When will my deposit be credited to my account?
To log in to Client Portal, use the button above and check on the status of your deposit. You may also check the Message Center for a verification message that is generated when a deposit is processed. The date on which funds will be credited to your account will be dependent on the method of funds transfer: Wire From instant to four business days, depending on your bank. Non-U.S. banks are usually at the longer end of the range. Credit to account is instant upon arrival. MEXEM provides a one-day holding period for GBP Faster Payments. ACH Transfer ACH seeks of more than $25,000 will be received from your bank on the next business day and credited to your account after four business days under usual circumstances. ACH seeks of $25,000 or less received by 11:00 am ET will be credited to your account the same day and available to trade after four business days under usual circumstances. ACH seeks of $25,000 or less received by 11:00 am ET will be received from your bank on the following business day and credited to your account after four business days under usual circumstances. Check (All checks including retirement plan checks) USD Checks Only Bank, Bill Payment, and Personal checks for US Dollars are accepted. Click here for a list of acceptable/ unacceptable check types. Funds are credited to your account after a 6 business day credit hold, with the deviation of Bank Checks, which are credited instantly. HKD Checks Only personal checks are approved. Funds are credited within one business day after we receive official confirmation from our bank that the funds have cleared. Online Bill Payment Electronic fund transfers are credited to your account instantly. US checks will be credited to your account after six business days. BPAY From instant to four business days, depending on your bank. A credit account is instant upon arrival. Canadian Bill Payment Bill payments submitted through your online bank payment system before 18:00 EST are normally received by IBKR within three business days and are instantly credited upon receipt. Canadian Electronic Funds Transfer (EFT) EFT requests received by 09:30 ET will be credited to your account after four business days under usual circumstances. Direct Rollover, Trustee-to-Trustee, Late Rollover, Employee/Employer SEP Contribution, Recharacterization, Roth IRA Conversion (IRA accounts only) depends on third-party administrators.
How do I transfer funds to MEXEM?
Log in to Client Portal/Account Management Select the Transfer & Pay option followed by Transfer Funds and Deposit Funds Select the Currency option of this deposit from the drop-down menu Select the "how to" button for the procedure you will be using to transfer funds Follow the remaining instructions supplied to begin the transfer with your bank Additional Information Upon finalizing the deposit notification, you may be required to contact the establishment that is transferring the funds to begin the transaction. You may be asked to supply the name and account number for the establishment you are transferring funds from and the amount IBKR should expect to receive. Resources How do I transfer positions to IBKR? What are the available methods for transfer of funds into my account? What is a third party deposit?
How do I transfer funds out of MEXEM?
Use the above button to log in to Client Portal and submit a request to withdraw funds. Login to Client Portal/Account Management Select Transfer & Pay followed by Transfer Funds **and **Withdraw Funds Select the Currency, Method, and Amount of the withdrawal to finalize your request To wire funds straight to another broker, please select Financial Institution when the system asks "Where will the funds be deposited?" and enter your destination brokerage account details. If unavailable, please submit a ticket using the Message Center with wire instructions where you will be further assisted by a representative. Please Note: Your bank's correspondent bank details will be needed if you are withdrawing a foreign currency. We recommend validating those details with your bank before proceeding. Related FAQs Why was I charged a fee for a cash withdrawal? Can I transfer funds from my MEXEM joint account to my individual bank account? How do I remove a currency restriction from my account? Submitting Withdrawals Users' Guide
Can I deposit by credit card?
MEXEM does not allow deposit of funds using a credit or debit card. Funds may be transferred from a bank or broker account of the same name. To obtain routing details, please complete a deposit notification through Client Portal/Account Management by selecting Transfer & Pay followed by Transfer Funds . More information on entering a deposit notification can be found in our Users' Guide.
Can I fund the account via PayPal, Skrill, WorldPay, Western Union, MoneyGram, Instarem or Citibank Global Transfer?
MEXEM accepts a variety of electronic transfer methods, which vary by the currency type and local payment systems. PayPal, Skrill, WorldPay, Instarem, Western Union, MoneyGram, Citibank Global Transfers and Online Peer to Peer payment systems (e.g., Venmo, Google Wallet, Zelle, Neteller, QuickPay & Square Cash) are not supported. Please note, cash deposits must be initiated from a bank or broker account in the client's name. More information on available funding methods can be found on our website.
