How to buy Canadian Dollar?

[GotherL]

So I don't like IBKR UI and wanna convert to CAD from USD and withdraw the money in Canadian currency. Which forex symbol do I need to buy in order to do that?

 

[SanMiguel]

Probably EURGBP

 

[GotherL]

That's euro dollar. I am looking for Canadian dollar. Nvm I am gonna ask an IB rep and see what is the best option to withdraw it.

 

[jys78]

CADUSD

 

[GaryBtrader]

So I don't like IBKR UI and wanna convert to CAD from USD and withdraw the money in Canadian currency. Which forex symbol do I need to buy in order to do that?

You will need to sell USD.CAD. Make sure you do an FxConv on TWS otherwise you will have an FX position in your account.

 

[rb7]

Probably EURGBP

LOL...Too much beer today San!

 

[deaddog]

If you are just converting you might try "Norbert's Gambit"

Consists of buying and selling an interlisted stock at the same time.

 

[JSOP]

So I don't like IBKR UI and wanna convert to CAD from USD and withdraw the money in Canadian currency. Which forex symbol do I need to buy in order to do that?

In IB, you use USD/CAD, that's the only symbol you can use. They used to allow you to convert using the reciprocal CAD/USD but they abolished that years ago. The only thing is you have to use the "FXCONV" as the routing or destination and NOT "IDEAL PRO". You have to estimate how much USD you need to sell in order to buy the amount of CAD that you want and then do a sell. Once the CAD is in your account, then you can withdraw the CAD funds.

 

[GaryBtrader]

If you are just converting you might try "Norbert's Gambit"

Consists of buying and selling an interlisted stock at the same time.

Norbert's Gambit works fine but there's no need to do it on IB since they offer direct FX conversion with very little slippage.

 

[cortney302]

Ordering your Canadian Dollar online is simple. There are over 150 Travelex stores across the US to pick up your order form, or you can have it delivered straight to your door.