@Maverick2608 thank you for mentioning Revolut. I knew about TransferWise for international money transfers, but not about this one. Does Revolut allow money transfers to third parties? Or can you only transfer money to bank accounts in your own name?
Yes. However, I do not think for instance most brokers will accept wires from Revolut, because even though Revolut has been granted a banking license, it has not been fully implemented. Revolut was just started a few years back. That also means there is no deposit insurance until it becomes a bank.
Hmmmm.... I have an IB debit card. Since I am retired, I have no reason to travel overseas any more, but I am just curious if the U.S. issued IB debit card works overseas. I always had trouble finding an ATM that would work with my U.S. debit and credit cards, and the commission and flat fees were usually quite high.
Since you are retired, I would argue you have every reason to travel overseas. "The Interactive Brokers Debit Mastercard can be used anywhere Debit Mastercard is accepted, both to make purchases and to withdraw cash from ATMs. ATM withdrawals: Some ATMs require that you choose Checking, Savings or Credit Card. If you are presented with this choice, select Checking to withdraw cash using your Debit Mastercard. Note that Debit Mastercard balance inquiries will not work on ATMs. To check your current available balance, log into mobile TWS and look at the Account/Balances screen."
High margin agree, 25k $ for dax equal to 1000 point (a bit less) for few hours of market closing is unreasonable. Your comment is clueless .
Hopefully They will issue IB debit card for non US citizens soon. I doubt that would be the case tough. Luckily I can use TW debit card which is not a prepaid debit card.
REvolut and TW are almost equal. Revolut is a prepaid card. For main currencies exchange is better Revolut while for exotic currencies is better TW. Revolut apply a % fee over the week end when forex is closed. Both nice options.
IB will let you believe via all their advertising that credit interest is so important (not commissions). Just look at all the negative advertising they are doing (against the zero commission brokers) Consider the following: 1) IB (like all brokers) segregates your longs from your shorts. So if you're an active trader with many hedged positions - you likely won't receive much credit interest. For example a $1 million account with $1 million in shorts and $1 million in longs still has $1 million in settled positions yet you will receive virtually zero credit interest from them 2) You can actually get better rates in the options market (via conversions) than the 1.6% IB gives you. So if you know what you're doing and you know how long you will have excess cash then you can do better than IB in the options market or EFP markets. There are a few decent brokers that now have better option commission rates than IB. You can also negotiate with some others to get your rates lower than IB's. The bottom line is things like cr/dr interest and other things that IB offers are nice to have but the most important thing to active traders is access and commission rates. There are currently many alternatives to IB. It will be interesting to see how the industry changes over the next couple of years.
No they do not. You never traded through them, otherwise you would know that shorts offset longs on the same Security. I do it every day.