Can I set up direct deposit from payroll?
Customers can setup direct deposit from their payroll, Social Security, pension and other recurring payments from a third party. Direct deposit is limited to US residents, excluding IRAs, Trusts, and organizations, and is limited to USD. To make a direct deposit: Contact your employer, federal agency, or any institution that sends your recurring payments and inform them you wish to enroll in direct deposit or make changes to your current direct deposit arrangement. Some employers or paying institution may allow you to split your direct deposit between multiple accounts. Inquire directly with your employee or paying institution. To have your Social Security benefits directly deposited to your brokerage account, visit the Social Security website to set up direct deposit online at www.ssa.gov/deposit/howtosign.htm or call Social Security at 1-800-772-1213. The IRS allows direct deposit, permitting you to divide your refund among up to three accounts. To have your tax refund deposited into one account, fill out the two lines in the refund section of the IRS Form 1040 or Form 1040A. To have your tax refund deposited to multiple accounts, you will need to complete the IRS "Allocation of Refund Form 8888". Be sure to indicate on the IRS Form 1040 or Form 1040A that you have attached Form 8888. Detailed information about Direct Deposit is available via Client Portal/Account Management: Log in to Client Portal/Account Management and navigate to the Transfer & Pay, Direct Deposit menu. Provide the following information to your employer or paying institution (note your payer may have a form it requires you to submit to enroll in direct deposit): Account Holder Name Financial Institution MEXEM's ABA Routing Number Account Number as listed on the "MEXEM Direct Deposit Form" page Account Type **Note: **It may take up to a couple payment cycles for your direct deposit to become effective.
Can I withdraw funds to a new bank?
In general, it is possible to withdraw funds to any bank or brokerage account in the same name as the MEXEM account holder. Clients may create new bank instructions through Client Gateway/Account Management: Log in to Client Gateway/account management Click Transfer & Pay followed by Transfer Funds Select Withdraw Funds, then the applicable Currency Click CONNECT YOUR BANK next to the appropriate Method Complete all the required information If prompted, confirm your identity and type in the confirmation number emailed to you Click **CONTINUE **to submit your withdrawal request. Please note, the bank accounts do not necessarily need to be located in the same Country. More information on entering withdrawals can be found in our Users' Guide.
What does the message "Insufficient Settled Cash" mean?
When you sell a security or close a position, the cash proceeds from that transaction may not be instantly available for you to apply to a subsequent transaction until the first transaction has fully settled (see additional details regarding settlement date). If you enter an order and receive the following order reject message: "Insufficient Settled Cash", it gene rally results from one of the following events: You manage a "Cash" type account which, by definition, is precluded from borrowing funds or engaging in free-riding and may be limited to trading with settled funds; You maintain a â€˜Margin" or "Cash" type account, have sold or closed a position in the Securities segment and are attempting to apply the proceeds from that transaction to a new futures or futures option transaction carried in the Commodities segment of the account. Note that in the U.S., securities and commodities transactions are subject to distinct regulation and customer protection rules which require that settlement be completed before proceeds can be transferred between the two account segments. Clients who receive this order reject message may elect to: Wait until funds settle to enter the new order; Deposit additional funds in the amount necessary for the new order to be accepted (please observe credit hold policies which differ by deposit method); or Reduce the order size to an amount consistent with settled funds. Clients may also receive this rejection message when seeking to purchase a foreign security in a "Cash" type account. Because a "Cash" type account is excluded from borrowing funds, clients will need to place a currency conversion and wait for those funds to settle prior to purchasing a foreign security.
Why was I charged a fee for a cash withdrawal?
MEXEM allows one free withdrawal request per calendar month. Subsequent withdrawals, despite the method, are charged a fee. The fee charged depends upon the denomination of the currency withdrawn and the withdrawal method. Please see the MEXEM website for details. For purposes of determining the number of withdrawal requests occurring in a given month, MEXEM uses the date at which the client submits the withdrawal request and not the date at which the withdrawal was processed. Accordingly, a client who submits a withdrawal request on the first and last days of the same month will be assessed a fee for the second request even if that request is processed on the first day of the following month
Are there any limits to the amount I can withdraw?
