# How to fund InteractiveBrokers (IB) from Transferwise?



## chatan

In a flurry of New Year enthusiasm for a bit of US investment I've just set up accounts with these entities.  Trouble is I now have my doubts as to whether I can actually get any USD into the IB account using this path! Are there folks here who have been successful with this mechanism? If so it would be great if you could tell us how; otherwise feel free to continue reading...

I have kicked off a small test transfer but now wonder will make it 'across': IB gave me what they call a virtual account number but this includes one non-numeric character and is not accepted by the TransferWise 'form'. A bit of googling inspired me to just drop that character ('U') and hope for the best. (There is a routing number at least anyway).  IB have subsequently told me that I could just include the bank's own account number and include my account info in the payment details. But there is no option for payment details in the TW form, other than a 'reference' field, which will - just about - take my account number. IB have also said that transfers from the likes of TW can be rejected as they 'are not sent in the client's name' and/ or  'not sufficient payment reference' is included. Given that the account name is 'Transferwise FBO <my name>' I would hope the first of those concerns is covered but overall, not looking terribly promising.

In the meantime I haven't cancelled my first transaction attempt - I should know later today whether it gets through, and can  share this if of interest or still relevant by then.


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## chatan

FYI, I've resolved this. The first attempt (using the extended account number described above) bounced; for my next attempt I replaced this with the bank's own account number, and used the reference field of the Transferwise form to specify the 'virtual' bit. Of course it's a bit moot now having confirmed in the meantime that it's no longer possible to  purchase US-based ETFs from them


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## carterl

Hey, I'm glad I found your post. I'm trying to do the same thing but TransferWise doesn't want to save the recipient, saying it 'cannot currently accept payments to this recipient'.

When you said: 'I replaced this with the bank's own account number' you meant *40806826*UXXXXXXX, right?


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## chatan

Hi,
In your example above, I would have specified '40806826' as the account number. I then put 'UXXXX..X' in the reference field. This was accepted at that point by TW  and subsequently made it to IB.  My original attempt, using the extended account number, was also accepted at entry by TW, but was eventually bounced. Looks like you are getting a different issue though?


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## carterl

Thanks for replying.

I just got an answer from TransferWise: 

"Thank you for getting in touch. I dug into the and the reason, why we cannot send funds to this recipient is that they don’t support 3rd party payments to them.
This means as we would send funds out under TransferWise, then they wouldn’t accept it. Unfortunately there is nothing we or you can do in this case."

It looks I'm not going to be able to fund my IB account this way.


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## marcopoloTW

chatan said:


> Hi,
> In your example above, I would have specified '40806826' as the account number. I then put 'UXXXX..X' in the reference field. This was accepted at that point by TW  and subsequently made it to IB.  My original attempt, using the extended account number, was also accepted at entry by TW, but was eventually bounced. Looks like you are getting a different issue though?





carterl said:


> "Thank you for getting in touch. I dug into the and the reason, why we cannot send funds to this recipient is that they don’t support 3rd party payments to them.
> This means as we would send funds out under TransferWise, then they wouldn’t accept it. Unfortunately there is nothing we or you can do in this case."
> 
> It looks I'm not going to be able to fund my IB account this way.



Hi! It seems like @chatan succeeded to fund the Interactive  account via TW, but not @carterl ?
That's confusing, especially the TW support said to @carterl it will not work, but @chatan transfer went though? 

@chatan can you confirm that you TW transfer still get into IB? 

Thanks!


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## Brendan Burgess

I used Transferwise for a few transactions and then recently I found them impossible to deal with so I switched to Currency Fair on the recommendation of a poster here - Ravima. They are much simpler and easier to deal with.

https://www.askaboutmoney.com/threa...m-other-currencies.185972/page-2#post-1572216

Reading this Interactive Brokers thread brings it all back to me. 

Brendan


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## barbaros

Just wondering, if you send USD to IB account using N26 (they use TW to convert the currency) will it be sent under your name or TW's name? Did anyone tried this before? I don't know if they would accept the payment or refuse it.


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## chatan

Hi,
@marcopoloTW  Probably too late in getting back to you but anyway... As to whether my TW will _still_ get to IB, I just don't know, as I dropped my plan to use IB shortly after that first (very small) transfer. The whole experience of having to take a guess at the process to transfer money was really off-putting; I'll be stickin' to IBANland for now!


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## whatsmoney

Hi Chatan
You mentioned "Of course it's a bit moot now having confirmed in the meantime that it's no longer possible to  purchase US-based ETFs from them".
Is this true? It's not possible to purchase US ETFs from Interactive Brokers?? ​


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## chatan

Yep, PRIIPs and all that. I haven't been following this stuff recently but suspect not much has changed


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## petri3

Here’s communication received from Interactive Brokers Compliance Director regarding TransferWise withdrawals.

“Interactive Brokers current policy regarding electronic money transfers to third parties does not allow for non-US customers to make electronic money transfers to third parties from an IB account. Our current policy only allows electronic money transfer to third parties, such as Transferwise, for US clients.”

So maybe this is why other user can and other can’t if one is US client and the other not ..... what a policy I say , in this modern world of banking


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## shirshegsm

For the ones who google this thread out: chatan's method still works as of August 2019, i.e. one can do a domestic ACH transfer to an IBKR account putting in the "U*****" IBKR account number as a reference, and in a day or two the money gets successfully credited to said IBKR account.


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## chrishimself

So first I couldnt fund IB via TransferWise using USD and now I also cant fund IB via Transferwise using EUR anymore: "We cannot currently accept payments to this recipient". My TransferWise account is non-US - if this might be the reason. Any way to work around this?


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## chrishimself

So this was the answer of the TransferWise support:

"Please be advised that TransferWise cannot complete payment to this recipient as it is a *For Further Credit* payment and TransferWise does not support this."

With more information here: [broken link removed]


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## sovaalexandr

The same situation as @chrishimself got into - saved some money at TransferWise for deposit to InteractiveBrokers. When trying to create a payment to send money to IB as a recipient got:


> We cannot currently accept payments to this recipient


Asked support about that. The reply from TransferWise support was:

Hello OLEKSANDR,

Thanks for getting in touch!

Based on our Acceptable Use Policy:



> 1. Restricted activities
> 1.1 You may use our Services only for lawful purposes. You may not use our Services:
> 1.2.2 Financial and other professional services
> f. *Platforms allowing the trading and/or exchanging of FX/CFD/options.*



Thanks for your understanding,
Let us know if you have any more questions.

Viktoria J,
TransferWise

So that seems to be that TransferWise is not an option to fund IB account anymore.


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## Hammyhams

My transfers were working fine until today, same problem as @sovaalexandr*.*

What are you guys using as alternatives?  I don't live in the US.  Currently I just get paid to my TransferWise account then I pay into IB.  Could I transfer from IB to CurrencyFair and then onto IB?  Or better to just get paid into a local bank?  Problem being with the local bank is that it's extra fees and time until the money finally makes its way to IB.


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