How to open and fund an Interactive Brokers (IBKR) account from the Philippines

Why IBKR?

1. Fractional shares - you can buy a fraction of a stock. For example, you can buy $200 worth of VTI (price currently at $230 per share). Advantageous for investors who want to buy with a specific budget.

2. International Stocks - IBKR allows you to access other stock markets outside of the U.S such as the London stock exchange. That means, you would be able to buy Irish-domiciled funds!

3. Lots of choices - they offer futures, options, mutual funds, forex and bonds. Yes, you can buy VTSAX here!

4. Lower risk of Insolvency - they have been in the industry for a while and is one of the largest brokers in the U.S.

5. Hassle-free account opening - yes, I was able to activate my account in just 3 days!

How to Open your Account

1. Open an account using this link.

2. Fill up all the information needed

3. You'll need two government Valid IDs and two utility bills as proof of address. Mobile/Broadband bills are not accepted. Make sure the text is clear enough to match your address. IDs they will accept:

   • Passport

   • Driver's license

   • UMID

You're done and wait for a couple of days for verification! It only took 24 hours for my account to get approved and activated.

How to fund your account

You cannot use your debit card or credit card to fund IBKR. You'll need to do a wire transfer to IBKR's checking account. But first, you need to NOTIFY IBKR of your deposit. This is a crucial step because your wire transfer will FAIL if you don't.

1. Login to your IBKR account and click the "Deposit" button on the left side.

2. You will be routed to this page below and click "Use this Method".

3. You'll then be routed to the bank details of IBKR. Take note of this.

You're done telling IBKR that there's an incoming WIRE transfer under your account! Next step is funding.

There are two ways (I know of) to fund your account:

Via Bank Wire Transfer

1. Go to your bank and have your USDs ready with you. If you have a USD account, you can ask the teller to do it for you. For BDO USD account users, you can do the wire transfer via your app which is really convenient.

2. You can do this via over the counter.

3. Use IBKR's bank details and have your account number (UXXXXXXX) and full name as reference. (e.g U123456/Juan Dela Cruz).

Via WISE (You cannot use Wise for this option anymore, please use the Direct Transfer through ACH.)

1. Open an account in WISE if you don't have one yet.

2. On the left-hand bar under "Balances", click add Balance and choose USD.

3. Then, add money to your USD account.

4. You have multiple options on how you can fund your account, including using your debit or credit card. I use my debit card to fund my account.

5. After your money has reflected on your account, click "SEND USD" on the home page of your USD account.

6. Enter the IBKR bank details. Type of account should be "Checking"

7. Add your account number (UXXXXXX) as reference. No need to add your name.

8. Fee is just at less than $1. And you're done!