Interactive Brokers

RazzaDazzla · 29 January 2010

$25 is $25!

Maybe I should follow you around and collect all the $25 that drop out of your pocket if you don't care about them.

Bank Backwat... Bankwest is great for me a the moment. Only thing I don't like is this silly $25 fee.

I also have a CBA streamline account sitting around, so if there's no fee to transfer money from IB to CBA then I'd be silly not to use it.

Trembling Hand · 29 January 2010

RazzaDazzla said:
$25 is $25!

Maybe I should follow you around and collect all the $25 that drop out of your pocket if you don't care about them.

Good idea. Then you can employ a personal assistant to go around and get the answers for all the little questions that you cannot figure out with a phone call. Fellas I think we have finally come to the solution of Razzas problems

RazzaDazzla · 29 January 2010

Hahaha That's funny!

IB could not tell me what method they used for transferring money to Australian Bank Accounts. If they could have told me the method they used I wouldn't of had to ask.

I at least need to know what method IB uses to transfer the money otherwise how can I ask the question of the banks whether they charge or not?

Now; on another note. If the transfer is an international wire transfer, does that mean that IB then needs to hedge FX?
I guess I assumed that since I deposit to an Australian IB account, they would then be transferring money back to me from a similar account.
I would assume that they would have a local account in each country that they trade so as to lessen there exposure to FX rates and to simplify there dealings with the relevant exchanges.

I am not claiming to be a no it all, so please don't abrade me for asking questions.

NAsX · 29 January 2010

Why don't you just try it yourself if no one seems to be able to help? At worst, you get charged $30 by CBA

ThingyMajiggy · 29 January 2010

Pretty sure I read about 975 times in earlier posts that the big 4 should be ok and no fees. So, just do it. Can't see the problem with a fee that big, unless you're transferring $50 or something stupid, if they charge you a fee, you know to change then! You're only going to get charged once aren't you. Then you can change to a bank that doesn't etc.

skc · 29 January 2010

NAsX said:
Why don't you just try it yourself if no one seems to be able to help? At worst, you get charged $30 by CBA

LOL.. wait till Feb before you try, as IB charge you $15 for second withdrawal in the same month!

nomore4s · 29 January 2010

Alright, before this gets too out of hand.

Razza, you have two choices here.

1/ Go through this thread and see if anyone has already stated that CBA do or don't charge the fee.

2/ Ring CBA and find out yourself. It's pretty easy to ask if they charge a fee for International Transfers isn't it?

You keep asking questions that are easy to get answered yourself by making a phone call or doing a bit of research.

yonnie · 29 January 2010

is it an International Transfer??? dont think so

SilverRanger · 29 January 2010

It's a wired transfer (from overseas) according to NAB

skyQuake · 29 January 2010

Having spoken to their staff about this matter, perhaps I can shed some light on this.

The withdrawal request is ALWAYS first processed in the US through the parent Interactive Brokers LLC, as per anti-terrorism funding legislation introduced in 2002. Only after approval is given can the request be transmitted to custodians in the Cayman islands.

After a brief ceremony and the ritual of security protocol verification, the requisite sum is then taken out of the vaults and couriered to the airfield; Where a complex system involving helicopters, skyhooks, pulleys and catapults ensure your money is effected to your country of residence.

Upon arrival, runners using an efficient relay system deliver the money to your banking institution where it is promptly banked and credited to your account. Throughout the years, this system has been made remarkably efficient and that is why you can withdraw money at 9pm and see it in your account the next morning! Sometimes though, the runners would get tired and/or require new footwear, so a fee of $25 is charged to your account to provide for such services/refreshments and to keep the system effective and efficient.

SilverRanger · 29 January 2010

skyQuake said:
Having spoken to their staff about this matter, perhaps I can shed some light on this.

The withdrawal request is ALWAYS first processed in the US through the parent Interactive Brokers LLC, as per anti-terrorism funding legislation introduced in 2002. Only after approval is given can the request be transmitted to custodians in the Cayman islands.

After a brief ceremony and the ritual of security protocol verification, the requisite sum is then taken out of the vaults and couriered to the airfield; Where a complex system involving helicopters, skyhooks, pulleys and catapults ensure your money is effected to your country of residence.

Upon arrival, runners using an efficient relay system deliver the money to your banking institution where it is promptly banked and credited to your account. Throughout the years, this system has been made remarkably efficient and that is why you can withdraw money at 9pm and see it in your account the next morning! Sometimes though, the runners would get tired and/or require new footwear, so a fee of $25 is charged to your account to provide for such services/refreshments and to keep the system effective and efficient.