Clients who engage in the Secure Login System enjoy increased withdrawal capabilities, while clients who do not participate are subject to daily and weekly withdrawal restrictions. The amount that a participating client may withdraw or transfer over a given one- or five-day period enhances commensurate with the protective value of the device: None: Max Withdrawal Per Day 50,000 USD; Max Withdrawal in 5 Business Days 100,000 USD SMS: Max Withdrawal Per Day 200,000 USD; Max Withdrawal in 5 Business Days 600,000 USD IBKR Mobile Authentication: Max Withdrawal Per Day 200,000 USD; Max Withdrawal in 5 Business Days 600,000 USD Security Code Card(1): Max Withdrawal Per Day 200,000 USD; Max Withdrawal in 5 Business Days 600,000 USD Alpine Device(1): Max Withdrawal Per Day 500,000 USD; Max Withdrawal in 5 Business Days 1,500,000 USD Digital Security Card(1): Max Withdrawal Per Day 1,000,000 USD; Max Withdrawal in 5 Business Days 1,500,000 USD Digital Security Card+: Max Withdrawal Per Day Unlimited; Max Withdrawal in 5 Business Days Unlimited Platinum/Gold(1): Max Withdrawal Per Day Unlimited; Max Withdrawal in 5 Business Days Unlimited (1) Represents a legacy device no longer being issued and in the process of being replaced with a version of the Digital Security Card. See the MEXEM Knowledge Base for details. See also: How can I process an exceptional withdrawal? and Why can I not withdraw funds?
Is there a minimum deposit required to obtain a margin account?
Assuming the client has met the essential requirements which consider age, financial qualifications and investment objectives, their account will be assigned margin permissions at the point of application or, if managing a cash account and requesting an upgrade to margin, thereafter. Accounts assigned margin permissions will be afforded margin on eligible positions as long as the account equity remains above USD 2,000. Accounts which have margin permissions and equity above USD 2,000 are eligible for margin treatment and the determinants of how much margin is available to the client for a new order depends upon the account Equity with Loan Value and the margin requirement on the positions incorporated with the new order.
Are there any limits to the amount I can withdraw?
Clients who participate in the Secure Login System enjoy enhanced withdrawal capabilities, while clients who do not participate are subject to daily and weekly withdrawal restrictions. The amount that a participating client may withdraw or transfer over a given one- or five-day period increases commensurate with the protective value of the device: None: Max Withdrawal Per Day 50,000 USD; Max Withdrawal in 5 Business Days 100,000 USD SMS: Max Withdrawal Per Day 200,000 USD; Max Withdrawal in 5 Business Days 600,000 USD MEXEM Mobile Authentication: Max Withdrawal Per Day 200,000 USD; Max Withdrawal in 5 Business Days 600,000 USD Security Code Card(1): Max Withdrawal Per Day 200,000 USD; Max Withdrawal in 5 Business Days 600,000 USD Alpine Device(1): Max Withdrawal Per Day 500,000 USD; Max Withdrawal in 5 Business Days 1,500,000 USD Digital Security Card(1): Max Withdrawal Per Day 1,000,000 USD; Max Withdrawal in 5 Business Days 1,500,000 USD Digital Security Card+: Max Withdrawal Per Day Unlimited; Max Withdrawal in 5 Business Days Unlimited Platinum/Gold(1): Max Withdrawal Per Day Unlimited; Max Withdrawal in 5 Business Days Unlimited (1) Represents a legacy device no longer being issued and in the process of being replaced with a version of the Digital Security Card. See the MEXEM Knowledge Base for details. See also: How can I process an exceptional withdrawal? and Why can I not withdraw funds?
How long does it take for an internal transfer of funds?
An internal funds transfer request submitted during regular trading hours will transfer instantly. Requests submitted outside of regular trading hours will be processed the next business day. Please note that funds that are subject to a hold (for example, a Wire deposit has a three-day hold period) cannot be internally transferred. Additional information on transferring funds internally can be found in our Users' Guide.
How does the Insured Bank Deposit Sweep Program help maximize my FDIC insurance eligibility?
