All you need to know about withdrawal on Interactive Brokers
Reading time: 4 minutes
Being able to access your money is one of the top priorities when it comes to choosing a broker. Here, we will show you the withdrawal options, possible fees, how fast you can access your funds, and why Interactive Brokers is a reliable broker, where you can withdraw your money without safety concerns.
Withdrawal at Interactive Brokers is not the most user-friendly, according to our analysis. In any case, there are some issues, such as currency and closing positions, you have to pay attention to.
To give you a brief summary: Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC.
THE ESSENCE:
- Interactive Brokers charges $0 for withdrawal
- The withdrawal process is usually executed within 2 days
- Interactive Brokers is a reliable broker, regulated by at least one top-tier regulator
- You can only withdraw funds to accounts in your name
First, let's see if Interactive Brokers is available in your country?
How to withdraw money from Interactive Brokers
Is Interactive Brokers safe?
To trust your money with a broker, you need to be sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers, meaning the broker's operations are overseen by a trusted body.
Interactive Brokers can be considered a legit broker as it is overseen by at least one top-tier regulator, which is a great sign for reliability.
For you, this means that your money is in good hands and you will be able to withdraw your funds.
How to withdraw money from Interactive Brokers
What withdrawal methods are available at Interactive Brokers?
At Interactive Brokers, the only available option to withdraw money to your account is via Bank transfer.
EEA residents can use bank transfer withdrawals and SEPA for EUR only, while US residents have ACH, check payments (for a fee) and wire transfer. Non-EU and non-US clients can only use wire transfers. The withdrawal time and fees after the first withdrawal per month vary based on the withdrawing method.
Remember, you can only withdraw funds to accounts that are in your name.
| Withdrawal options | Interactive Brokers |
|---|---|
| Bank transfer | Yes |
| Credit/Debit card | No |
| Electronic wallet | No |
How to withdraw money from Interactive Brokers
How long does it take to withdraw from Interactive Brokers?
Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.
Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.
At Interactive Brokers, the withdrawal process is usually executed within 2 days.
How to withdraw money from Interactive Brokers
What are the withdrawal fees at Interactive Brokers?
The good news is that Interactive Brokers charges no fees for withdrawal.
That is for the first withdrawal within each month. Subsequent withdrawals however have a fee. This fee depends on the currency and the method you use for withdrawal.
| Withdrawal currency | The fee of a wire transfer in the withdrawal currency | The fee of a BACS/GIRO/ACH/EFT/SEPA transfer in the withdrawal currency |
|---|---|---|
| USD | 10 | 1 |
| EUR | 8 | 1 |
| GBP | 7 | 1 |
| CAD | 12 | 2 |
| CNH | 60 | 7 |
| HKD | 95 | 8 |
| NZD, SGD | 15 | 1 |
| AUD | 15 | N/A |
| CHF | 11 | N/A |
| CZK | 300 | N/A |
| DKK | 30 | N/A |
| HUF | 6,000 | N/A |
| ILS | 30 | N/A |
| JPY | 1,600 | N/A |
| NOK, SEK | 60 | N/A |
| MXN | 100 | N/A |
| PLN | 40 | N/A |
| RUB | 330 | N/A |
| ZAR | 200 | N/A |
Conversion fees
Pay attention that if your Interactive Brokers account's base currency and bank account's currency differ, you might be charged a conversion fee depending on your personal bank.
At Interactive Brokers, the following base currencies are available: AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, INR, ILS, JPY, KRW, MXN, NOK, NZD, PLN, RUB, SEK, SGD, USD, ZAR.
To avoid high conversion fees, consider opening a multi-currency account at a digital bank.
How to withdraw money from Interactive Brokers
What to keep in mind when withdrawing from Interactive Brokers?
Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.
Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.
At Interactive Brokers there is a maximum withdrawal amount per day, that depends on the security feature you enabled on your account. If you haven't enabeld two-factor authentication for example, the maximum withdrawal amount is $50,000 per day and 100000 in five business days.
How to withdraw money from Interactive Brokers
Wrap-up
You are awesome for having read through this article! Making sure you can access your funds might seem overwhelming at first, but the best time to start dealing with your finances is always right now.
You're doing great! Navigating through the world of brokerages is hard, and we want to help you along the way. If you are stuck somewhere, have a question, or a suggestion, please drop us an email.
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