How to convert currency with IB?

C

chrismontez

I hate to ask this here, but I have called IB 3 times and the directions they give me for converting my US funds to another currency always lead to me to Forex trading. Does anyone here know the links to get me to where I can just convert some US funds?
 
With IB you have a choice of Ideal for smaller amounts and Idealpro for larger amounts. In either case though a "conversion" is still a "trade".
 
Quote from chrismontez:

I hate to ask this here, but I have called IB 3 times and the directions they give me for converting my US funds to another currency always lead to me to Forex trading. Does anyone here know the links to get me to where I can just convert some US funds?
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The conversion utility in IB is their forex 'exchange'. Every account can hold different currencies. To flip between them just buy or sell them.
I think it is quite elegant this way, no hidden commisions too.
 
Well I got it figured out by calling IB Canada instead and he had me just buy the HKD through TWS on my screen. However he told me to enter USD as the underlying and select HDK from the Forex window, should have been the other way around with HKD entered as the underlying.
 
i notice in account management that u can choose to denominate your account in any one of those currencies. is that the same thing?
 
I think so as the NY branch kept sending me to account management to change the funds but I couldn't seem to locate the right link. I'll see later today when I go to buy some HK stock if buying the the HKD and trying to turn around and buy HK stock with it works.
 
I pay enough in commissions that if I have a question about where to find the directions on the website, I should be able to call and get that information. If you have a problem with that , that's your problem.
 
Quote from chrismontez:

I pay enough in commissions that if I have a question about where to find the directions on the website, I should be able to call and get that information.
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At IB?! Oh, yes, of course... please hold on just a moment, sir, while I peruse your commission report.

What planet are you from?
 
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