diff --git a/multichain-testing/test/deposit-withdraw-portfolio.test.ts b/multichain-testing/test/deposit-withdraw-portfolio.test.ts
new file mode 100644
index 00000000000..6418a8d4082
--- /dev/null
+++ b/multichain-testing/test/deposit-withdraw-portfolio.test.ts
@@ -0,0 +1,247 @@
+import anyTest from '@endo/ses-ava/prepare-endo.js';
+import type { TestFn } from 'ava';
+import { AmountMath } from '@agoric/ertp';
+import { makeDoOffer } from '../tools/e2e-tools.js';
+import { makeQueryClient } from '../tools/query.js';
+import { commonSetup, SetupContextWithWallets } from './support.js';
+
+const test = anyTest as TestFn<SetupContextWithWallets>;
+
+const accounts = ['cosmoshub', 'osmosis'];
+
+const contractName = 'basicFlows';
+const contractBuilder =
+  '../packages/builders/scripts/orchestration/init-basic-flows.js';
+
+test.before(async t => {
+  const { deleteTestKeys, setupTestKeys, ...rest } = await commonSetup(t);
+  deleteTestKeys(accounts).catch();
+  const wallets = await setupTestKeys(accounts);
+  t.context = { ...rest, wallets, deleteTestKeys };
+  const { startContract } = rest;
+  await startContract(contractName, contractBuilder);
+});
+
+test.after(async t => {
+  const { deleteTestKeys } = t.context;
+  deleteTestKeys(accounts);
+});
+
+const portfolioAccountScenario = test.macro({
+  title: (_, remoteChain: string) =>
+    `Deposit and withdraw to ICA on ${remoteChain} via Portfolio Account`,
+  exec: async (t, chainName: string) => {
+    const {
+      wallets,
+      provisionSmartWallet,
+      vstorageClient,
+      retryUntilCondition,
+      useChain,
+    } = t.context;
+
+    const agoricAddr = wallets[chainName];
+    const wdUser = await provisionSmartWallet(agoricAddr, {
+      BLD: 100n,
+      IST: 1000n,
+    });
+    t.log(`Provisioned Agoric smart wallet for ${agoricAddr}`);
+
+    const doOffer = makeDoOffer(wdUser);
+
+    // Create portfolio holder account for agoric and remoteChain
+    const makePortfolioAcctOfferId = `makePortfolioAccount-${chainName}-${Date.now()}`;
+    await doOffer({
+      id: makePortfolioAcctOfferId,
+      invitationSpec: {
+        source: 'agoricContract',
+        instancePath: [contractName],
+        callPipe: [['makePortfolioAccountInvitation']],
+      },
+      offerArgs: {
+        chainNames: ['agoric', chainName],
+      },
+      proposal: {},
+    });
+
+    const { offerToPublicSubscriberPaths } = await retryUntilCondition(
+      () => vstorageClient.queryData(`published.wallet.${agoricAddr}.current`),
+      ({ offerToPublicSubscriberPaths }) =>
+        Object.fromEntries(offerToPublicSubscriberPaths)[
+          makePortfolioAcctOfferId
+        ],
+      'Portfolio account creation offer result is in vstorage',
+    );
+
+    const accountPaths = Object.fromEntries(offerToPublicSubscriberPaths)[
+      makePortfolioAcctOfferId
+    ];
+    t.truthy(accountPaths.agoric, 'Agoric account path returned');
+    t.truthy(accountPaths[chainName], `${chainName} account path returned`);
+
+    const agoricLcaAddress = accountPaths.agoric.split('.').at(-1);
+    const remoteIcaAddress = accountPaths[chainName].split('.').at(-1);
+    t.truthy(agoricLcaAddress, 'Agoric LCA address is in storage path');
+    t.truthy(remoteIcaAddress, `${chainName} ICA address is in storage path`);
+
+    // Get IST brand
+    const brands = await vstorageClient.queryData(
+      'published.agoricNames.brand',
+    );
+    const istBrand = Object.fromEntries(brands).IST;
+
+    // Setup query clients
+    const agoricApiUrl = await useChain('agoric').getRestEndpoint();
+    const agoricQueryClient = makeQueryClient(agoricApiUrl);
+    const remoteChainInfo = useChain(chainName);
+    const remoteQueryClient = makeQueryClient(
+      await remoteChainInfo.getRestEndpoint(),
+    );
+
+    // Deposit funds to Agoric account
+    const depositAmount = AmountMath.make(istBrand, 500n);
+    const depositOfferId = `deposit-portfolio-${chainName}-${Date.now()}`;
+    await doOffer({
+      id: depositOfferId,
+      invitationSpec: {
+        source: 'continuing',
+        previousOffer: makePortfolioAcctOfferId,
+        invitationMakerName: 'Proxying',
+        invitationArgs: ['agoric', 'Deposit'],
+      },
+      offerArgs: {},
+      proposal: {
+        give: { Asset: depositAmount },
+      },
+    });
+
+    // Verify deposit
+    const agoricAccountBalance = await retryUntilCondition(
