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IB currency exchange help

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  1. #1

    Join Date
    Oct 2006
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    Hong Kong
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    IB currency exchange help

    I seek assistance with working out how IB works for currency exchange.

    For the sake of argument I have transferred HKD100,000 to IB which I want converted to USD. The money got transferred on Thursday. I am putting in that I want to buy USD12,700.

    When I try to do the transfer I keep on getting this message: "Cash available 100,600; cash needed for this order and other pending orders 104,933."

    What the heck is going on? I have enough HKD to convert into USD and don't have any pending orders.

    Any idea?


  2. #2

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    Original Post Deleted
    Using the app, but get the same error when using TWS software.

  3. #3

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    Sorry, seems to have worked on TWS. Dunno what happened.


  4. #4

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    Just a follow up for this. This morning with IB HKD100k converted into USD12,747.10 at 7.84490.

    I just logged into HSBC and did a dummy transfer for the same amount and was offered USD12,691.70 at 7.87916.

    IB worked out USD55.4 cheaper than HSBC. Need to factor in the USD10 counterparty fees to transfer from IB back to HSBC so a USD45.4 saving.

    But I guess if you transfer more, for example HKD1M you would be saving over USD500 using IB over HSBC.