Dear- As a beginner, there are simple questions. For example, we can trade foreign (such as HongKong or Japan) in IB TWS/web. 1) Should we open another account for cash (HK$ or JPY) left for tomorrow? 2) Can we bring HK$ or JPY to Connecticut IB office? May we send a wire transfer to IB account? (Some currency is NOT transferable between countries and between banks, if I heard correctly) How about bringing real paper cash to Connecticut by ourselves? 3) How is the exchange rate from US$ to HK$? Anyone have experience to currency exchange before? Tell me the web link for buying/selling for particular currency. How much (such as 0.5%) does IB charge you for the exchange? Thanks in advance.
It is a universal account. Stocks, fx, futures in one account. You can wire any of 26 supported currencies to this account. You do not have to convert them to the base currency of the account. They don't take cash. Exchange rate is very good. They operate an ecn of quotes from major banks. They make money on very low commission not the spread.
Fill up bags of cash and dump it on the secretary's table in their corporate HQ, tell us how that will go.
"IB will charge a special handling fee of 1% of the deposit amount (minimum $50 fee) for any physical currency deposits." They will take it buts its a huge red flag that a client wants this. More likely they will close your account if you go down this road
jk90029, post: 4286524, member: 258203" Dear- As a beginner, there are simple questions. For example, we can trade foreign (such as HongKong or Japan) in IB TWS/web. 1) Should we open another account for cash (HK$ or JPY) left for tomorrow? >>> where are you located? Usually 1 account (which hold multi-currencies) will suffice. 2) Can we bring HK$ or JPY to Connecticut IB office? May we send a wire transfer to IB account? (Some currency is NOT transferable between countries and between banks, if I heard correctly) How about bringing real paper cash to Connecticut by ourselves? >>> NO - REPEAT NO. We do charge a penalty of 1% for cash deposits that slip through the banks (they have been instructed not to accept cash deposits) but more often than not we will reject cash deposits and return the funds. 3) How is the exchange rate from US$ to HK$? Anyone have experience to currency exchange before? Tell me the web link for buying/selling for particular currency. How much (such as 0.5%) does IB charge you for the exchange? >>> Current actual spread at 11:33 May 31 for USD/HKD is 7.76805 at 7.768810 (1/2 pip) we charge a commission of 0.2 pips (or $2 per 100K USD). http://ibkb.interactivebrokers.com/article/1267 Thanks in advance. See answers embedded above. As a beginner though, I would urge you to practice extensively with a paper trading account to learn the IB system as well as the markets. In addition, there numerous educational tools and short videos on our site which you should review to gain experience prior to opening an account. https://www.interactivebrokers.com.hk/en/index.php?f=14509#videos
Large quantities of cash is attributed to dirty money that needs to be "cleaned". Cash in - bank transfer out through a reputable company. One common method the gangsters in Vancouver, Canada used to launder cash is to take bags full of cash to the casino for chips - play a couple of games and cash in all the chips for a check. I assume they can't do that anymore due to the negative media publicity it got.