How To Open And Fund An Interactive Brokers Account As A South African

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Interactive brokers is arguably one of the best brokerage platforms in the world, and luckily, as South Africans, we are able to use it to invest in all sorts of offshore markets. But with all its fancy functions, it can also feel quite intimidating and a bit overwhelming to use at first, especially if you are not used to high level trading platforms.
But rest assured, I gots you covered! I’ve been using this platform for a couple of months now and already ironed out all the kinks and uncertainties that you may have. I made some mistakes and paid a couple of school fees in the process, but that is okay, because now I know exactly how the process works and can therefore take your hand and give you a full step-by-step tutorial on how you can open your own interactive brokers account, as well as how you can fund your account in the best and cheapest way possible using an app called Shyft.
So this video will be split into four parts. First I will show you how to open an Interactive Brokers account, then I will show you how to open and fund your Shyft account, how to convert your Rands from your local bank account to US dollars and then lastly, how to transfer your US dollars from Shyft to your interactive brokers account.
Please feel free to let me know down in the description if you have any questions.
Chapters:
00:00 Introduction
01:45 How to open an Interactive Brokers Account
09:35 How to open and fund a Shyft Account
13:33 How to convert ZAR to USD in the Shyft Account
15:06 How to transfer USD from Shyft to your Interactive Brokers Account
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My name is Dr. Pieter Marx de Villiers, and I'm a Veterinarian turned Financial Advisor from South Africa who aims to retire by the age of 35. Follow me in my journey towards Financial Freedom in (hopefully) just 10 years! :)
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Whilst I am a Registered Financial Advisor under the FSCA as of June 2023, the content on this KZbin Channel and all of my other Social Media Platforms are for Educational Purposes only and should not be taken for Financial Advice. You and only you are responsible for your financial decisions and must therefore conduct your own research and seek the advice of a licensed Financial Advisor where necessary.
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[@MoneyMarx]

Thanks for watching guys. Get a FREE stock worth up to $ 1 000 when opening an account at Interactive Brokers using my link: ibkr.com/referral/pieter834 :)

[@christiankohnle3866]

Thanks Pieter for making it so easy! Used your referral link. Appreciated!

[@pallieishak2591]

i am just loving your videos. thank you for making everything simple and doabe. appreciate all your hard work

[@tillyjustamuthambi5478]

Thank you so much Pieter 🙏🏽. Your video was quite helpful in my registrations 💃🏽. Now I can finally explore trading Options 🥳

[@MoneyMarx]

Fantastic Tillyjusta! Glad you came right :)

[@killar56137]

Amazing video ,very useful thank you.

[@MoneyMarx]

Thanks Liam! I'm glad you found it helpful :)

[@Whoisinvestment]

Will be watching more content🙏

[@MoneyMarx]

Thanks! :)

[@Jad234]

Great video 👌

[@MaheshwarNaidoo]

very informative Pieter! Thank you.

[@MoneyMarx]

Glad it was helpful Maheshwar! I am in the process of testing out the best methods for withdrawing funds from IBKR and should be able to make a video about it soon :)

[@khethis02]

Woow s o much info . This is a bit advanced for an ordinary guy . I think will stick to EasyEquities for offshore investments. Thanks for taking ur time in compiling such videos for us .

[@MoneyMarx]

Hey Mokhethi. Jah IBKR is quite advanced stuff. If EasyEquities is like riding a bike then IBKR is like flying a plane haha! In my next video I will compare the two with each other and give examples of which one will work best for which person. :)

[@janetmcdonough9998]

thank you

[@arnodeberti8271]

Goeie dag Pieter - very useful Video, like your enthusiasm, I subscribed....busy diversifying iro Investements - have been trading Forex for the last 9 years. Baie Dankie en Groete !

[@MoneyMarx]

Dankie Arno! Welkom by die KZbin familie! :) Forex is n interessante een. Dalk iets wat ek ook eendag sal probeer, maar vir nou bly ek maar by die makliker goed haha!

[@hermanusbernardusswart4690]

Dankie, yster.

[@MoneyMarx]

Groot plesier Herman! :)

[@codetec2599]

Hi there Unfortunately the direct ACH transfer from your bank does not reflect in the deposit screen that i have it only has bank wire , link a new Bank Account, transfer from Wise Balance, Online Bill Pay and Mail a Check. Please note this still form part of the registration process where it state to fund your account . Unfortunatly it does not allow you to go to the main/home screen.

[@jacoolivier9244]

Why use Shyft to fund the account and not Wise?

[@mmz438]

Hi Pieter, thanks for a detailed video on IBKR. How does one transfer USD account stocks from EasyEquities to IBKR? And how much are the fees if there's any? Thank you for your advice.

[@keithkatane4854]

Thank you (:

[@itsrevlok]

Hi Pieter! What would you say are some of the biggest advantages and disadvantages using Interactive Brokers compared to Easy Equities? For example, different tax periods as Interactive Brokers is an international platform.

[@khumelamalapa6239]

Why donu use shyft instead of wise now?

