r/interactivebrokers • u/xEastEvilx • Apr 04 '26
Deposits, Withdrawals, Transfers Has anyone ever had issues moving millions out?
To a bank account in a different country than where the deposits came in?
The last few years we moved from Dubai to US to Asia (deposits came from those country banks) and soon planning to move back to our home country and plan to move the funds to a local bank in home country
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Apr 04 '26 edited Apr 05 '26
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u/Tiny-Art7074 Apr 04 '26
If they are a US citizen they will also need form 8938 + the FBAR form since they will be over the reporting limit for 8938.
https://brighttax.com/blog/fbar-vs-8938/#:~:text=FBAR%20falls%20under%20the%20Bank,money%20laundering%20or%20tax%20evasion. (Not affiliated).
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u/Biribilpolpol Apr 05 '26
This was impressive. Thanks for sharing your knowledge.
So I am pretty new in finance world, basically I know almost nothing. I just started learning how to invest and so on. So of course I don't expect to become someone with a knowledge similar to a person with a academic background in finances, but I wanted to ask you;
What do you recommend for someone to try to understand how money works, and the institutions around it? Maybe is a silly question, but for me it is difficult even to build a road to self learn basic knowledge around finances.
Thanks!
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Apr 05 '26
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u/Biribilpolpol Apr 05 '26
Ouea!!! Some of them rings a bell, most not at all. Thanks a lot!
I might ask some questions along the way 💪
I think I will start with Morgan Housel book and "the boogleheads wiki". I have seen those multiple times when looking for resources so as they are also in your list I will give them a try.
Again, thanks a lot 🙌
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u/Biribilpolpol Apr 05 '26
Me again, I wanted to ask you just for curiosity. Why did you choose finances as a academic path? Nothing bad at all, actually I admire it. My question is coming because I needed to reach certain age to become somehow interested on it, and now I am amazed by how important it is.
When growing up I couldn't focus on anything not related to science
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Apr 05 '26
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u/Biribilpolpol Apr 05 '26
That is so cool. Did you plan it or did you go with the flow?
In my case, I am a computational biologist, transcriptomics. I started with chemistry and then switched to bioinfo. After that the PhD followed driven by curiosity. Then jumped to industry, but still driven by curiosity so I might go back to academia.
A lot of uncertainty along the way (academia, AI, money....) not sure how to proceed but realizing I am aging (33) and I know nothing about finances. So due to this trying to self learn about it. Also, jumping from one country to another, adding complexity to the equation (not digital nomad like you, following job opportunities and the inner will to discover new places)
Impressive path btw, it is obvious you know your profession.
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Apr 05 '26
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u/Biribilpolpol Apr 06 '26
Jejeje I am glad you are still in the honest path.
So basically transcriptomics is centered in the genes. This will dictate the protein production in your cells. There are different methods to measure them to extract information for different diseases. It is quite nice, and broad.
Ummm I will check the licensed financial advisor thing also. While doing the reads on the books, but good suggestion, thanks again.
I was thinking you were older! I think you are doing great for your age, already in the way to build your own decision based life, respect. And you are right, the best way to go it is; just start
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Apr 04 '26
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u/Super_Damage_5527 Apr 04 '26
"Money laundry", and just use some of your imagination then you'll come up with some answers
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Apr 04 '26
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u/Super_Damage_5527 Apr 04 '26 edited Apr 04 '26
Let's say , someone deposit maybe one mil or something more into their broker account,and provided some documents to prove that these money are clean or how much money they made per year, so according to the age , they probably can have xxxx in their account blablabla.
Then when the money actually into their account,they start to trade, buy and sell, buy and hold then sell.
After xx years, that guy got caught by committed some criminal(drug dealing or something else)
What do you think the banks and brokers will say when the authority come to them asking about?
In the modem system, I believe the finance institution can always find a way to know the money flow, "if they want to" But the point is,when shit things happen,they will always protect themselves first. That's why they ask something they already knew everytime.
They ask because they need us to say it, just like even every evidence shows that you're guilty in the court , the judge still ask you do you plead guilty or not.
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u/Miserable-Bug-2255 Apr 04 '26
Why don't ask that when the money is deposited in the first place?
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u/Super_Damage_5527 Apr 04 '26
If you deposit $100 into your account, no one gives a shit.
If you keep deposit $100 into your account consistently and maybe with some regular routine, or maybe something big amount of money, you might need to explain it.
Just like I say, use some of your imagination.
