Registered: Mar 2009
02-14-11 10:44 AM
Quote from TraDaToR:
It's pure theft. On top of fees, they can convert at prices that never traded during the day. Everybody trading in a non- domestic currency need a broker like IB to make the conversions themselves.
This is why you should never do currency conversions during transfers. I have accounts at my bank for all major currencies that i need and use their forex desk to make conversions at near market rates. STILL sucking expensive to a rbokrer (30-60 pips at times), but heck - it beats out loosing some 1+% in some daily fixed stupid conversion rate.
NEVER transfer with convetrsions, you get their daily fixed wide margin rates.