Transferwise (or other EMI) to IBKR

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potz
Posts: 27
Joined: Mon Feb 01, 2021 12:11 am

Transferwise (or other EMI) to IBKR

Post by potz »

Seeking some guidance.

- Setting up a new Interactive Brokers account for a new Malta company.
- As this company is new, it will not have any trading history, so it will be difficult to obtain a traditional bank account for it for the time being.
- Considering opening a business account with a Electronic Money Institution (EMI) like Wise (previously Transferwise) or Leopay.

I have seen conflicting advice online regarding EMIs for transfers to and from IBKR and would appreciate any feedback. Seems it may have worked in the past, but there are issues now?

Does anyone have any recent experience on sending and receiving funds from EMIs to Interactive Brokers? Especially as it relates to corporate entities?

Any specific EMIs that work better with IBKR?

Thanks!
mohd
Posts: 95
Joined: Wed Jul 22, 2020 2:10 am
Location: Bahrain

Re: Transferwise (or other EMI) to IBKR

Post by mohd »

I tried to send money with Western Union and Wise (TransferWise) multiple times and both of the deposits succeeded.

You can try by sending a small amount at first. Then deposit with a larger amount
Wad
Posts: 31
Joined: Wed May 22, 2019 6:48 pm

Re: Transferwise (or other EMI) to IBKR

Post by Wad »

Can I deposit funds using Transferwise?

While it is possible to deposit funds from this money transmitter, the transfer would need to meet the following conditions:

The funds would need to originate from an account titled the same as the IBKR account;
The deposit payment details would need to include your account ID and title.

Based upon prior experience, Transferwise generally does not include the required information in the payment details and, if this is the case, the funds will be returned as unidentified.

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I believe with TransferWise (Wise) you can open an account in say USD$ with complete USD banking details so this may work with the first condition. I'm not sure about the second condition. This topic comes up often here but I've yet to see a definitive answer.
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