Withdrawing USD from interactive brokers

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settlement

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Hi all,

Not certain if this is strictly an investing Q so feel free to move if this isn't the right area.

I have about 40k of USD in my IB account and want to withdraw it to my euro bank account.

IB offers that I can withdraw it directly or that I can convert the money via forex and withdraw. I presume there are hidden costs somewhere here. Does anyone know the better option?
 
Maybe doing it via the likes of CurrencyFair, Wise (formerly TransferWise), XE etc. or a similar currency exchange service provider would be more cost effective? There are other threads on the issue of the most cost effective was to do currency exchange in such circumstances. The main problem that I had with this approach several years ago was getting the brokers (E*Trade and other US brokers) to allow me to transfer money out to an intermediary account not in my sole name. Maybe it's easier these days. I was meaning to try it again (both ways - into and out of E*Trade) using CurrencyFair but never got around to it yet.
 
Last edited:
settlement said:
Hi all,

Not certain if this is strictly an investing Q so feel free to move if this isn't the right area.

I have about 40k of USD in my IB account and want to withdraw it to my euro bank account.

IB offers that I can withdraw it directly or that I can convert the money via forex and withdraw. I presume there are hidden costs somewhere here. Does anyone know the better option?
Click to expand...

How much are IB saying it will cost you?
 
I took a look at IB currency exchange fees in the past, and I believe it will only cost 2$ (very good value I believe)
 
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