IB - withdraw non-base currency

C

currencychanger

I have a significant portion of my money in USD, and I'd like to convert USD to ILS (Israeli Shekel) for living expenses. My plan was to use Ideal Pro FX (Interactive Brokers), and then wire the shekels to an Israeli bank account. After opening my IB account I realized that they let you trade ILS, but they don't let you withdraw ILS (or most other currencies)! I was tantalizingly close to cheap currency transfers, only to have the last step not work. Does anyone know of a good way to complete the transfer?

Thanks
 
currencychanger said:
, but they don't let you withdraw ILS (or most other currencies)!
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ILS is indeed not one of them but there are 18 currencies to select from in the withdrawal dropdown menu.
Also account base currency is irrelevant afaik in one's currency selection when it comes to a withdrawal.
 
ETcallhome said:
double check, I think you can only wire money to the bank you opened the account with
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Nope, you can wire money out of the same IB account to different banks and countries, in various currencies, the main requirement (besides avoiding blacklisted banks and countries I suspect) is that the bank account be in the IB account holder name - and as OP noticed you have to select a currency IB authorizes to withdraw.
 
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Why not setup a USD account in your country - which I assume is Israel - and withdraw from IB in USD? Then convert later.




:)
 
currencychanger said:
I currently live in America and am planning to move to Israel. I have USD that I want to convert to ILS at a good rate.
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You have NO skills to predict future currency movement?
Looking at the chart for ILSUSD, after reaching all time high since 2008, ILS has started to fall. imo, after some months later, you will be able to buy ILS with less USD.
 
victorycountry said:
You have NO skills to predict future currency movement?
Looking at the chart for ILSUSD, after reaching all time high since 2008, ILS has started to fall. imo, after some months later, you will be able to buy ILS with less USD.
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what does "started to fall" mean"?
 
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