I have recently tried several USD withdrawals from IBKR to UAE bank accounts. All of them were rejected by local banks because it was missing the "necessary regulatory information".
For sending payment to the UAE, the regulator requires two extra pieces of information:
1) a residency indicator for the beneficiary.
2) a purpose of payment code.
Usually, you simply need to add this as a message to your SWIFT transfer.
The format for the addition would look like this: /BENEFRES/AE//AFA
However, It is impossible in IBKR to add any reference/message to the withdrawal request.
Q: How do all the Dubai people here manage to withdraw from IBKR to their local accounts? Do you have the same issue?
(There are no issues for deposits)
---------------------------------------------------------------
For reference, there are a couple of banks referring to this issue online:
https://av.sc.com/ae/content/docs/ae-purpose-of-payment-requirement.pdf
For sending payment to the UAE, the regulator requires two extra pieces of information:
1) a residency indicator for the beneficiary.
2) a purpose of payment code.
Usually, you simply need to add this as a message to your SWIFT transfer.
The format for the addition would look like this: /BENEFRES/AE//AFA
However, It is impossible in IBKR to add any reference/message to the withdrawal request.
Q: How do all the Dubai people here manage to withdraw from IBKR to their local accounts? Do you have the same issue?
(There are no issues for deposits)
---------------------------------------------------------------
For reference, there are a couple of banks referring to this issue online:
Bankline Support | Royal Bank of Scotland Business
help.bankline.rbs.com
AED
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