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Anonymous
Are the conversion rates on Interactive Brokers almost spot rates?
Interactive Brokers: Im a new investor and want to purchase US ETFs and will be transferring money via FAST to IB account as the conversion rates are almost spot rates?
- I believe i need to use USD as a base currency and transfer SGD from my DBS SG account.
- will the conversion happen for every trade as i only intend to do a monthly sum of $500 in a particular ETF. As they charge 0.2% (minimum $2) what's the best way to convert as i will be paying more rather than converting $1000 in one go.
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Chris
13 Jan 2021
Owner and Writer at Tortoisemoney.com
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Personally, I use IBKR as well. I am using SGD as my base currency and I only convert when I have a substantial sum ready to be converted to maximise the conversion fee. So I transfer my SGD as usual into IBKR, but only convert when I have enough.