Hi What rates does one get if they want to transfer funds between their IB subaccounts (USD/EUR/HKD ) ? Thanks
You'll get the exchange rate in effect at the time you make the transfer. That will be the IDEALPRO rate if you are transferring a specified minimum of funds (varies by currency but generally around $25-30k). If a smaller amount, you'll get the IDEAL rate. Either way you'll pay a commission.
If you are just transferring funds between subaccounts in the same currency, there is no fee. You can even xfer funds between main accounts w/o a fee if same account info on file. You will only pay a fee if you are exchanging funds to another currency.
Thanks ! Any idea on the spread and fee for transfers over 25k usd ? Are they the same as the forex rates described on IB's website ?
The commission cost is small. It's 0.2 pips with a minimum of $2.50. An exchange of even $100k is just $2.50. Spreads vary somewhat throughout the day but the majors will generally be 1 pip.