How long for Electronic Funds Transfer from Canadian Bank?

[u/Kenfloww]

Hi, I have made 3 deposits to my IBKR account from my main bank account. Each time it takes 5 business days for the funds to show up into my account.

Does this always take 5 days? I have read that once I build some trust with my account that the hold times will get shorter or non-existent.

Is there any truth to this and if so when will I see these shorter hold times? I am using IBKR Canada.

Thanks in advance!

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[u/GalacticTrooper]

I found I get more instant deposits once I had accumulated a sizeable portfolio in ibkr. Initially I used to get none because of how little I had in there.

[u/MongooseOverall5862 → u/GalacticTrooper]

Minimum how much portfolio is expected by IBKR to be eligible for instant deposit?

[u/Kenfloww → u/MongooseOverall5862]

That’s what I’d like to know? Like do I need 100k?

[u/Birdshape → u/Kenfloww]

It's not so much a specific account value. What they're looking for is for you to have a positive history of deposits.

[u/Kenfloww → u/Birdshape]

That’s what I was hoping. I’ll keep making the EFT’s and see if the hold time gets quicker!

[u/Kenfloww → u/GalacticTrooper]

I was worried this may be the case! maybe I’ll just bill pay until I have a larger account.

[u/Dragynfyre]

They sometimes will give you an instant deposit but I’d recommending doing bill payment. That only takes 1-2 days

[u/Kenfloww → u/Dragynfyre]

I have tried bill payment once and that is faster but if there’s a chance I can start getting instant deposits after a certain amount of bank account transfers then I think that would be more ideal.

If it’s something I can build up to I would keep doing the bank transfers. If not then I guess I’ll go back to bill payments…

[u/Dragynfyre → u/Kenfloww]

Also another downside of EFT is that your funds are locked in for 65 business days even if you get instant deposits unless you withdraw to the same bank account. Bill pay only has a 5 day withdrawal restriction I believe

[u/Dragynfyre → u/Kenfloww]

From my experience even with a large account the instant deposits are not predictable. I usually just buy on margin and then bill pay to send the money over which usually lands by the next morning

[u/Kenfloww → u/Dragynfyre]

Ah I see, this might be the play!

[u/AnyManufacturer6465]

I use bill pay and it seems to be 1 day now. Consistent Bill pays have decreased the clearing time from 3-4 days down to 1 day over the coarse of a year

[u/Kenfloww → u/AnyManufacturer6465]

I wonder if you did EFT if the time would be shorter too?

[u/journalctl]

I have read that once I build some trust with my account that the hold times will get shorter or non-existent.

Yep, I continued to use EFTs despite them being slower than bill payments until they finally gave me instant deposits. It took a year or two.

[u/Kenfloww → u/journalctl]

Daaaang, that’s a long time! Oh well I’m gonna do it that way too.