Some questions about Interactive Brokers

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Feb 10th, 2020 3:04 pm

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Feb 2nd, 2020 5:39 pm

fiddlewin [OP]: Jr. Member; Aug 21, 2017; 195 posts; 132 upvotes

Feb 2nd, 2020 5:39 pm

Some questions about Interactive Brokers

About to open an account but have some questions:
1. How does the delayed free data work? I cannot seem to find how long it's delayed for NYSE/TSX stocks. If you're not an active trader and don't want to pay for additional data pacakges, where can you get free data? Are websites such as Google, Yahoo and Tradingview real time?
Also Questrade seems to provide free real-time data?
2. What's the best way to deposit funds into IB? Wire seems to faster (2 days?) but rather expensive compared to EFT (3 days?) while free?
3. Best way for Forex - is it better to get USD from the banks then transfer in or buy Forex within IB?

Thanks!

8 replies

Feb 2nd, 2020 11:38 pm

whatyoulookinatbud: Sr. Member; May 18, 2017; 544 posts; 474 upvotes; Toronto, Ontario

Feb 2nd, 2020 11:38 pm

1) 15min delayed. Most apps have free real time quotes for US stocks... For example CNBC...webull..yahoo..if you aren't active, don't bother pay the extra few dollars. They'll give you a good fill from my experience
2) I use EFT and online bill pay. The later is new and pretty convenient
3) for mobile.app, search USD , you'll then see USD ideal pro, chose forex, choose USD.CAD, proceed to buy USD. You'll get the real time rate and commission is $2.

+1

Feb 3rd, 2020 8:30 am

johnnychi: Deal Addict; Jun 28, 2018; 1031 posts; 788 upvotes; Toronto

Feb 3rd, 2020 8:30 am

whatyoulookinatbud wrote: ↑ 2) I use EFT and online bill pay. The later is new and pretty convenient

#2 their fund transfer in capabilities work, but not as convenient as say Questrade's in that you do need to notify IBKR of the amounts to be expected.

On the technical side, it does not appear they are fully utilizing/reconciling the online bill payment data file from the sending bank/institution. Hence, we need to go through the added process of keying in the expected amount and then waiting for its acknowledgement before they start clearing the funds.

The Distracted Investor

Dividends through quality companies

Though I usually lose money with trades

+1

Feb 4th, 2020 10:55 am

chriskanaan: Member; Jan 31, 2008; 488 posts; 204 upvotes; Montreal, Quebec

Feb 4th, 2020 10:55 am

EFT takes longer then 3-days. It usually takes at least one week (5 business days plus a day or two) to access your funds.

BNN offers real time for Canadian stocks. To my knowledge, Google provides real time data for NYSE listed equities (not Canadian)

Forex rates for USD on Interactivebrokers are the best spread you will get.

"It is never too late to be what you might have been. "

Feb 4th, 2020 11:52 am

azorahai: Sr. Member; May 5, 2016; 530 posts; 541 upvotes

Feb 4th, 2020 11:52 am

johnnychi wrote: ↑ #2 their fund transfer in capabilities work, but not as convenient as say Questrade's in that you do need to notify IBKR of the amounts to be expected.

On the technical side, it does not appear they are fully utilizing/reconciling the online bill payment data file from the sending bank/institution. Hence, we need to go through the added process of keying in the expected amount and then waiting for its acknowledgement before they start clearing the funds.

I've sent bill payments to IB without notifications, it works fine.

+1

Feb 8th, 2020 12:55 pm

fiddlewin [OP]: Jr. Member; Aug 21, 2017; 195 posts; 132 upvotes

Feb 8th, 2020 12:55 pm

Does bill payment take shorter time than EFT? How much is the fee?

I read from IB and other sources it can take about a week to deposit the funds - that sounds crazy!

whatyoulookinatbud wrote: ↑ 1) 15min delayed. Most apps have free real time quotes for US stocks... For example CNBC...webull..yahoo..if you aren't active, don't bother pay the extra few dollars. They'll give you a good fill from my experience
2) I use EFT and online bill pay. The later is new and pretty convenient
3) for mobile.app, search USD , you'll then see USD ideal pro, chose forex, choose USD.CAD, proceed to buy USD. You'll get the real time rate and commission is $2.

Feb 8th, 2020 2:26 pm

whatyoulookinatbud: Sr. Member; May 18, 2017; 544 posts; 474 upvotes; Toronto, Ontario

Feb 8th, 2020 2:26 pm

fiddlewin wrote: ↑ Does bill payment take shorter time than EFT? How much is the fee?

I read from IB and other sources it can take about a week to deposit the funds - that sounds crazy!

The bill payment takes 3 days to clear. Dont think EFT takes more than 3-5 days. I've been using the former.

Feb 8th, 2020 7:32 pm

John47: Deal Addict; Jan 18, 2014; 1514 posts; 507 upvotes; Rouyn-Noranda

Feb 8th, 2020 7:32 pm

My limited experience is that bill payment is faster than EFT.

Feb 10th, 2020 3:04 pm

johnnychi: Deal Addict; Jun 28, 2018; 1031 posts; 788 upvotes; Toronto

Feb 10th, 2020 3:04 pm

azorahai wrote: ↑ I've sent bill payments to IB without notifications, it works fine.

Not for me at least. If a bill pay is sent without notification to them beforehand then you need to go in and add a notification.

Not a deal breaker for sure, but cumbersome.

BILL PAY DEPOSIT NOTIFICATION REQUIRED

Dear Customer,

We have received a Bill Payment deposit that we believe may be intended for your account xxxx. However, we require a Bill Payment deposit notification to properly credit your account.

For your protection, this email does not include your bank account number or the amount of the deposit.

To resolve this issue, please follow the instructions below to submit a Bill Payment deposit notification, making sure that the amount of the deposit notification matches the amount of your actual deposit. If you made multiple deposits, we will require a new deposit notification for each deposit.

The Distracted Investor

Dividends through quality companies

Though I usually lose money with trades

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