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Funding Reference

 

How to Withdraw Money from your Online Trading Account


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Withdrawals

How to take withdrawals / how to get money from your account:

To make a withdrawal of funds, complete a withdrawal request on the Fund Transfers page in Account Management. The first cash withdrawal in any one month is free. (Yes, that does include wires!)  A fee will be a charged for each additional withdrawal. Click here to see a schedule of the fees charged after your first monthly cash withdrawal.

A withdrawal request will be processed only if the customer has sufficient available funds and equity in excess of the initial margin requirement. Available funds are defined as the lower of trade or settlement date funds. If a withdrawal request is rejected, you may re-enter the withdrawal request once there are sufficient available funds and equity in excess of the initial margin requirement.  Learn about Account Protection - Withdrawal Limits.

In accordance with anti-money laundering regulations, all withdrawals will be sent in the name of the account holder. (Not to a third party.)

 

How to take money out of my account

Withdrawals

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 How to set up recurring transactions in my account

Recurring Transactions

Read More

Types of Accounts

Account Type Specifics

Read More

 

 

 

Withdrawal Type

 

 

Wire

Description

Complete a Wire withdrawal request in Account Management. USD wire approved by 16:00 ET and non-USD wire requests approved by 14:00 ET will be sent by 18:00 ET, under normal business circumstances, for same-day credit. It may take longer than that for your bank to actually credit the funds to your account. Large wire withdrawal requests are subject to additional Compliance review.

Same-day wire withdrawals are available for HKD and JPY currencies as follows:

HKD wire withdrawals processed before 3:00 PM Hong Kong Time (HKT) are typically sent the same day. HKD wire withdrawals processed after 3:00 PM Hong Kong Time (HKT) are typically sent the next business day.

JPY wire withdrawals processed before 10:00 AM Japan Standard Time (Tokyo) are typically sent the same day. JPY wire withdrawals processed after 10:00 AM Japan Standard Time (Tokyo) are typically sent the next business day.

 

 
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US Automated Clearing House (ACH) Transfer Initiated at PT

Description

ACH withdrawals are only available for US dollar currency withdrawals to an account held in your name at a US bank that will accept ACH fund transfers. Requests approved by 14:00 ET will be sent by 18:00 ET, under normal business circumstances, for next day credit. It may take longer for your bank to actually credit the funds to your account.

Each ACH withdrawal is limited to USD 5,000,000.

When you save the bank information for an ACH Initiated At PT withdrawal, you select the type: ACH Debit & Credit for future ACH Initiated At PT deposit notifications and withdrawal requests between your PT account and your bank account, or an ACH Credit Only for future fund withdrawals only from your PT account to your bank account. You must also enter your bank's ABA number and your bank account number. If you do not know your bank's ABA number, you can search for the correct ABA number. In one to three business days after you submit your request, PT will verify your bank information by crediting two small test amounts and debiting one small equivalent test amount to your bank account. After you verify these test amounts, the instruction will be available for future ACH Initiated At PT withdrawal or deposit requests. Saving the initial bank information does not move your funds; you must create a new ACH Initiated At PT withdrawal request and select the previously-created and verified bank information.

 
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Check

Description

Only available for US currency withdrawals by customers with a US mailing address. Check requests approved by 09:30 ET will be mailed sometime during the next business day. Arrival is dependent on the mail and credit is dependent on your bank.

 

 

Canadian Electronic Funds Transfer (EFT)

Description

Available for USD or CAD currency withdrawals to a USD or CAD currency account held in your name at a bank located in Canada that allows EFT fund transactions. Cash will be automatically transferred. EFT requests approved by 09:30 ET will be debited to your account the next business day, under normal circumstances.

Each Canadian EFT withdrawal is limited to USD 5,000,000.

When you save the bank information for an EFT withdrawal, you select the type: Debit & Credit for future EFT deposit and withdrawal requests between your PT account and your bank account, or an EFT Credit Only for future fund withdrawals only from your PT account to your bank account. You must also enter your bank's three-digit institution number, your five-digit transit number and your bank account number. PT will verify your bank information by crediting two small test amounts and debiting one small equivalent test amount to your bank account. After you verify these test amounts, the bank information will be available for future EFT deposit notifications and withdrawal requests. Saving the initial bank information does not move your funds; you must create a new EFT withdrawal request and select the previously-created and verified bank information.

