In this learning investing/trading post,I am going to show how to convert your currency using IBKR mobile so that you will be able to purchase stocks of the particular country that you wish to convert your currency to.
Do check out my other post on IBKR!
1.Log in to the IBKR mobile app
2.Tap on the three bar(Black circle) at the top left hand corner
3.Select convert currency
4. E.g. i want to convert USD to SGD
5.Select and enter the currency that you have and wish to convert e.g 1 USD
6.Select and enter the currency that you want to convert to e.g SGD
7.Next,Slide to convert and your order will fulfill due to market order(*Do note that your there will be a commission charges, which will count toward your monthly activity fee of $10)
What is market order?
- Buy or sell at the current Ask price(Order get filled immediately)
To me,this is the fastest and easiest way to convert your currency using interactive broker and perhaps one of the cheapest way to convert your money.
Next time,if you would like to travel to another country for holiday,do consider using interactive broker as an alternative to the money changer as its spread rate are simply wonderful. Best of all,it can be done in the comfort of one home
Hope you find this post useful!
may i know why did you chose IB's convertion tool rather than use dbs to convert and send to Ib as USD ?
ReplyDeletehi,sry for the late reply,this is become their fees are the cheapest compare to bank and the exchange rate are very spot on as you are actually converting through the forex,you can refer to the seedly post below
Deletehttps://seedly.sg/questions/which-base-currency-should-i-use-in-interactive-brokers
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