I have a GBP funded account with a US broker (lets call it Broker A, broker A is in the USA) and I want to convert the funds from GBP to USD before I send the funds to another broker in USD (lets call it broker B, broker B is also in the USA and only accepts to receive the funds if they are in USD). I asked broker A how much it would cost me to convert my funds from GBP to USD and they've been honnest and told me their rate would not be competitive, they would charge something like 3-4% !!! The GBP amounts to be converted into USD and to be wired to broker B would be between £5,000 and £15,000 at a time. Do you know any USA based currency specialist who could help me to the convert funds at a good FX rate? I googled currency specialist, and found firms which converts funds before sending them to another country. I don't need to send the funds in another country as the wire will be done within the US. Also my google search only showed UK based currency specialists (maybe because I am a UK resident and Google connects to the UK internet network, I don't know...) but I would want to use a USA based currency specialist, I could not find any. I changed from google.co.uk to google.com but got the same results. Thanks in advance for your help.
Whatever your first broker was, I do hope you are moving to IB or someone as competitive as them. You would had been able to convert your entire cash balance into USD at spot market rates. No middle man who rips you off. Good luck with searching a solution, though.