[@michelledeklerk767]

Hi Pieter, my IBKR account is pending approval - thank you this! I used your referral link :) Taking a breather before continuing with the shyft part.

[@MoneyMarx]

Hey Michelle. Congratulations! And thanks for using my link, I really appreciate it! 😀

[@vusivusi7661]

How did you manage to connect which sim card or hotspot phone or wifi u used to connect. It keeps logging me out

[@aaelectronics1259]

Hi Pieter, just a quick question I have a Standard Bank Credit Card account that is in the Positive and not in the Negative would this work to fund the IBRK account. Many thanks Kind Regards.

[@justinlantz31]

Is easy equities a cheaper option when trying to convert zar - usd for investments?

[@BrownieloveMike]

Hi Thank you so much for this content. Its extremely helpful. Is there an ABSA alternative to SHYFT?

[@MoneyMarx]

Thanks Mike! I don't think so, but you do not have to be a Standard Bank customer in order to use the Shyft app :)

[@pontsho6500]

Hi the app keeps logging me out what can I do to avoid the internet problems I tried hotspot still

[@alexandercarstens5]

Excellent video thanks. You should strongly consider to provide it in a blog format as well. It's just much quicker and easier to read for 5 min than watch an 18 min video.

[@MoneyMarx]

Hey Alexander. Thanks! Jah I have considered starting a financial blog for South Africans, but it is a bit more difficult to rank and will double my efforts, so I'm not sure if it will be worth my limited time at the moment seeing that I still have a full time job. But I am planning on creating a comprehensive guide to personal finance for South Africans in the near future where I will try and summarize important concepts in easy to digest material, so hopefully if there is a market for that I will be able to expand towards written content as well. :)

[@MarioDemaio1]

Thanks for this excellent walk through Pieter. Any idea how to deposit Euros from Shift to IBKR?rea

[@MoneyMarx]

Thanks Mario, I really appreciate it! I believe you can do it the same way you would when transferring USD. Just select EUR instead of USD and then enter the amount you would like to transfer. When transferring USD, it will cost a flat rate of $14 per transaction, and for EUR it will cost a flat rate of EUR12.00. You can also contact support under the "Need Help" section under settings on the Shyft app if you run into any trouble or if you need assistance with the transfer. :)

[@keithkatane4854]

Hi there. Does anyone know the account type for the Standard Bank Shyft account? Thanks.

[@barrylabuschagne6786]

Hi, how do we go to work to withdraw money from IBKR, are we going through shyft

[@pontsho6500]

Which phone can I use for hotspot

[@cahflowgeneration]

Does Interactive broker uses mt4?

[@youtubeusername1965]

make more videos on Interactive Brokers.🙏🏼

[@MoneyMarx]

Will sure do in the near future :)

[@jayjaywagstaff4379]

I can’t upload a document why…..

[@DewaldVDB]

Lekker Pieter. Just stumbled upon your channel today, excellent content brother. Please tell me which broker is best to use for a south african to trade micro futures? TD Ameritrade, IBKR or are there other options? Thank you!

[@MoneyMarx]

Hey man. Thanks so much! I do not trade futures, so I cannot really recommend a platform for that. But I believe IBKR has the option for that, and they are very reputable.

[@gordenmg4966]

I'm struggling with opening an account could you kindly help, once I log in I get kicked out. It works with only a phone.

[@kelvinmaringa5745]

Hello, does this app work in Tanzania? Am really struggling in opening my interactive brokers account

[@pChilli_ZA]

Have you perhaps used Shyft to fund your EasyEquities USD account? If yes, how was your experience doing so?

[@MennoFlatSpecialist]

Have followed your step by step process but keep getting error message from IB, " The financial information, investment experience and/or investment objectives you have listed in your account profile do not meet the eligibility requirements to trade Stocks. IMPORTANT: Please note that IBKR does not disclose the Financial Profile eligibility requirements and those requirements are subject to change at any time." ... no matter how I change experience & objectives?!

[@Carienb]

Any feedback on how the process would work if you want to withdraw money from IBKR back to local bank or Shyft account?

[@MoneyMarx]

Hey Carien. I see many people have asked about this. I personally haven't withdrawn any funds yet from IBKR, but I will do some research to see which method would work best.

[@mindfuzz1280]

Hi Pieter, so glad I found and subscribed to this channel. Thanks for the great information. Just one question, does Interactive Brokers allow the use of a South African TFSA when investing in EFT's? I'm looking for an alternative to EasyEq at the moment.

[@MoneyMarx]

Hey! Welcome to the family! No, seeing that IBKR is an international broker based in the US, it does not provide local investment products like TFSAs and RAs unfortunately.

[@IBlizzardl]

Thanks so much Pieter! Is the withdrawal process the same via Shyft?

[@RookieRoux]

Also want to know how the withdrawal process works. I see IB offers one free withdrawal a month.

