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Good time to change HKD to GBP if leaving for UK

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  1. #11

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    Feb 2006
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    what does IB use to determine the exchange rate, e.g what spread over the interbank exchange rate ?

    I'm trying to figure out if it's worth opening an IB account just for the FX


  2. #12

    Join Date
    May 2009
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    1,175
    Quote Originally Posted by z754103:
    what does IB use to determine the exchange rate, e.g what spread over the interbank exchange rate ?

    I'm trying to figure out if it's worth opening an IB account just for the FX
    https://investors.interactivebrokers...hp?f=1590&p=fx
    z754103 likes this.

  3. #13

    Join Date
    Dec 2009
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    300
    Quote Originally Posted by z754103:
    what does IB use to determine the exchange rate, e.g what spread over the interbank exchange rate ?

    I'm trying to figure out if it's worth opening an IB account just for the FX
    there practically is no spread for IB fx for most major currency pairs as you’re trading direct on market and you pay a relatively inconsequential commission, especially for larger size trades.
    z754103 likes this.

  4. #14

    Join Date
    Dec 2009
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    300

    example. current Gbp/usd bid ask:
    1.2739 / 1.2740

    z754103 likes this.

  5. #15

    Join Date
    Feb 2009
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    Quote Originally Posted by z754103:
    what does IB use to determine the exchange rate, e.g what spread over the interbank exchange rate ?

    I'm trying to figure out if it's worth opening an IB account just for the FX
    If you do open an IB account for the purposes of fx conversion, make sure you verify your identity with IB using Options 1-3 (not option 4 which only allows you to deposit/withdraw in HKD into a HK bank). I am stuck in this situation now having opened IB but stuck on option 4. I tried changing to option 3 (send them a cheque) which took over a month for IB to receive in the mail, then the cheque bounced because Citibank rejected saying my signature was not correct on the cheque, Citibank charged me a $50 bounced cheque fee, IB charged me a $50 bounced cheque fee, I still havent verified my identity with IB so I am limited to HKD in/out only. I got so pissed off with Citibank the other day, they refunded my $50 fee just to get the screaming gwailo off the phone I think. I still dont know what on earth is wrong with my signature and these bastards bounced a cheque I was waiting for over a month to clear, then for a laugh they thought a $50 fee was appropriate. Citibank fucking arseholes. Sorry had to get that off my chest .
    Sith, z754103, qhank and 1 others like this.

  6. #16

    Join Date
    Dec 2002
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    I verified with IB by depositing the required 10K and then wandering down to their office to get my ID verified. Took about a day to open the acct.

    Sith, bdw, z754103 and 1 others like this.

  7. #17

    Join Date
    Feb 2009
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    7,535
    Quote Originally Posted by shri:
    I verified with IB by depositing the required 10K and then wandering down to their office to get my ID verified. Took about a day to open the acct.
    Yeah thats option 1, which I might be able to do one day if HK drops hotel quarantine and lets me back in. I'll go down to their offices and do it, then meet you for a beer afterwards

    Now I am option 4 (online verify only - limited to HKD in/out). I failed option 3 (send them a cheque in the mail). I still have option 2 which is to get someone to notarize or certify some form and I can mail that to them. So might research this option next. Or I could try option 3 again and hope my signature passes the next time. Actually I also have a Standard Chartered chequebook lying around and might try that, maybe the person who works in SC verifying signatures isnt such an arsehole as their Citibank counterpart.
    shri, z754103 and dboldie like this.

  8. #18

    Join Date
    Feb 2005
    Location
    Manchester, UK
    Posts
    7,308

    The GBP is taking a dive right now, im looking at my HSBC one account with has my GBP in it and the HKD amount its showing keeps on dropping lol

    HSBC is showing Your exchange rate is 1 GBP = 9.979674729 HKD


  9. #19

    Join Date
    Feb 2019
    Posts
    2,553
    Quote Originally Posted by z754103:
    I'm trying to figure out if it's worth opening an IB account just for the FX
    It totally is, ever since they dropped their fixed account charges a year or so ago.

    Awesome FX broker with some investment and margin loan cash flow management facilities thrown in.
    z754103 and dboldie like this.

  10. #20

    Join Date
    Feb 2006
    Posts
    827

    Thank you for the advice and recommendation!

    Can I send currencies for free to any country as long as I have a multi currency bank account there? I currrently use Wise and they generally can only do an FX transaction into the country of the currency itself. e.g. I can do HKD/GBP, as long as the GBP is going to an UK account. However, I can''t do the same transaction if I want the GBP to end up in a HK or Singapore GBP denominated bank account.

    I couldn't figure this out for sure, on their website information, and would really appreciate knowing if someone has successfully done this type of transaction before.


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