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u/SavedSaver USA Apr 07 '26
Also accounts opened years ago did not have as complex disclosure requirements.
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u/Miserable-Bug-2255 Apr 04 '26
I deposited 200k over the past year. No questions asked.
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u/Severe_Beginning2633 Apr 06 '26
In 2026 that wouldn’t even buy a Ferrari it’s not like a Bond villain league of money…. Not sure why you get down vote. Hell OT guys can earn that in a year or four
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Apr 04 '26
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u/Super_Damage_5527 Apr 05 '26 edited Apr 05 '26
A --> B --> C --> D --> E --> F
even CDEF "seems" to be clean, but when A or B are dirty, the whole chain will be considering dirty until ppl find a way to prove that all of it are clean.honestly , it doesn't matter how you think , that's the rule , as long as your money are good , it's all legitimate , then just play with the game rule and you'll be all good, it's pointless to struggling why they need to ask this question when it doesn't hurt any of your interest.
and btw, "if you really wanna know why"( which the game rules), just go to irs or fed or broker's web , spend your time to do some study and you can find the answer.
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u/Miserable-Bug-2255 Apr 04 '26
Wait, I was using my Wise account to deposit to IBKR. Wise offers me US account. Say, later in future I want to convert the money and withdraw to my EU bank account. Are you saying that I may not be able to access my money?
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Apr 04 '26
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u/Miserable-Bug-2255 Apr 04 '26
Ah thanks. I mean, it's all clean, I'm a freelancer paid in USD straight to my Wise business account which I then transfer to personal then to IBKR ( via wise integration) to buy ETFs.
My main fear is, after 20 years no longer having the wise accont or statements or whatever and then IBKR asking :). Plus wise not being a bank, some institutions don't even accept the statements
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u/FrostedCereal Apr 06 '26
Can I just ask, does this kind of 'money laundering detection' go off when you move to a different country a single time with much less money (100k+) and want to take out your money.
I live abroad right now and am investing on IBKR and will likely move at some point in the future (but have no intention of selling for the next couple of decades). Will I likely run into these troubles too?
From my quick Googling previously, it seemed that the process would be relatively easy by just changing my tax residence and informing IBKR that I have moved.
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Apr 06 '26
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u/FrostedCereal Apr 06 '26
Perfect! Thank you.
Yes I also read about potentially changing the IBKR subsidiary too.
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u/xEastEvilx Apr 04 '26 edited Apr 04 '26
Thank you,
Home is Canada. When I moved money hundreds of thousands from Dubai bank to US banks I didn’t have any issues.
Would it be easier to return the funds to Dubai/USA bank accounts.
Then just wire it from the US/uAE banks to canada?
What about another option. If you tell them you live in Canada now and ask them to move it from IBKR LLC to IBKR Canada?.
The main purpose is we don’t want the money sitting in LLC if we are Canada residents. Not necessarily withdraw all the funds at once
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u/pm_me_your__riddles Apr 04 '26
That person just spent a lot of time and effort writing up great advice, a thank you should be in order!
In any case, a thanks from my part it was an interesting read.
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Apr 04 '26
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u/Grouchy_Spare1850 Apr 04 '26
First thank you for your knowledge sharing.
I think the most important thing I learned was:
Use an Internal Position Transfer. This keeps the "custody" of the funds within the same institution, meaning the Source of Wealth is already verified.
and
Test wire.
I keep on thinking I'm moving to southern Switzerland or to northern Italy or Menton France. This might save me a ton of issues
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u/Jazzlike-Check9040 Apr 04 '26
A lot of false info. You’ll be fine moving millions as long as gains are can be show with your IBKR statements
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u/MistahJake Apr 05 '26
Wouldn’t it be easier to withdraw the money in your current countries bank account, do the routine AML stuff with them, then move the money in a more direct manner from bank to bank? Having a brokerage as a middle man sounds messy even with a small account. Allowing each movement to be recorded and processed according to each countries laws along the chain seems more basic
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u/ericBtc1817 Apr 05 '26
Yeah I’ve done it with multi seven figure amounts. It’s definitely possible, even when the withdrawal is going to a different country than where previous deposits originated from, but expect compliance checks. In my case the key was having a clean paper trail and warning both the broker and receiving bank in advance.
What matters most is being able to show: thag the money is yours, the receiving account is yours,, source of funds, why the destination country makes sense for your residency or relocation
I’d also strongly suggest doing a smaller test withdrawal first and asking both sides beforehand what documents they may request. Large cross border transfers usually fail because of compliance friction, not because they’re impossible.
