Estimated reading time: 9 minutes
Unlike many local brokers, Interactive Brokers (IBKR) is a global platform, so the funding process can feel a little different at first. But don’t worry, this guide will walk you through all the ways you can deposit money into IBKR and make it as cost-efficient as possible.
Managing your investment portfolio with IBKR starts with funding your account efficiently, whether you’re dealing with USD or MYR. This guide walks you through the practical steps to deposit funds, tailored to these currencies.
TABLE OF CONTENTS
Key Things to Know Before Funding
- No Minimum Deposit: IBKR does not require a minimum deposit to open or maintain an account.
- Base Currency: Choose your account’s base currency carefully (e.g., USD, EUR, SGD, MYR). This affects how gains/losses are calculated, but you can still hold multiple currencies.
- Bank Account Matching: Transfers must come from an account under your name (third-party transfers are not allowed).
- Processing Times: Most deposits take 1-4 business days, but this varies by method.
Funding Your IBKR Account with MYR
Log in to your IBKR account and click ‘Deposit’. Then, choose your funding method. For funding in MYR currency, there are only two methods as of the writing of this article: (1) Transfer from Wise Balance and (2) Bank Transfer via Wise.
Method 1: Transfer from Wise Balance
After initial setup, use your IBKR account to initiate fund transfers from Wise.
| Fees | Wise charges for currency conversion. Provide transaction details to review currency-specific fees. |
| Trading Hold | Funds are immediately available for trading after arriving at IBKR |
| Withdrawal Hold | Funds are available for withdrawal three business days after arriving at IBKR. |
If you don’t have a Wise account yet, do check out this video or sign up here – you should really have one!
Method 2: Bank Transfer via Wise
Step 1 : Create a Wise transfer request on IBKR’s platform.
Step 2 : Contact your bank to send a transfer to Wise’s local bank account. Limits will apply based on currency.
| Fees | Wise charges fees. |
| Trading Hold | Funds are immediately available for trading after arriving at IBKR. |
| Withdrawal Hold | Funds are available for withdrawal three business days after arriving at IBKR. |
Funding Your IBKR Account with USD
If you would like to fund USD into your account instead, choose USD from the dropdown.
Then you will see five funding methods that you can choose from. We will go through one by one now.
Method 1: Bank Wire
A two-step process is used to complete a bank wire:
Step 1 : Log in to your IBKR account to create a deposit notification every time you will be sending a bank wire. This important step helps ensure the proper routing of your funds if IBKR does not receive your IBKR account number / account title from the wire template you setup at your bank.
Step 2 : Contact your bank to request a bank wire and supply them with the IBKR wiring instructions.
*Your bank determines how long it takes to transfer funds to your IBKR account, but transfer times vary from immediately to four business days.
| Fees | Determined by your bank, generally fees do apply. |
| Trading Hold | Funds are immediately available for trading after arriving at IBKR. |
| Withdrawal Hold | Funds are available for withdrawal after three business days. |
Method 2: Direct ACH Transfer from your Bank
IBKR provides you with a routing number and a virtual account number (VAN) unique to your IBKR account. The VAN is used to transfer funds from your bank to your IBKR account using the US ACH network. It can also be used to setup a “direct deposit” to your IBKR account with your payroll provider.
Step 1: Log in at your bank to link your bank account with your IBKR account using the VAN provided by IBKR.
*Linking accounts can take up to three business days to complete.
Step 2: Once linked, log in at your bank to initiate transfers.
*Money usually arrives at IBKR after one or two days, depending upon your bank.
| Fees | Free |
| Trading Hold | Funds are immediately available for trading after arriving at IBKR. |
| Withdrawal Hold | Funds are available for withdrawal three business days after being deposited. |
Method 3: Link a New Bank Account
Initiate a transfer of funds from your linked bank account directly from Client Portal. Deposit timing and holds depend on the method used to deposit from your linked bank account. IBKR supports both ACH and RFP.
| Automated Clearing House (ACH) | Request For Payment (RFP) | |
| Fees | Free | Free |
| Trading Hold | Initial deposit: Funds received before 2pm EST are available to trade in four business days; deposits after 2pm EST will be available on the fifth business day. Subsequent deposits: May be available immediately (depending on tenure, deposit history and account balance). Otherwise, four business days to trade. | Funds are immediately available for trading after confirming in your bank portal or mobile app. |
| Withdrawal Hold | Funds deposited before 2pm will be available for withdrawal to the originating account after five business days, or six business days for deposits received after 2pm. Withdrawals to an account other than the originating bank account are subject to a 44-business day hold. | Funds are immediately available for withdrawal to the originating bank account. If you wish to withdraw the funds to an account other than the originating bank account, the hold period is 10 business days. |
| More Information | What is ACH? | What is RFP? |
Method 4: Transfer from Wise Balance
After initial setup, use your IBKR account to initiate fund transfers from Wise.
| Fees | Wise charges for currency conversion. Provide transaction details to review currency-specific fees. |
| Trading Hold | Funds are immediately available for trading after arriving at IBKR. |
| Withdrawal Hold | Funds are available for withdrawal three business days after arriving at IBKR. |
Method 5: Mail a Check
A two-step process is used to deposit funds by mailing a check:
Step 1: Log in to your IBKR account to create a deposit notification every time you will be mailing a check. This important step helps ensure the timely and proper routing of your funds when they arrive at IBKR and provides instructions you will need to use when mailing your check.
Step 2: Mail your check.
| Fees | Fees are determined by your bank, but generally free. |
| Trading Hold | You can begin trading the funds you deposit via check seven business days after the check arrives at IBKR. |
| Withdrawal Hold | Funds are available for withdrawal after seven business days. |
Final Thoughts
Funding your IBKR account may seem complicated the first time, but once you’ve set it up, it becomes second nature.
- If you’re in the US, ACH transfers are the easiest and cheapest.
- If you’re outside the US, Wise or Revolut are cost-effective for converting and sending funds.
- Traditional wire transfers work too, but always compare fees.
With your account funded, you’re now ready to explore IBKR’s global markets and start building your portfolio.
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