Withdrawing Money From Interactive Brokers to Your Bank Account

Withdrawing Money From Interactive Brokers to Your Bank Account

Withdrawing money from Interactive Brokers is actually relatively easy. Still, many questions were asked about this in my Turkish blog. I made a post to show them how it’s done. Today I will review this article and share it with you. I hope that you will find it helpful. Let’s start by identifying your bank account in the Interactive Brokers interface.

Withdrawing money from Interactive Brokers: identifying bank account

First, we select the “Transfer Funds” button from the left menu, and the following menu appears. From here, we press the “Make a Withdrawal” button.

Hesap tanımlama - I
Account Identification – I

In the next step, we determine which currency and method we will withdraw money from. As shown in the figure below, I chose the Turkish Lira.

Hesap tanımlama - II
Account Identification – II

When we choose the Turkish Lira, “Bank Wire” remains the only withdrawal method. Now we click “Connect Your Bank.”

Hesap tanımlama - III
Account Identification – III

As you can see from the figure below, you name your account that you will define for withdrawal and declare that it is a bank.

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Account Identification – IV

In the next step, you need to enter the country where your bank account is located and the IBAN number of your bank account.

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Account Identification – V

When you enter your IBAN number, the information of the bank you have defined to withdraw money appears as follows.

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Account Identification – VI

Interactive Brokers asks you for confirmation of bank account information at this stage. It asks for your username and password as a security measure.

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Account Identification – VII

As shown in the figure below, enter your username and password and click the “Continue” button.

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Account Identification – VIII

A verification code is coming to your phone.

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Account Identification – IX

You enter the verification code and continue.

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Account Identification – X

A message appears, thanking you for the confirmation. You can end the account identification process by pressing “Finish.” Or you can start the money transfer process by clicking the “Create Transfer” button.

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Account Identification – XI

I chose to terminate and came back to the withdrawal page. As you can see below, my Turkish Lira and my previously used dollar account can now be used to withdraw defined money. Now I click on the “Select” button next to my Akbank demand TL account.

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Account Identification – XII

Withdrawing money from Interactive Brokers: withdrawal order entry

The bank information that I have defined appears in front of me. I am entering a trial amount of 100 TL to show you. Oops! “Maximum amount (0.00) exceeded” is displayed. 🙁 Now, let’s try to solve this problem.

Emir girişi - I
Withdrawal order entry

Possible sources of the problem

First, I look at the questions and answers about withdrawing money from the “Support” part of the system. The first explanation is that if you are trading in a currency other than your base currency, you may have exceeded the limit for that currency. Secondly, suppose your IBKR account is a cash account type, and you have recently converted money. In that case, it takes at least two business days for the transaction to be finalized. Finally, if you have recently deposited, you may have been caught within the time limit required to withdraw that money.

Sorunların kaynağı - I
Possible sources of the problem – I

So, how can we learn how much money we can withdraw from our account? The answer to this question is that we can find the answer to this question under “Available For Withdrawal” in the “Transfer Funds” section of our customer account. However, I did not see such an interface.

Sorunların kaynağı - II
Possible sources of the problem – II

Instead, I looked at past transactions. As you can see from the figure below, I came across the record of the TL transfer I made the day before. The note for this transaction clearly states that I cannot withdraw this money before 22 December 2020. So I understood the problem.

Sorunların kaynağı - III
Possible sources of the problem – III

Converting from USD to TL

Let’s convert some dollars to TL and try again to learn the process. I entered an order to convert 15 dollars to Turkish Lira from the “Convert Currency” option.

Dolardan TL'ye çevirme - I
Converting from USD to TL – I

The order has been fulfilled. I tried to withdraw money again. However, I still encountered the same error. Because I define my account as a cash account. Thus, it will take a few business days for it to be transferred to my account as TL due to the money conversion process I have performed in the market. I mean the T+2 rule.

Dolardan TL'ye çevirme - II
Converting from USD to TL – II

Still problem not solved?

To be sure, I talked to IBKR’s customer representative using the live chat facility in the support section. You can use this method if you encounter a problem you cannot solve. However, they try not to use this option as much as possible because labor is expensive in the US. That’s why they direct you to questions and answers prepared as much as possible. As you can see below, the customer representative says that 1.000 TL has just been deposited, which is why I can’t withdraw money.

Müşteri temsilcisi ile görüşme - I
Meeting with a customer representative – I

When I say that I have converted money but cannot transfer it, it says that my money conversion process will end on December 21. So then my cash (TL) will be deposited in my account. He adds that we can check our transactions in the “Reports/Statements/Trade Confirmation” section.

Müşteri temsilcisi ile görüşme - I
Meeting with a customer representative – II

I click on the “Reports” tab at the top of the client interface. Then I click on the arrow next to “Trade Confirmation,” as shown in the picture below. I got it to generate a report dated today in the popup.

Rapor sorgulama - I
Report query – I

As a result of the report query, I see the following transaction. Accordingly, the “Settle Date” is December 21. In other words, TL will be deposited in my account on this date after my order is concluded. As additional information, let me tell you this: the commission charged for money conversion is $2. I paid $2 for both $2,000 and $15.

Rapor sorgulama - II
Report query – II

As a result, I could not withdraw money as I do not have TL in my account. However, the customer representative said I would not have any problems with the withdrawal process if I had TL in my account. So withdrawing money from Interactive Brokers is not easy for a beginner. Nevertheless, I tried once more after I had waited one week.

At last, I succeeded

As of Monday, December 21, I tried to make an actual withdrawal. As you can see from the picture below, 115.77 TL appears in my account. I clicked the “Create Withdrawal” button to transfer an amount of approximately 15 TL to my account in Turkey.

Fiili para çekme - I
Money withdrawal – I

Username and password information was asked for an identity check. After entering this information, another password came to my phone.

Fiili para çekme - II
Money withdrawal – II

After entering the password sent to the phone as a text message, my withdrawal request was approved by IBKR. In other words, we have seen by trying that I can transfer Turkish Lira to my bank account in Turkey, free of charge, once a month from IBKR.

Fiili para çekme - III
Money withdrawal – III

I hope this post will be helpful for you. See you soon.


Thank you for your interest in breakingthetreadmill.com. Below are some services that I find quite useful. It might work for you too. I suggest you check it out. Best wishes.

To make low-cost money transfers to overseas brokerage houses or to withdraw money at low cost via multi-currency Visa debit card, you may use Wise.

With Interactive Brokers, you can access 135 markets in 33 countries using 23 different currencies. You can trade stocks, bonds, options, futures, FX and funds at a very low cost. I’ve been using it for about four years: Open an investment account at Interactive Brokers.


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