how do you convert currency (not virual position) using IB?
trying to convert some JPY into USD for personal use.
trying to convert some JPY into USD for personal use.
Real FX conversion in IB
- Thread starter blackstormcap
- Start date
Think they only do it for when you're buying a security denominated in another currency.
If you want to take delivery and fully swap the currency out, then you'd need an account receiving it in the right currency... or physical delivery.
For that, your best bet would be a currency transfer service... a few brokers do it:
Oanda
http://fxglobaltransfer.oanda.com/
Pepperstone
https://pepperstone.com/trading-platforms/physicalfx.php
I mean, unless I'm wrong and IB does this kinda thing too... I just don't see where they facilitate such transactions on their site for actual withdrawal of a currency conversion... I only see conversions for buying securities within the account and it's done on a loan basis with them.
If you want to take delivery and fully swap the currency out, then you'd need an account receiving it in the right currency... or physical delivery.
For that, your best bet would be a currency transfer service... a few brokers do it:
Oanda
http://fxglobaltransfer.oanda.com/
Pepperstone
https://pepperstone.com/trading-platforms/physicalfx.php
I mean, unless I'm wrong and IB does this kinda thing too... I just don't see where they facilitate such transactions on their site for actual withdrawal of a currency conversion... I only see conversions for buying securities within the account and it's done on a loan basis with them.
Just enter in an IDEALPRO currency order. For example, if you have USD and want JPY, enter a sell USD.JPY order. You'll end up with a positive JPY balance and a reduced (or negative) USD balance. Or buy USD.JPY if you want to go from JPY to USD.
Note that this might set up a virtual position in TWS but this can be cleared out by right clicking on the virtual position in the account screen and selecting the option to change the position. Set it to zero and it will disappear.
IB does not do these conversions for you except when there's a very small balance (e.g. < $1). These they periodically clear out for you. So if, for example, you buy a stock listed on the TSE, you will have a CAD margin loan unless you convert USD to CAD by selling USD.CAD.
Note that this might set up a virtual position in TWS but this can be cleared out by right clicking on the virtual position in the account screen and selecting the option to change the position. Set it to zero and it will disappear.
IB does not do these conversions for you except when there's a very small balance (e.g. < $1). These they periodically clear out for you. So if, for example, you buy a stock listed on the TSE, you will have a CAD margin loan unless you convert USD to CAD by selling USD.CAD.