Foreign Currency Exchange for Investing - interactive investor (2024)

FAQs

What is the currency conversion fee for interactive investor? ›

We charge a percentage of the total value of your transaction. For currency conversion of up to £24,999, we charge 1.5%.

Verify your selection, then click Continue to submit your currency change request. Note that base currency changes do not take effect until the next trading day. Once your change takes effect, you will see your new base currency displayed in the Account Reporting section.

Unlike commission fees, IBKR's currency conversion fee is fixed at a rate of 0.002% per conversion (minimum 2 USD).

IBKR FX commissions are 0.002%, with a minimum of $2.00 Full rate card is available by visiting IBKR Commissions. Robinhood passes through third-party costs of 0.03% related to FX fees when exchanging from GBP to USD. Assumed a market order which is assessed a spread fee estimated at 0.0125%.

To avoid dynamic currency conversion fees when traveling internationally, choose to pay credit card transactions in the local currency rather than in US dollars. Some merchants will attempt to make this decision for you, so confirm which currency you're transacting in before you pay.

To withdraw money, log into your account and select cash & transfers > withdraw/transfer cash. Then follow the instructions to make a bank transfer. If you request the payment before 2pm, the cash should reach your account by the end of the next working day.

Available for USD or CAD currency withdrawals to a USD or CAD currency account held in your name at a bank located in Canada that allows EFT fund transactions. Cash will be automatically transferred. EFT requests received by 09:30 ET will be debited to your account the next business day, under normal circ*mstances.

Log in to your IBKR account and navigate to the Funds section. Select "Withdraw Funds" and choose the "ACH Transfer" option. Provide the necessary details, such as your bank account information and the transfer amount. Review and confirm the withdrawal request.

If you have a registered account, Interactive Brokers will convert your money automatically. When you trade Walmart stock, or any US stock actually, you allow Interactive Brokers to convert the funds from CAD to USD at whatever their exchange rate may be.

Can I have multiple currencies on Interactive Brokers? ›

Getting Started

Fund an Integrated Investment Account with one or multiple currencies - there is no need to open a separate account for each currency. Designate a single base currency from among 24 currencies ⁸ and you are ready to trade stocks, options, futures, currencies, bonds, funds and more from around the world.

For cash accounts, clients can have the necessary amount of cash in any IBKR-supported currency (e.g., a US stock trade can be executed versus a EUR cash balance), and IBKR will coordinate the necessary forex trade in the amount required to settle the trade on your behalf.

Standard settlement periods for most currencies is 2 business days, with some pairs such as CAD/USD settling next business day. In order for a date to be a valid settlement date for an FX transaction, the central banks for both currencies must be open for settlements.

A trader who executes 4 or more day trades in this time is deemed to be exhibiting a 'pattern' of day trading and is thereafter subject to the PDT restrictions.

Select the currency that you'd like to fund your IBKR account and click 'Add'. Then, key in the amount you'd like to add, and proceed to fund your Wise account via FPX through your own bank account. Select your deposit currency (for me, I choose USD), and select 'Transfer from Wise Balance'.

If you have a registered account, Interactive Brokers will convert your money automatically. When you trade Walmart stock, or any US stock actually, you allow Interactive Brokers to convert the funds from CAD to USD at whatever their exchange rate may be. In general, you can expect a margin of 1.5% to 1.99%.

This fee typically ranges from 3-5% of the transaction amount and is levied to convert Indian Rupees to U.S. dollars.

The conversion ratio tells investors how many common shares they get in exchange for a convertible bond or stock. The company sets the conversion ratio and date at the time of issue.