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I regularly use Transferwise to pay/receive several different currencies & conversions between my actual real physical bank accounts around the world. I think its a great service. But..
Re 2. Just to clarify. As Transferwise say: "although your bank details are unique, they don't represent real bank accounts, but simply "addresses" for your electronic money account"
(Your US$ is actually held under the Transferwise account at Wells Fargo & your balance(s) are just a digital representation of what Transferwise "owe you")
This is the same for any of the other currencies you can hold balances in. It can be very hard for non residents/citizens to open real physical bank accounts in certain countries & the Transferwise model of payments & accounts enables a user to use them "like a real bank account" (their words) when it actually isn't(which I think is great as far it goes). This is not just a subtle difference in that although Transferwise is regulated by the UK Financial Conduct Authority, your funds are not protected as deposits under the FSCS as they are in real bank accounts (up to £85,000).
Q: After doing payment as per your screenshot. Do you then have to inform Interactive Brokers to expect money for Your Account? I can see how its possible to pay: the broker > the brokers account but am curious how you put (if you do) your own account details on the original payment...That's all. EDIT: Disregard the above Q
I'll also be interested to know how things work for withdrawals. Brokers/Banks have to tread a very tight line to ensure funds go to right people in the right place without circumventing their own banking jurisdiction practices.
You are right, TW accounts are actually "virtual" accounts, I did not want to put useless complexity to this thread. Honestly I'm quite surprised that this one has got 22 answers....
If you would have tried to use TW US account with IBKR you would have not been affraid of withdrawals. Guess why?
"sigh".. I'd rather not play guessing games but as of yesterday you said you hadn't tried withdrawals which is why I wondered if there would be a problem. Thats all.
Try to link TW account with PayPal. If wiring from PayPal works, then all other options will work as well.
In addition to that the very first thing what IBKR did when I wanted to make ACH funding for the first time was they tried to deposit several cents to my TW account. If it would not work they would never allow me to deposit money from my TW account. If the account would not comply with regulations I doubt that my TW account would be credited by test deposit made by IBKR.
I'm thinking about writing an e-book about funding IBKR account since there seems to be lot of rumours and guesses about it.