How to withdraw funds from IBKR?

Withdrawing funds from Interactive Brokers (IBKR) might feel a bit intimidating, especially if you’re new to the platform or international trading in general. But once you understand the steps and the options available, the process is pretty straightforward. This guide will walk you through exactly how to withdraw funds from IBKR, with practical tips for beginners and useful insights for more experienced users.

Step 1: Log into your IBKR account

To start, log into the Client Portal, which is the main dashboard where you manage your Interactive Brokers account. You can access the portal either from your desktop browser or the IBKR mobile app, but most traders find the web version clearer for withdrawal requests.

Step 2: Access the withdrawal section

Once inside the Client Portal:

• Go to Transfer & Pay.
• Select Transfer Funds.
• Choose Withdraw Funds.

If this is your first withdrawal, you’ll likely need to link your bank account.

Step 3: Choose your withdrawal method

The methods available depend on your region and account currency. Common options include:

• Bank wire transfers (global option).
• ACH transfers (US domestic clients only).
• SEPA transfers (EU clients using euros).
• BACS transfers (UK clients using GBP).

Step 4: Enter withdrawal details

You’ll need to:

• Select currency.
• Enter the amount.
• Choose your linked bank account or add a new one.

Step 5: Review and confirm

IBKR will display a summary of the withdrawal, including any conversion fees if applicable. Confirm everything looks good and submit your withdrawal.

Step 6: Track your withdrawal

You can check the Transfer History section to track the status of your request.

Fees and processing times explained

First withdrawal each month: Free
Additional withdrawals: Around $10 per wire, varies slightly by currency.

Processing times:

• Bank wires: 1-3 business days.
• ACH (US): 2-3 business days.
• SEPA (EU): Often within 1-2 days.
• International wires: Up to 5 days if intermediaries are involved.

Global and region-specific differences

• US clients: Can use ACH for free or bank wires for larger withdrawals.
• EU clients: Benefit from SEPA, which is faster and cheaper than international wires.
• UK clients: Use BACS for GBP withdrawals.
• International clients: Typically use SWIFT wires, which can involve third-party fees.

Common issues and solutions

1. New account holds

• Issue: If your IBKR account is less than 30 days old, some larger withdrawals may be temporarily held for additional verification.
• Solution: If you plan to withdraw a large amount shortly after opening your account, expect delays. It helps to withdraw smaller amounts first to establish withdrawal history.

2. Bank account name mismatch

• Issue: IBKR will reject withdrawals if the name on your IBKR account doesn’t exactly match the name on your bank account.
• Solution: Double-check your bank account name before linking it. Minor differences (like missing middle names) can sometimes trigger a rejection.

3. Currency conversion surprises

• Issue: If you withdraw funds in a different currency from your account’s base currency, IBKR automatically converts the funds, and forex fees apply.
• Solution: If you frequently trade across currencies, consider setting up a multi-currency bank account to avoid unnecessary conversions.

4. Unexpected third-party bank fees

• Issue: International withdrawals, especially in exotic currencies, often pass through intermediary banks. These banks deduct their own fees, so the amount arriving in your account may be lower than expected.
• Solution: When withdrawing in less common currencies, ask your receiving bank if they work with intermediaries and what the typical fees are.

5. Withdrawal delays

• Issue: Occasionally, withdrawals are delayed due to national holidays, compliance reviews, or errors in bank information.
• Solution: Check your withdrawal status in Transfer History, and if something seems off, contact IBKR support through the Client Portal.

---

Insights from real traders

Traders on Reddit’s r/InteractiveBrokers, Trustpilot, and specialty trading forums have shared plenty of useful experiences related to IBKR withdrawals. Here are some recurring themes:

1. Beginners are often surprised by intermediary fees

• Newer traders, especially those outside Europe and the US, are often caught off guard when intermediary banks deduct fees.
• Some have reported losing $20-$50 on the way to their local bank — not because of IBKR, but due to how global banking networks work.

2. Experienced traders value IBKR’s low fees

• Compared to other brokers, experienced traders appreciate the first free withdrawal each month and low forex conversion rates.
• Many advanced traders who move large sums across borders say IBKR offers some of the cheapest conversion rates they’ve found.

3. Currency flexibility is a plus — but confusing for beginners

• Users who trade across multiple markets love IBKR’s ability to hold and withdraw in different currencies.
• However, beginners often assume IBKR will automatically convert all balances to their home currency at withdrawal — which is not the case unless you request it.

4. Quick processing — usually

• Most traders say IBKR withdrawals arrive faster than expected, especially for SEPA and ACH transfers.
• International wires can take longer, especially when multiple banks are involved.

Summary

Withdrawing from IBKR is a smooth process once you know the steps and what to watch for. Whether you’re withdrawing locally or internationally, taking a few extra minutes to check fees, account details, and currency options can save you time, money, and frustration.

---

FAQs

1. How do I withdraw money from IBKR for the first time?
Log into Client Portal, go to Transfer & Pay, then select Withdraw Funds. Add your bank account, choose the amount and currency, then submit your request.

2. How much does IBKR charge for withdrawals?
The first withdrawal each month is free. Additional withdrawals usually cost around $10 USD for a wire transfer.

3. How long does an IBKR withdrawal take?

• Bank wires: 1-3 business days.
• ACH (US): 2-3 business days.
• SEPA (EU): Often next day.
• International wires: Up to 5 days.

4. Can I withdraw to a different currency than my account balance?
Yes. IBKR automatically converts your funds and charges a small forex fee for this service.

5. Can I withdraw to someone else’s bank account?
No. The bank account must match your name on your IBKR account.

6. Can I withdraw to PayPal or Revolut?
No, IBKR only supports bank withdrawals.

7. Why was my withdrawal rejected?
Common reasons include:

• Mismatched account names.
• Incorrect bank details.
• Security reviews for large withdrawals.

8. Does IBKR have withdrawal limits?
There’s no fixed daily withdrawal limit, but very large withdrawals may trigger manual reviews.

9. What happens if my withdrawal is delayed?
Check the Transfer History section. If the status isn’t updating, contact IBKR customer support for help.

10. Do IBKR withdrawals always go through intermediary banks?
Not always. Major currencies (USD, EUR, GBP) usually go directly to your bank, but less common currencies (like TRY or ZAR) may involve intermediaries.

11. Can I withdraw part of my funds or only the full balance?
You can withdraw any amount you choose, as long as it doesn’t leave your account with insufficient margin to cover open positions.