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Is there a way to find out foreign exchange rates of brokers (Namely SCB and IBKR)?
I’ve been looking ard online and most info stop at personal experience, i.e., scb has terrible fx spreads / ib has spot rates. I was wondering if there’s an official way to compare the fx rates btwn the 2 brokers.
I’m planning to buy an LSE ETF long term; investing about 10-15k a year. As I’m starting out with <20k capital, I’m figuring out the math before committing to a broker.
Would appreciate any assistance. Thank you!
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Zachary Teo
27 Mar 2020
Art Director at Ad Agency
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For SCB, the spread is 0.4%. So if you are seeing the spot rate at 1.4 for example, SCB rate will be around 1.4*1.004
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Hey John! You can download the IBKR app and open a paper account. The rate thus far for exchange currency is pretty decent. They are slightly below the exchange rate that is shown on Google search. I did a comparison across Transfer Wise and local bank exchange and did find that they have the best offering.
However, they do charge a commission rate of USD2 for every exchange.