+      () => agoricQueryClient.queryBalance(agoricLcaAddress, 'uist'),
+      ({ balance }) => balance?.denom === 'uist' && balance?.amount === '500',
+      'Deposit reflected in Agoric account balance',
+    );
+    t.deepEqual(
+      agoricAccountBalance.balance,
+      { denom: 'uist', amount: '500' },
+      'Correct amount deposited to Agoric account',
+    );
+
+    // IBC Transfer funds to remoteChain account
+    const remoteChainId = remoteChainInfo.chain.chain_id;
+    const ibcTransferOfferId = `Transfer-to-${chainName}-${Date.now()}`;
+    await doOffer({
+      id: ibcTransferOfferId,
+      invitationSpec: {
+        source: 'continuing',
+        previousOffer: makePortfolioAcctOfferId,
+        invitationMakerName: 'Proxying',
+        invitationArgs: ['agoric', 'Transfer'],
+      },
+      offerArgs: {
+        amount: { denom: 'uist', value: 500n },
+        destination: {
+          chainId: remoteChainId,
+          value: remoteIcaAddress,
+          encoding: 'bech32,',
+        },
+      },
+      proposal: {},
+    });
+
+    const remoteBalances = await retryUntilCondition(
+      () => remoteQueryClient.queryBalances(remoteIcaAddress),
+      ({ balances }) => balances.length > 0,
+      `IBC transfer reflected in ${chainName} account balance`,
+    );
+    t.log(`${remoteIcaAddress} Balances`, remoteBalances.balances);
+    // there are no other funds in the account, so we can safely assume its IST
+    // consider looking up the expected denom
+    t.like(remoteBalances, {
+      balances: [
+        {
+          amount: '500',
+        },
+      ],
+    });
+
+    // Transfer funds back to Agoric
+    // TODO #9966 use IST brand and let contract perform denom lookup
+    const istRemoteDenom = remoteBalances.balances[0].denom;
+    const transferBackOfferId = `transfer-back-${chainName}-${Date.now()}`;
+    await doOffer({
+      id: transferBackOfferId,
+      invitationSpec: {
+        source: 'continuing',
+        previousOffer: makePortfolioAcctOfferId,
+        invitationMakerName: 'Proxying',
+        invitationArgs: [chainName, 'Transfer'],
+      },
+      offerArgs: {
+        // TODO #9966 use IST brand and let contract perform denom lookup
+        amount: { denom: istRemoteDenom, value: 500n },
+        destination: {
+          chainId: 'agoriclocal',
+          value: agoricLcaAddress,
+          encoding: 'bech32,',
+        },
+      },
+      proposal: {},
+    });
+
+    // Verify funds are back in Agoric account
+    const updatedAgoricAccountBalance = await retryUntilCondition(
+      () => agoricQueryClient.queryBalance(agoricLcaAddress, 'uist'),
+      ({ balance }) => balance?.denom === 'uist' && balance?.amount === '500',
+      'IBC transfer back reflected in Agoric account balance',
+    );
+    t.deepEqual(
+      updatedAgoricAccountBalance.balance,
+      { denom: 'uist', amount: '500' },
+      'Correct amount transferred back to Agoric account',
+    );
+
+    // Withdraw funds from Agoric account
+    const withdrawAmount = AmountMath.make(istBrand, 500n);
+    const withdrawOfferId = `withdraw-${chainName}-${Date.now()}`;
+    await doOffer({
+      id: withdrawOfferId,
+      invitationSpec: {
+        source: 'continuing',
+        previousOffer: makePortfolioAcctOfferId,
+        invitationMakerName: 'Proxying',
+        invitationArgs: ['agoric', 'Withdraw'],
+      },
+      offerArgs: {},
+      proposal: {
+        want: { Asset: withdrawAmount },
+      },
+    });
+
+    // Verify withdrawal
+    const finalAgoricAccountBalance = await agoricQueryClient.queryBalance(
+      agoricLcaAddress,
+      'uist',
+    );
+    t.deepEqual(
+      finalAgoricAccountBalance.balance,
+      { denom: 'uist', amount: '0' },
+      'All funds withdrawn from Agoric account',
+    );
+
+    // Verify smart wallet balance
+    // faucet - provision rebate - deposit + withdraw
+    const driverExpectedBalance = 1_000_000_000n + 250_000n - 500n + 500n;
+    const driverBalanceAfterWithdraw = await agoricQueryClient.queryBalance(
+      agoricAddr,
+      'uist',
+    );
+    t.deepEqual(
+      driverBalanceAfterWithdraw.balance,
+      { denom: 'uist', amount: String(driverExpectedBalance) },
+      'All funds returned to smart wallet',
+    );
+  },
+});
+
+test(portfolioAccountScenario, 'osmosis');
+test(portfolioAccountScenario, 'cosmoshub');