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Jim

16 Jul 2021

∙

General Investing

Interactive Brokers. Problem: unsettled cash even though I have converted my SGD to USD

I am using Interactive Brokers for the first time and have just converted some SGD to USD. When I tried to purchase some ETFs, it says unsettled cash and I am unable to complete the transaction even though I have sufficient USD. I consulted the live chat and it seems like I have to wait 2 days for the cash to be settled.

What does this unsettled cash actually mean?
Is this common among other brokers?
Does that mean I am never able to buy stocks immediately after currency conversion?

Interactive Brokers

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Tan Choong Hwee

17 Jul 2021

Investor/Trader at Home

You probably have a cash account. This means that the cash proceeds from your currency conversion will only be credited in 1~2 business days.
This is common with cash account in all brokers.
Yes, can only buy stocks after cash settled in your account.

If you want to buy stocks immediately after currency conversion, you need a margin account instead of cash account.

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