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Single Euro Payment Area (SEPA)

Description

Available for PT customers who have accounts with European banks, Separate Trading Limit (STL) sub accounts and Non-disclosed Broker clients. SEPA withdrawals are only available for EURO currency withdrawals. Requests approved by 10:00 AM ET will be sent by 11:00 AM ET.

Each SEPA withdrawal is limited to USD 5,000,000.

For more information about SEPA withdrawals, see the European Payments Council web site.

 


 

 

Recurring Transactions

You can schedule any withdrawal transaction to recur at monthly, quarterly or yearly intervals. During the withdrawal request process, you will be given the opportunity to save your transaction as a recurring transaction. The bank information you enter for the transaction can then be used for both recurring and non-recurring transactions.

In the event the transaction falls on a US non-business day under normal circumstances, Interactive Brokers will process the request on the business day prior to the recurring transaction date. In the event this processing leads to multiple withdrawals during the same month, the account holder will be assessed Interactive Brokers' withdrawal fees.

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Account Type Specifics

Type

Description

IRA Accounts

Customers may request Normal, Early, Early with Exception, Disability, Death, and Excess Contribution Distributions. Please choose the correct distribution type from the Withdrawal Instructions under Account Management. You will also need to specify the tax withholding instructions. Customers wishing to manually rollover their funds to another IRA account should indicate Normal or Early Distribution, depending on your age. You will have 60 days from the payment of funds to roll them over to a third party IRA account in order to maintain IRA tax status.

The deadlines for required minimum distributions (RMD) from your IRA account are:

Checks and ACH: 12:00AM EST December 29, 2013
Wires: 3:00PM EST December 31, 2013

 

For manual IRA Rollover or Trustee-to-Trustee Transfers to another IRA account, you must mail paper forms to the address below: 
 

Place Trade Financial, Inc.

c/o Interactive Brokers LLC 
Attn: Retirement Accounts, Transfers 
209 South LaSalle Street, 10th Floor 
Chicago, IL 60604

Advisor Accounts

Advisors can only submit withdrawal requests for their master account. Withdrawal requests for advisor clients must be created by the clients themselves. Once an advisor client has saved the bank information, the client may request a withdrawal or the Advisor may use that bank information to make a withdrawal request on behalf of the client account. Note that checks will only be made payable to the client, and electronic transfers will be made only to an account in the client's name.

 

Proprietary Trading Group / Separate Trading Limit (STL)

All withdrawals should be made from the master trading account. Separate Trading Limit (STL) sub accounts cannot withdraw funds using SEPA transactions.

Fully Disclosed Broker Accounts

Clients withdraw funds directly from their accounts.

Non-Disclosed Broker Accounts

All withdrawals should be made from the master account. Non-disclosed broker clients cannot withdraw funds using SEPA transactions.

Omnibus Broker Accounts

All withdrawals should be made from the master account. Excess funds will automatically be transferred from the long/short accounts to the master account.
 

In order to further protect our customers we have modified our security policies which may result in a delay of withdrawals for up to 72 hours for those customers making changes to their banking instructions or email address. Customers may contact customer service via phone to expedite this process if needed.

As PT is not a member of the European Union banking system, your bank, if located within a Eurozone member country, may charge you a fee upon the receipt of funds wired from your PT account. Please note that PT has no control over these fees and they are separate from any fee assessed by PT when multiple withdrawals are made from your account within any given month. As practices vary by bank, and PT has no information as to individual bank practices, we strongly suggest that you contact your bank to familiarize yourself with their policies for charging fees when receiving funds from institutions located outside the Eurozone.
 
Currency Margin Calculation (Withdrawals)
 
For an example of the currency margin calculation for withdrawals, please refer to the following PT Knowledge Base article:
index.php/component/content/article/21-help-me/759-margin-withdrawal-example

 
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Learn more about retirement planning by visiting some of the links below:

Roth IRA

SEP IRA

SIMPLE IRA

Traditional IRA

Qualified Plans

Rollover IRAs

Find out how Place Trade can help you get the most out of your college planning by visiting some of the links below:


Coverdell ESA

529 College Savings Plans

UGMA/UTMA Accounts