The runners definitely deserve the $25 for their hard work!!

>Apocalypto< · 30 January 2010

skyQuake said:
Having spoken to their staff about this matter, perhaps I can shed some light on this.

The withdrawal request is ALWAYS first processed in the US through the parent Interactive Brokers LLC, as per anti-terrorism funding legislation introduced in 2002. Only after approval is given can the request be transmitted to custodians in the Cayman islands.

After a brief ceremony and the ritual of security protocol verification, the requisite sum is then taken out of the vaults and couriered to the airfield; Where a complex system involving helicopters, skyhooks, pulleys and catapults ensure your money is effected to your country of residence.

Upon arrival, runners using an efficient relay system deliver the money to your banking institution where it is promptly banked and credited to your account. Throughout the years, this system has been made remarkably efficient and that is why you can withdraw money at 9pm and see it in your account the next morning! Sometimes though, the runners would get tired and/or require new footwear, so a fee of $25 is charged to your account to provide for such services/refreshments and to keep the system effective and efficient.

HA HA HA HA, Freaking classic!

Nero64 · 4 February 2010

I closed a trade yesterday with IB and they didn't charge me selling commission.

Has anybody noticed this when closing trades lately. Is it a special this month or a one of thing?

DocK · 4 February 2010

Nero64 said:
I closed a trade yesterday with IB and they didn't charge me selling commission.

Has anybody noticed this when closing trades lately. Is it a special this month or a one of thing?

Yes, Nero. If you go to the IB Troubleshooting thread you'll notice there are at least now three of us I did notice a bulletin about market depth being unavailable for a period of time, now rectified I believe - and wonder if the two issues might be related? Perhaps a decision was made not to charge comm while system not operating without any bugs and was reinstated once the problem was fixed - I had five trades go through, three with no comm in the morning and two with comm in the afternoon. I guess all will become clear in the fullness of time - and if it's never charged I might buy myself some scratchies with my saved $18 and try to make some profit that way!

suprsnipes · 4 February 2010

Hi guys,

Just trying to add the TICK-ASX and TRIN-ASX into NinjaTrader but I'm not sure what the code should be in the instrument list.

If anyone else knows what this may be I would appreciate you letting me know.

Thanks
suprsnipes

ThingyMajiggy · 4 February 2010

suprsnipes said:
Hi guys,

Just trying to add the TICK-ASX and TRIN-ASX into NinjaTrader but I'm not sure what the code should be in the instrument list.

If anyone else knows what this may be I would appreciate you letting me know.

Thanks
suprsnipes

I'm pretty sure its like you have it there, It is in IB anyway, if you're IB is going through NT that is.

I thought it was "TICK-ASX" and "TRIN-ASX".

Trembling Hand · 4 February 2010

here ya go,

suprsnipes · 4 February 2010

Thanks TH

rhyslivs · 25 February 2010

Hey guys,

I've had a good read through this entire thread and IB sounds like a far superior broker than anything Australia has to offer.

I do however have what I am ashamed to say are 2 very basic question; one relating to the platform and the other to market data.

The way I understand it is when you open an account with IB you use their Trader Workstation and this is included in your account? Is this correct?

The other question; on the IB website is says aussie market data costs $37.50 per month which I assume is live market data. But what does this include and what do you get if you don't go with the paid market data? Basically what I am asking is what shows up in the TWS when, for example you type in BHP as your underlying? What data will show up if you haven't opted for the paid data? What about option data?

I am currently with etrade and i want to move into options and lets just say their option fees are ludicrous.

Thanks in advance!

Rhys

Trembling Hand · 25 February 2010

rhyslivs said:
The way I understand it is when you open an account with IB you use their Trader Workstation and this is included in your account? Is this correct?

Correct. But you can also connect other front ends to IB, especially for charts, Like Amibroker, Ninja Trader and stacks of others.

rhyslivs said:
for example you type in BHP as your underlying? What data will show up if you haven't opted for the paid data? What about option data?

Nothing. For some markets they provide delayed but I think not ASX.

If you pay for the data what you get is live dynamic data.

Interactive Brokers

RazzaDazzla

Trembling Hand

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RazzaDazzla

NAsX

ThingyMajiggy

skc

Goldmember

nomore4s

Commonsense isn't that common

yonnie

SilverRanger

skyQuake

SilverRanger

>Apocalypto<

20.03.2012

Nero64

DocK

suprsnipes

ThingyMajiggy

Trembling Hand

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suprsnipes

rhyslivs

Trembling Hand

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Interactive Brokers

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Goldmember

Commonsense isn't that common

20.03.2012

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