Taking money out of Interactive Brokers to your bank account is almost as simple as putting it in, but it has two details worth getting clear before you do it: which currency you withdraw in and how much it can cost you. Here’s the whole walkthrough.
Where it’s done
Just like when depositing, you enter the Client Portal (if you don’t know how, it’s explained in this article) and go to Transfer & Pay → Transfer Funds. The difference from a deposit is that now, instead of clicking Deposit, you choose Withdraw Funds.
Set up your destination bank
If you’ve already made a withdrawal, your bank will appear saved. If not, you’ll have to set it up: you choose the method, the bank’s country, the bank account number and, when you move to the next field with the Tab key, the nickname is generated. When you click to save the bank information, the platform will ask again for your username, password and the two-factor authentication on your phone, just like when you logged in.
At this point you’re only registering your destination bank. You haven’t taken out a single euro yet: the money moves in the next step, when you create the withdrawal.
Choose the method and the currency carefully
For bank accounts in Spain and the rest of Europe, the most common choice is the SEPA transfer, and it’s the one recommended in the video. There’s also a cost reason: as explained, one withdrawal a month is free, and from the next one on you pay €1. Other methods tend to be somewhat more expensive, although the first withdrawals are usually free too.
SEPA withdrawal: what you need to know
It’s the usual method for bank accounts in Spain and Europe
One withdrawal a month is free
From the next one on, €1 per withdrawal, as explained in the video
The money normally arrives 24 to 48 hours later
To withdraw in a specific currency, you need to have that currency available in your portfolio. If your balance is in another currency, you’ll have to convert it before you can withdraw it. Keep this in mind before creating the withdrawal, especially if all your capital is invested.
Create the withdrawal
With the bank saved, you select it, enter the amount you want to take out and, if you like, mark it as recurring so that the same amount is withdrawn every so often. Click create withdrawal and that’s it. Once again, the platform will ask for your username, password and two-factor authentication to confirm the operation.
How long it takes
The normal thing is for the money to be in your bank 24 to 48 hours later, and the same usually goes for the capital deposits you make in the opposite direction. Some banks process it much faster and others take a little longer.
The figures for free withdrawals and the cost per withdrawal are the ones explained in the video. Fees can change over time, so before withdrawing it’s worth confirming them in the platform itself or on the Interactive Brokers website.
If you have any question about a withdrawal, by linking your account to ProRealTime you get support in Spanish and a personal account manager for questions about deposits and withdrawals — we cover it in this article. And if you haven’t put money in yet, you’ll find the step-by-step for the opposite process in how to deposit money in Interactive Brokers.
Conclusion
Withdrawing money from Interactive Brokers by SEPA is a short process: you choose Withdraw Funds, register your destination bank (the first time), confirm with your two-factor authentication and wait, normally, 24 to 48 hours. The two points to watch are the currency you have available and the number of withdrawals, since one a month is free and the following ones have a small cost.
