exchange rates with IB

Discussion in 'Retail Brokers' started by luisHK, Nov 1, 2010.

  1. luisHK

    luisHK

    Hi

    What rates does one get if they want to transfer funds between their IB subaccounts (USD/EUR/HKD ) ?

    Thanks
     
  2. 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.
     
  3. bpcnabe

    bpcnabe

    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.
     
  4. luisHK

    luisHK

    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 ?
     
  5. 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.