How to withdraw USD from Interactive Brokers to DBS Multiplier?

In this post, I will be sharing how to withdraw USD from Interactive Brokers to DBS Multiplier account.

[Note: This is for IB account, and not IB SG account. I have no IB SG account, and hence don’t really know if this works for IB SG account.]

At the fund withdrawal page, you would need to select “USD“, and click “Connect Your Bank” under Bank Wire.

Receiving Bank Information

Similar to fund deposit, when you set up the fund withdrawal, you would need to key in the information required.

You can set your own account nickname. ( I named mine as DBS Multiplier). Select “Bank” for where funds will be deposited, and “Singapore” for the Bank Country. You would also need to key in your bank account number.

Enter Bank details for USD fund withdrawal

Correspondent Bank Information

After entering the information, you would be prompted for the correspondent bank information. For DBS, the correspondent bank is JPMorgan Chase. (See here). Select JPMorgan Chase Bank N.A.

[ Note: I dunno if the correspondent bank will change overtime, but it is better to google “correspondent bank for DBS” for confirmation or check with DBS]

Select JPMORGAN CHASE BANK, N.A.

After you click JPMorgan Chase, you will be brought to the below window. I didn’t enter any account information, and just clicked “Submit“. After that, you select “Yes” that the bank account can accept transfer in USD, and click on “save the bank information“

Just click submit, no other actions required for this window

So that’s for setting up bank account for the USD withdrawal.

Withdrawal

Once the bank account is set up, you can select the withdrawal account

At the next window, you would need to enter the amount for withdrawal and click on “create withdrawal“

ENTER THE AMOUNT TO BE WITHDRAWN

You would be prompted to enter your credentials to confirm the withdrawal. After entering your credentials, you can then click “confirm withdrawal“.

ENTER YOUR CREDENTIALS
(USERNAME AND PASSWORD)

My Test Withdrawal

I tried to withdraw 40 USD from Interactive Brokers, and received 32.53 USD. There was a inward telegraphic transfer charge of 7.47 USD.

Withdrawal of 40 USD from Interactive Brokers

I believe the 7.47 USD (~10 SGD) is the inward telegraphic charges by DBS.

This pretty much sums up how to withdraw USD from Interactive Brokers. I hope you find it useful.