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Anonymous
TD Ameritrade vs IBKR SG in terms of exchange rate?
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Nicholas Beh
07 Aug 2020
Student Ambassador 2020/21 at Seedly
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Zachary Teo
07 Aug 2020
Art Director at Ad Agency
Hey Anon! IBKR uses spot rate to change your funds which mean that the exchange rate you see will be close to what you normally Google. TD Ameritrade does not disclose their rate but is definitely higher than IBKR
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Nicholas Beh
02 Aug 2020
Student Ambassador 2020/21 at Seedly
IBKR uses the forex spot rate with a small commission fee. TDA uses a "preferential rate" with DBS w...
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TD Ameritrade uses a "preferential" daily rate with DBS to convert currency. This rate is not known publicly, but you can give them a call or message to check with them. It updates at 2:30pm daily. Do note that deposits are not processed immediately, so the rate that they tell you today is most likely not the rate that your money will be converted with a couple of days later.
As for withdrawals, they charge 25 USD for wire transfer (in USD), and depending on your bank, you may get charged fees for incoming TT and currency conversion.
IBKR on the other hand uses the spot rate (realtime) and gives you more control, such as setting limit orders. They charge a 0.20bps, min 2 USD commission. 1 free withdrawal every month.