear in the account, so it isn't quick, but it is free!
Have you tried ringing IB customer service to clarify this? I'd be interested to hear what they say. However, I can see no reason why they can't accept BACS, it's just a bit slower. It think the point they are trying to make is that they don't accept cheques or cash.
Trader333
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I bank with Natwest and the only thing I have is the IB bank sort code and account number and I use my own account number for my reference when making a payment in. It costs nothing and I have never had a problem transferring funds or receiving them although I have only ever transferred money into my account twice.
Paul
Paul
Thanks Peter & Paul
I now feel that a BACS payment is the answer. However, with the RBS they only appear to use BACS for business customers. Have now opened an account with EGG where you can easily transfer funds via BAC online.Have been meaning to open an account with EGG anyway because of the good rate of interest.
Must be a sign of profitable trading if you both have only added twice to your IB account.
Mike
I now feel that a BACS payment is the answer. However, with the RBS they only appear to use BACS for business customers. Have now opened an account with EGG where you can easily transfer funds via BAC online.Have been meaning to open an account with EGG anyway because of the good rate of interest.
Must be a sign of profitable trading if you both have only added twice to your IB account.
Mike
Personally I would only send money via the method that IB recommends which is CHAPS. It appears in your account the same day. If you are concerned about a £20 fee how will you feel when an emini S&P position goes 1 point against you 'costing' $50 in half a nano-second!
sidinuk
Point taken (excuse the pun) . I did in fact phone IB and they said that they only accept payment via CHAPS, therefore I will most probably now use this method of payment, after having changed my mind two or three times over this matter. Have accordingly increased my funding so it should not turn out too expensive in the long run.
Mike
Point taken (excuse the pun) . I did in fact phone IB and they said that they only accept payment via CHAPS, therefore I will most probably now use this method of payment, after having changed my mind two or three times over this matter. Have accordingly increased my funding so it should not turn out too expensive in the long run.
Mike
Micromike,
I see this issue is keeping you awake at night, posting at 4.07am!
Seriously, if you do a CHAPS transfer in the morning it will appear in your account that afternoon. There are a lot of people on here that have sent money to them and not seen it for days or even weeks! Best to do exactly what they want just for the peace of mind of knowing that your money isn't floating around in cyberspace somewhere.
I get your point though, £20 does seem excessive when a BACS transfer is free. Hopefully though, you'll only need to fund your account once!
I see this issue is keeping you awake at night, posting at 4.07am!
Seriously, if you do a CHAPS transfer in the morning it will appear in your account that afternoon. There are a lot of people on here that have sent money to them and not seen it for days or even weeks! Best to do exactly what they want just for the peace of mind of knowing that your money isn't floating around in cyberspace somewhere.
I get your point though, £20 does seem excessive when a BACS transfer is free. Hopefully though, you'll only need to fund your account once!
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IB accept BACS and CHAPS - the reason I know is because I've used both to fund accounts. BACS is the usual 'three-days to clear and costs nothing' and CHAPS is the 'same day but your bank charges £18-£20'.
BACS takes three days, and IB then takes a day to credit your account, so if you send funds by BACS on Monday it should be credited to your account Thursday afternoon (because it's done by the US which is five hours behind us).
BACS takes three days, and IB then takes a day to credit your account, so if you send funds by BACS on Monday it should be credited to your account Thursday afternoon (because it's done by the US which is five hours behind us).
