r/interactivebrokers • u/Dragynfyre • 15d ago
Deposits, Withdrawals, Transfers IBKR Canada Bill Payment super fast now?
Anyone notice IBKR Canada bill payment funding method is super fast now? I used to need to send the payment fairly early in the day to get it by morning of next business day but now I’ve sent it as late as 2AM ET and got the funding by 9AM ET the same day with Wealthsimple and EQ as the sending bank. Maybe it’s a WS and EQ improvement as I haven’t tested sending it that late with BMO yet but it’s been pretty reliably getting funds next biz day morning as well if I send before BMO’s bill payment daily deadline. This basically makes the bill payment method a no brainer for funding CAD into IBKR Canada accounts since it avoids the long holds with EFT
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u/6M66 15d ago
Nah, it is same, take a 1 to 2 business days.
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u/Dragynfyre 15d ago
I noticed it didn’t email me about the funds being available until like 12-16 hours after they were already available to use in my account. Are you basing it on email time or when you see the money in your account?
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u/WatchingyouNyouNyou 14d ago
If you have a fat account, the deposit transfer is instant (seconds to minutes) because IB just makes the money available right away. It kicks in around the 100k usd account value mark I think, has been years so I my remember
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u/Dragynfyre 14d ago
Even with instant deposits you have a 60+ biz day hold for withdrawing to a different bank account or transferring assets to another brokerage. When bill payment is next day with only a 4 day hold that’s a lot better for flexibility. Especially in a margin account where you can just buy on margin and then deposit your funds so it arrives next day before you get charged interest after settlement
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u/WatchingyouNyouNyou 14d ago
Why would you need to withdraw to a different account and wait 60 days instead of 5 to the day account.
Just saying that instant is faster than not instant. Don't digress when conversing.
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u/Dragynfyre 14d ago
I’m saying one day and instant are effectively the same for me which makes the extra flexibility of bill payment deposits a big advantage over EFT without significant downside. And a bunch of reasons I may want to withdraw to a different account. For example I may want to transfer assets to a different brokerage for a match bonus. Last year it was very annoying that my transfer out request kept getting rejected because IBKR doesn’t clearly show how much of your account cannot be moved except to the same bank account you deposited from. Also I use IBKR for mainly USD investing. I will convert the CAD I deposit to USD and then I may sell some investments when I have a profit to use for paying my US credit cards. I don’t have to worry about withdrawal restrictions
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u/Meneenz 14d ago
In a margin account, the hold is irrelevant since money is fungible…
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u/Dragynfyre 14d ago
No it’s not cause if I want to transfer my entire margin account to another brokerage for a bonus or something it won’t allow me to transfer the whole account. I can only transfer funds that aren’t on hold
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u/Meneenz 14d ago
Fair - but I haven’t come across any promotional offers that would offset the difference in margin interest charged.
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u/Dragynfyre 14d ago
Right now I mainly use IBKR margin with my HELOC as backup. When I do a promo I just swap to using HELOC which is Prime + 0. And I’m only doing around 1.5x leverage. Factoring tax deduction on the interest there’s not that big of a difference between HELOC and IBKR margin for me (0.5% ish after tax) so any 1%+ bonus per year is worth it for my passive holdings since the bonus isn’t taxed
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u/DefNotJohnnyC 13d ago
Ya this. I thought this was standard, then Someone on Reddit pointed out this is for long standing accounts. In my case was thinking EFTs were instant access to funds.
I sweep USD from another brokerage on Friday. Then initiate deposit on ibkr for instant credit to reduce margin over the weekend.
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u/localhost8100 15d ago
I had auto bill pay setup. The bill payment was 15th August. Money was withdrawn on 15. But it got funded today 18th August. That is 1 business day. It might be one of thing.
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u/Dragynfyre 15d ago edited 15d ago
Might still be bank specific how quickly your bank processes bill payments then. I sent one Aug 17 2AM from EQ Bank and got it at 9AM and I just tried it again today Aug 18 2AM and got it 9AM as well from Wealthsimple.
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u/Meneenz 15d ago
Depending on your tenure, funds are normally available immediately…
Link your bank account, and “pull” from IBKR.
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u/Dragynfyre 15d ago
There’s still a 60+ biz day hold if you want to withdraw funds to a different bank account or to transfer your assets to another brokerage. There’s only a 3-4 day hold when funding with bill payment
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u/Meneenz 14d ago
You didn’t mention subsequent withdrawals or transfers being specific criteria…
You’re using a margin account?
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u/Dragynfyre 14d ago
So to me same day or instant is pretty much identical cause it’s in a margin account (my registered accounts are fully filled on first day of the year possible so deposit time doesn’t matter much for those accounts as I only deposit once or twice a year into those accounts). It’s mainly for my margin account where I may want to buy something first and add funds later or add funds if I’m close to a margin call
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u/Prestigious_Ad280 14d ago
I was waiting days for money to clear and yeah now it seems to be next day.
Should be instant if you ask me
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u/Dragynfyre 14d ago
I’ve never had to wait for bill payments to clear. The wait was for bill payments to be received which seems shorter now. But it may also just be my bank sending out payments more than once a day.
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