IB - withdraw non-base currency

victorycountry said:
the value of ILS is depreciating against USD after reaching all time high since 2008... or did you want to talk about something else, sir?
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depends on what the definition of the word "is" is. Yes, it has gone down. I suppose you could say it is going down. That doesn't mean it is going to go down. Our op friend is looking for a way to minimize exchange costs, not bet on the ILS or USD. If he knew what it was going to do he could just bet it all and take an all expenses paid trip to Israel and not worry about the small exchange rate he may have to pay once he gets there and has to convert his USD into ILS.
 
currencychanger said:
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
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Maybe you can use skrill or moneybooker payment processor, I am also still use skrill if want to withdraw money to my local bank account,indeed there are certain fee to withdraw money to local bank
 
So interactive brokers now allows outgoing (and maybe incoming) wires in Israeli shekel. you get one free transfer a month and after that wires are $10. You can do the currency trasfer before sending the wire. Currently the bid and ask are 3.7629 and 3.7640 which is a difference of about .03% which is as close to nothing as I can find. The wire took less than a day to show up in my Israeli bank account. The only thing that would make me happier is if I had noticed this new feature before sending money with Schwab.

One more piece of advice, the bid and ask seem to be tightest during New York trading hours. For all you Americans telecommuting or buying houses, enjoy!
 
I know if epayment sometime not safe, still remember when libertyreserve that included as payment processor, but eventually shut down, now I am use payco if want to withdraw money from account trading then convert to local currency using exchanger service
 
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