The Insured Bank Deposit Sweep Program systematically allocates your cash across numerous FDIC-insured program banks to ensure that your eligible balances are fully protected. For example, a deposit of $750,000 to an individually registered MEXEM account, in which there are no margin requirements and no short stock positions, will be protected as follows: the first $250,000 will be held at MEXEM (subject to SEC-mandated safeguards plus SIPC protection) and the remaining $500,000 will be spread across three program banks. $246,500 will be swept to each of the first two program banks and the remaining $7,000 will be swept to a third program bank. Sweeping only $246,500 rather than the respective FDIC coverage limit of $250,000 helps to ensure that any accrued (unpaid) interest is also protected by FDIC. Under this example, a subsequent deposit of an additional $50,000 will be automatically swept to the third program bank. Clients may sweep a total of $2,500,000 ($5,000,000 for joint accounts) into the Program. Combined with existing SIPC coverage on your first $250,000, your total available insurance will cover up to $2,750,000 ($5,250,000 for joint accounts). Cash balances above $2,750,000 ($5,250,000 for joint accounts) remain subject to safeguarding under the SEC's Customer Protection Rule 15c3-3, backed by the firm's equity capital (see our latest earnings release). If you need to withdraw funds, they will be withdrawn from the last position bank with funds first. To learn more about this program, please visit the Insured Bank Deposit Sweep Program page on our website.
Can I deposit funds using Transferwise?
While it is possible to deposit funds from this money transmitter, the transfer would need to meet the following conditions: The funds would need to originate from an account titled the same as the MEXEM account; The deposit payment details would need to include your account ID and title. Based upon prior experience, Transferwise generally does not include the required information in the payment details and, if this is the case, the funds will be returned as unidentified.
What is a third party deposit?
Third party deposits are defined as those deposits which originate from or are drawn upon an account at a financial institution which is titled in a name other than that of the receiving account holder(s). Third party deposits also include deposits via check made payable to the account holder and endorsed over to MEXEM; however, MEXEM no longer accepts any check that is not made payable to MEXEM. Checks payable to MEXEM for the benefit of an account holder, for example an IRA rollover deposit, are not considered third party deposits. Account holders who are uncertain as to whether a particular check qualifies for acceptance should contact MEXEM for clarification prior to remitting the check. Click here for more information regarding the handling of third party deposits
How can I process an exceptional withdrawal?
For an exceptional withdrawal requests, for example a request to withdraw an amount in excess of your security device maximum, you must allow more time for processing, and security verification and/or more documents might be needed. Please contact Client Services via phone to process the security verification. Additional information on withdrawal limits can be found on the Login Protection page of our website.
Can I transfer funds or positions internally from an individual account to a joint account?
Yes, it is possible to transfer funds or positions internally from an individual account to a joint account. However, please note that this type of transfer can only be done on an exceptional basis and is a completely manual process. In order to request an internal transfer from an individual to a joint account, log in to Client Portal/Account Management and submit your request in the Message Center via webticket. Please note it may take several weeks to complete.
How do I place an order in MEXEM Mobile for iPhone?
To trade via MEXEM Mobile for iOS, first download and install the app from the iTunes App Store. Once installed, tap the icon on your phone and you will be presented with the login screen. Login with your User ID and Password and it will bring you to the MEXEM Mobile trading app. You can create and submit orders from MEXEM Mobile using numerous tools, such as the Order Ticket: From the Instrument Details screen, tap Buy or Sell to open the Order Ticket Modify editable order parameters (Quantity, Time-in-force, Order Type, Price, etc) Optionally, tap the icon next to Slide to Submit to preview the order before submitting Use the slider to submit the order. If in Simplified mode, tap Submit Sell or Submit Buy. Additional information on how to create and submit orders in MEXEM Mobile for iOS can be found in our Users' Guides
Can I receive a deposit from a third party?
Third party deposits have historically been viewed by the financial services industry and its regulators as being highly susceptible to acts of fraud and money laundering and are therefore strongly discouraged and, in most instances, rejected by MEXEM. In the case of deposits made by check, MEXEM will not accept any checks which require endorsement to MEXEM and will only accept deposits via check which have MEXEM as the direct payee where the party who writes the check either: Has the same last name as the individual account holder (e.g.; spouse or, child); or In the case of organization/institution accounts, maintains an affiliation with the account (e.g.; owners). In the case of electronic transfers (Wire, ACH or EFT) account holders should note that MEXEM reserves the right to reject any third party deposit. Large deposits or those that are frequent in nature are most susceptible to compliance inquiry and/or rejection. In accordance with its regulatory obligations, MEXEM may conduct additional due diligence on customer deposits, particularly deposits from anyone other than the account holder.
