I plan to fund my Interactive Brokers account by submitting an A2 form at an IDFC First Bank branch. How does the process go during the day, and what's the actual cost breakdown?
1 Answers
Timeline (for anyone curious about the process)
- Submitted the $1500 wire transfer (A2 form) at my IDFC branch (luckily right next to my office) around 10 AM
- Got rate approval (+25 paise over market) and beneficiary confirmation email by ~1:20 PM
- At 5:05 PM, I received an email saying the transfer was on hold
- Called the bank. They needed specific phrasing for the Source of Income and Purpose.
- “income from profession” → “income from business”
- “investment in overseas equities” → “Indian portfolio investment abroad – equity shares” Sent the updated email around 5:37 PM
- At 7:28 PM, got:
- debit confirmation from IDFC
- SWIFT copy from IDFC
- credit confirmation from IBKR
- By 8 PM, bought 3 ETFs: IWDA, CNDX, and EIMI
Wire transfer breakdown:
- Market rate: ₹93.84
- Bank rate: ₹94.09 (≈ +25 paise)
- GST: ₹217.02
- Total debit for $1500: ₹1,41,352.02
Related: my first international ETF investment via IBKR, the full write-up.
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