Changing base currency in IB

Discussion in 'Retail Brokers' started by Sashe, Jan 4, 2004.

  1. Sashe


    I have my IB acct set up in USD as my base currency.
    If I wanted to change it in Euro base what should I do?
    Any suggestions greatly appreciated
  2. .......
  3. saico


    You need to open a new account! It's not possible to change the base currency.

  4. thanks. but would it be possible to convert the Euro balance to a US$ balance through an IDEAL transaction and withdraw the money?

  5. saico


    Withdraws can only be done in the base currency.

  6. jaan


  7. It's specifically stated in their site that you can only withdraw in base currency.
  8. I believe IB recently added the capability to wire money out in other than the base currency. The website may not have been updated yet.

    I just went to my Account Management page to set up a wire transfer and IB asked me to select the currency.

    ACH is another matter - looks like USD only, or defaults to base currency.
  9. Thus, if you have a USD account, convert your USD to EUR, and can wire out your EUR, then it seems there is not much point in opening a new account simply to change the base currency to Euro.

    But that is stating the obvious ...
    #10     Jan 5, 2004