[@IBlizzardl]

@@RookieRoux Have you figured out how to withdraw from IB? I'm so confused. I have FNB and firstly, I don't even know if FNB accepts USD (I think it does) and secondly, I sense FNB will charge a very high Forex fee compared to Shyft (when converting USD to ZAR). Maybe the best route is from IB -> Shyft -> Convert to ZAR -> FNB?

[@MoneyMarx]

Hey Jeff. I haven't withdrawn money from IBKR yet myself, but I will research and explore this and make a video soon on what the best and cheapest way is to withdraw from IBKR :)

[@MoneyMarx]

@@aircowboy09 Hey. I use Wise to withdraw funds from IBKR to my local bank account. You can check out one of my latest videos where I gave a full tutorial on IBKR and also show how to withdraw funds using Wise :)

[@michaeljoubert6119]

When choosing direct ACH transfer from bank, my option is to first link my bank. Im stuck there any help? It gives me a only American banks to choose from.

[@MoneyMarx]

Hey Michael. Is your account approved yet?

[@michaeljoubert6119]

@@MoneyMarx No not yet. After its approved I guess it should say the same as yours? Thanks for the fast reply and a very informative video!

[@MoneyMarx]

@@michaeljoubert6119 Yes I ran into the same problem. You need to first wait for your account to be approved (usually takes a day or two if they have everything they need) and then the correct options will appear as shown in the video. :) Only a pleasure. Let me know if you don't come right 👍

[@oculustauri6087]

Great thanks Pieter, very helpful!

[@Carienb]

Hi are you sure you didn't switch the numbers of account number and reference number in your video around? I have created the beneficiary exactly like you explained and my transfer was unsuccessful and was sent back saying incorrect non existent account number. I have a suspicion that where you said the account number should go and the reference nr should go, should be switched around

[@MoneyMarx]

Hey Carien. I'm not sure why that would have happened. I made a couple of transfers using the details I showed in the video and the transfers were always successful. I would suggest contacting the support team of both Shyft and IBKR to ask them why the transfer bounced. Please also keep me up to date so that I can pin a comment to this video to notify new users on any changes

[@merekandkathleensvacha3224]

@@MoneyMarx I have this morning funded my account from Shyft to IBKR. The details on the ACH page have changed a bit - there is no mention of the Interactive Broker company name or address. Luckily for your video... I also swapped the info around as Carien asked. I used the longer (virtual) account number as the account number, and the U--------- number as my reference. I have sent over a trial amount of money. Will let you know if it worked!

[@merekandkathleensvacha3224]

It worked!

[@MoneyMarx]

@@merekandkathleensvacha3224 Hey Merel. Thanks so much for the update! I am currently working on a complete IBKR tutorial, so this is useful info to know :)

[@moosesnWoop]

Do you think you can do an updated video ? i see that ib has a ZAR deposit option , but I am not sure. apparently ib forex is cheap and you can keep a base currency . i don't really want to use Shyft

[@MoneyMarx]

Hey. I recently made an updated video on how to fund IBKR using Shyft and then withdraw again using Wise. I don't think you can deposit ZAR directly into IBKR as I haven't tried this before to be honest.

[@moosesnWoop]

@@MoneyMarx it works - I use wise for everything and asked Shyft to close my account. Their fees are ridiculous. Wise you can even do a debit payment with your card directly to IBKR

[@MoneyMarx]

@@moosesnWoop That's great to hear! So what process do you follow? Do you fund your Wise account using a debit card from your bank account and then do an ACH transfer from Wise to IBKR?

[@moosesnWoop]

@@MoneyMarx yeah that's one way, but you can pay money directly to IBKR like a normal online transaction. So you can split the step, by funding wise then sending it to IBKR or you can pay IBKR using Wise and your card. Really effecient, ~1 day to reflect in the IBKR account, maybe 2 as long as you follow the IBKR ref instructions

[@MoneyMarx]

@@moosesnWoop Okay that sounds good. Do you know what the fees will be on a transaction like this and how it compares with the $14 flat fee from Shyft?

[@cleopas_michael0]

What is the minimum deposit?

[@MoneyMarx]

There is no minimum deposit or monthly account fee. :)

[@cleopas_michael0]

I am in Namibia can i follow the same method?

[@MoneyMarx]

Hey. Yes I just checked, IBKR is available in Namibia. :) Signing up for an IBKR account will be similar to South Africans, but I am not sure if you would be able to fund your account using the Shyft method, as that is a service used by Standard Bank which is a local bank native to South Africa. But I'm sure if you do a bit of research you would be able to find a cheaper solution than doing a direct bank transfer, as these can become quite expensive.

[@arnodeberti8271]

@@MoneyMarx Hi Pieter; I am also in Namibia, can't use Shyft, can I fund with my Credit Card ?

[@websurferzz]

honestly the education system is failing us

[@ashwinmunsamy6937]

Do you pay a monthly fee for interactive brokers ?

[@MoneyMarx]

Nope there is no monthly fee :)

[@ashwinmunsamy6937]

Even if you don't make a trade the whole year?

[@youtubeusername1965]

@@MoneyMarx taxes.?