Banking Information / process
Before you transfer funds to us, please ensure that your existing bank account has been opened under the same name (in the exact order, sequence and form) as the name which has been used to transact with us. You can only withdraw funds from your trading account to a bank account held under your name. Please instruct your bank to include your transaction reference in your transfer instructions.
Unaccepted Forms of Payment
IBR-Global Markets Ltd does not accept Banker’s Drafts, Money Order and remittances from Exchange Houses / Money Changers. Funds received from these payment channels will be rejected and returned to the sender (less bank charges, if any).
Remittance Charges:
IBR-Global Markets Ltd can and will only transact with the actual monies received on your behalf. Remittance charges should be fully covered by the sender.
Rejected funds due to remittance received before the Due Diligence has been completed or remittance received from Exchange Houses / Money Changers or any third party (including family members) will be returned to the sender less bank charges (if any).
Currency Conversions:
If you transfer funds in a different currency from the currency of our accounts, your funds will be accepted and automatically converted to the appropriate currency by us. A non-refundable currency conversion fee. For example, if you send USD to our EUR account, we will convert your USD to EUR and process your transaction. Based on the conversion fee, your transaction might be rejected if the nominal value falls below the expected value.
If your funds are subsequently rejected by us (for example, for Third Party Funding or remittances from Exchange Houses / Money Changers), any currency conversion already carried out on your funds will not be reversed.
Third Party Funding is Not Accepted
IBR-Global Markets Ltd does not accept incoming funds from any third party. We only accept funds originating from a bank account held in the same name on record with us. This rule applies to both individual clients as well as corporate clients. Funds received from any third party accounts will be returned (less bank charges) to the sender. The funds should typically reach the sender’s account within 5 to 10 working days, however, there may sometimes be a delay depending on the banks involved.
Request for Proof of Remittance:
Please note that we are required under the Anti-Money Laundering (AML) rules and regulations to request and verify proof of remittance from our clients. Although such a request may not be made immediately upon making the bank transfer payment, IBR-Global Markets Ltd reserves the right to request such proof at a later date. If the client is unable to furnish such proof of remittance within a reasonable period of time, we are entitled to limit, restrict and report the payment transaction to the regulatory body.
