Changing base currency in IB

Sashe · Jan 4, 2004

I have my IB acct set up in USD as my base currency.
If I wanted to change it in Euro base what should I do?
Any suggestions greatly appreciated

ManhattanTrader · Jan 4, 2004

I am interested as well. only my base currency would be Euros and would like to change it to US$. please see this thread:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=26453&perpage=6&pagenumber=3

thanks

ManhattanTrader · Jan 5, 2004

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saico · Jan 5, 2004

Quote from Sashe:

I have my IB acct set up in USD as my base currency.
If I wanted to change it in Euro base what should I do?
Any suggestions greatly appreciated

You need to open a new account! It's not possible to change the base currency.

Saico
Germany

ManhattanTrader · Jan 5, 2004

thanks. but would it be possible to convert the Euro balance to a US$ balance through an IDEAL transaction and withdraw the money?

thanks

saico · Jan 5, 2004

Quote from ManhattanTrader:

thanks. but would it be possible to convert the Euro balance to a US$ balance through an IDEAL transaction and withdraw the money?

thanks

Withdraws can only be done in the base currency.

Saico

jaan · Jan 5, 2004

Quote from ManhattanTrader:
but would it be possible to convert the Euro balance to a US$ balance through an IDEAL transaction and withdraw the money?

yes, according to def: http://www.elitetrader.com/vb/showthread.php?s=&postid=401757#post401757

- jaan

TMTrader · Jan 5, 2004

It's specifically stated in their site that you can only withdraw in base currency.

BlueHorseshoe · Jan 5, 2004

Quote from TMTrader:

It's specifically stated in their site that you can only withdraw in base currency.

I believe IB recently added the capability to wire money out in other than the base currency. The website may not have been updated yet.

I just went to my Account Management page to set up a wire transfer and IB asked me to select the currency.

ACH is another matter - looks like USD only, or defaults to base currency.

BlueHorseshoe · Jan 5, 2004

Thus, if you have a USD account, convert your USD to EUR, and can wire out your EUR, then it seems there is not much point in opening a new account simply to change the base currency to Euro.

But that is stating the obvious ...