What is an ACH transfer?
An ACH (Automated Clearing House) transfer is an electronic movement of funds through the ACH network. At MEXEM we provide US Automated Clearing House (ACH) Transfers Initiated at MEXEM. This is a request for MEXEM to transfer funds through the ACH network. Initiation of an ACH transfer enables you to automatically deposit funds from a US bank to MEXEM. You will be required to enter your bank's ABA number and your bank account number. If you do not know your bank's ABA number, you can enter the bank name and city and search for the correct ABA number. You will be required to verify each new instruction. At this time we do not support ACH transfers initiated at your bank. For additional information, please review the Funding Reference page on our website.
Which ABA routing number is correct?
In order to decide if you are using the correct or a valid ABA routing number please contact your financial institution to confirm this information. An ABA routing number is an unique routing or transit code used to identify banks in the United States. An ABA (American Bankers Association) code is usually the first nine numbers in the bottom row of numbers on any check in the US.
How do I transfer positions out of MEXEM via ACATS?
ACATS position transfers out of MEXEM must be initiated by the receiving firm. Please contact the receiving broker and initiate an ACATS transfer through them. Please note while MEXEM does not charge for incoming or outgoing ACATS transfers, customers should consult with their sending or receiving firm to determine if there will be any applicable fees for the transfers.
Why am I unable to withdraw funds?
You might have opened non-base currency balances which limit the amount you can withdraw in a given currency. You may refer to the following link for instructions on how to convert these balances back to your base or other currencies: How can I convert currency at MEXEM? If your account is a cash account and you recently executed a closing trade or currency conversion, you are required to wait for settlement before you can withdraw funds. This takes generally two (2) business days for stocks and for currencies (T+2). If you recently deposited funds to your account, please be aware of withdrawal restrictions that may apply to your recent deposit. If you have open the -F account UK Regulated used to trade CFDs, non-US index options and spot metals, you may have cash balances in such account that have to be transferred internally to the main account first. You can see cash balances in the -F account in TWS Account Window, section Market Value Real FX Balances, column "FX Cash"; you can also see these cash balances in your activity statements under the Cash Report section in the "UK Regulated" column. You can launch an internal transfer by logging in to Client Portal and selecting the menu Transfer & Pay followed by Transfer Funds. Click on the account number in the upper part of the page and choose the account ending in F. Then pick Internal Transfer and choose Full Transfer in the Currency drop down. Click Continue, confirm by entering username, password and the code sent to your email and click Continue. The transfer will be reflected on the account in an instant. See also: How can I check my cash balances in the Activity Statement? and Are there any limits to the amount I can withdraw?
Can I trade Certificates of Deposits (CDs)?
MEXEM provides only brokered U.S. Certificates of Deposits (CDs) which are listed for trading on a secondary market. Unlike CDs purchased directly from a bank, brokered CDs cannot be redeemed prior to maturity but can be sold prior to maturity, assuming a secondary market exists. CDs are considered a subset of fixed income products and require United States / Bonds trading permissions to trade. Clients who have permissions to trade U.S. bonds are provided with a legal disclosure that outlines the risks of trading CDs. The disclosure is provided in advance of the first order and might be sent periodically afterwards. For information on searching available CDs, see: Where can I find a list of U.S. CDs available to trade?
What is the credit hold period for ACH deposits?
An ACH, while electronic, is similar to a check in that the funds are not guaranteed. As a result, they are subject to a hold period of 4 business days after arrival. The ACH deposit credit hold period is released at the time of U.S. regular market open on the 4th business day. MEXEM, as the originator of the transfer request, imposes this hold as it is obligated to return the funds to your bank, without recourse, should your bank later decide the transfer request to be unauthorized or in error. While your bank generally has the right to verify and request a return of funds well beyond MEXEM's hold period, past experience has proven a 4 business day hold sufficient in most instances. Note that ACH deposits are eligible for credit interest from the date the deposit arrives and through the hold period. Clients who need instant use of deposited funds are encouraged to use bank or broker wire transfers which are irrevocable and are therefore credited to your account and available for trading purposes instantly upon arrival. MEXEM does not charge for incoming wires for any currency with the exception of the Mexican Peso. Information on limitations, credit and withdrawal hold period for ACH deposits can be found on our website.
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