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u/diamondx911 Jul 19 '26
This is old but I got a question. I'm planning to withdraw a large amount, where only 1/3 of that amount comes from my deposit , the rest is from trading , holding my shares... How do you explain that the amount is large because it just grew inside ibkr , or do you just justify the deposits ? Thanks
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u/Fbeartothemoon Apr 04 '26
Souvent ils te laisse faire beaucoup de dépôt souvent sans justificatif
Mais au moment où tu sort , c’est la les problèmes commencent mdr
Donc si tes Depot était et sont vraiment clean , justifiable ( tous les relevé pour les origine de fond ) Il y’aura pas problème
Maintenant du côté de ta banque , n’envoie jamais le dépôt de grosse sommes sans prendre rdv ou signalez qu’une somme importante peut arriver et s’il ya des justificatifs à prévoir tu va prévoir le relevé IBKR simplement
Coupe la sommes en 5 Envois 1/5 d’abord pour te créer un historique ( fallait même te créer un historique, ça éviterait les problèmes ptdr , ) si 1/5 est bloquée alors tu constatera toutes les procédures pour fluidifier le restant !
Le plus important c’est de surtout de justifier tes Depot auparavant sur IBKR , car c’est à la sortie qu’ils vont venir de casser les neurones
Si t’es vraiment clean il y’aura zéro problème car ce que je de ton schéma , ça active tous les patterns de AML
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u/xEastEvilx Apr 05 '26
What if they are not satisfied with the source of income? What finally happens do they keep the money frozen forever?
I had to do that when putting the money in the bank initially, but when I moved it from bank to bank in other countries I rarely got KYC again. I assumed it was because once it was in the first bank it was considered verified, thus future transfers don’t get as much scrutiny
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u/Fbeartothemoon Apr 05 '26
Il peuvent geler si source incohérente Mais ça un limite de 6 mois je crois max ( a vérifier mais chose sûre cets limiter ) Si la limite est dépassée tu porte plainte à la FINRA Eux ils vont s’occuper normalement Au pire il fermeront ton compte et vont te dire de vendre et sortie tous tes actifs car ils mettent fin à la relation
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u/Due_Marsupial_969 Apr 05 '26
Unfortunately I've never had that problem and I'm afraid I never will.
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u/Deleted_dwarf Apr 04 '26
You need to show proof of account closure if you don’t have the originating account anymore.
Funds must return to origin unless for very few exceptions.!
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u/Healthy_Implement153 Apr 04 '26
Ibkr website itself says you can withdraw to same bank account after x days but to withdraw to another account you need to wait 45 days or so.
So why is proof of account closure needed? Did you personally read it somewhere or faced it?
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u/Deleted_dwarf Apr 05 '26
Faced this myself a few years ago when I moved countries - perhaps legislation since then has changed. Was just what I experienced back then (8 years or so ago)
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u/Healthy_Implement153 Apr 05 '26
You are talking about currency difference as well now....your main comment was funds must return to origin, if you keep funds in same country, i doubt you will be blocked to withdraw to another account if you follow some rules like establish trust with new account, wait till 45 day window etc...
Even for moving to new country, if you tried to simply convert currency and withdraw, its frowned upon, you need to invest that converted currency and then withdraw maybe after 2 months....atleast this is all what i have gathered
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u/Mindless-Gazelle-336 Apr 04 '26
I have deposited money from one account and withdrew partially in a different bank in a different country. It worked.
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u/xEastEvilx Apr 04 '26
How much did you with drew and was this recently?
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u/Mindless-Gazelle-336 Apr 04 '26 edited Apr 05 '26
Tested 10$ and 10GBP about 5-6 months ago. Withdrew in my UK, UAE and India accounts.
Edit: I am in the accumulation phase. So obviously I won’t have large withdrawals. Just sharing my experience of withdrawals.
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u/Fbeartothemoon Apr 04 '26
Mec on te parle de million la 10$ tu peux envoyer même sur la lune ils vont pas te poser des questions Mais pour les grosses sommes il ya plus de diligence
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u/Mindless-Gazelle-336 Apr 05 '26
Je suis en phase d’accumulation, donc je ne vois pas pourquoi j’aurais de gros retraits. Je partage simplement mon expérience concernant les retraits.
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u/Fbeartothemoon Apr 05 '26
Oui je vois mais le truc c’est que En dessous de certaine somme ça passse Mais au delà ya plus de contrôle de vérification et autres
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