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Lesson 2 of 8
The Interactive Brokers’ GlobalTrader app allows the investor to fund their account using one of more than 20 different currencies and convert to the currency needed for the market where they want to invest.
How to Convert Currency in GlobalTrader?
To convert currency using the GlobalTrader app, the investor can tap on the Convert icon on the Home screen. From there, a list of currencies available will populate the screen. The investor can scroll through the screen and tap on the currency they would like. For this example, while the account is funded using US Dollars (USD), the investor chooses the Swedish Krona or SEK.
Next, the investor is prompted to choose which currency to convert from. Notice in this example that the investor can choose to convert from United States Dollars to Swedish Krona.
Not all currency pairs are supported. For instance, the Canadian Dollars the investor owns could not be converted directly. Canadian Dollars would first need to be converted to US Dollars (USD) and subsequently converted to Swedish Krona.
A list of supported pairs can be found by tapping on the blue Show supported pairs line and then tapping on the blue “IDEAL PRO” wording.
In this scenario, the investor chooses to convert some of their United States Dollars to Swedish Krona by tapping on the USD icon. The investor now chooses the value in USD that they want to convert from or the value of SEK they want to convert to. After inputting the desired value, they tap on the Preview button at the bottom of the screen and after reviewing the information tap on Convert. The investor is notified that the conversion is initiated and can choose to convert more or tap on Done.
The currency position will now be shown in the Portfolio page and can be used to purchase supported instruments in that region.
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If you have an account-specific question or concern, please reach out to Client Services.
We encourage you to look through our FAQs before posting. Your question may already be covered!
The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Interactive Brokers, its affiliates, or its employees.
There is a substantial risk of loss in foreign exchange trading. The settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades. The interest rate on borrowed funds must be considered when computing the cost of trades across multiple markets.
Hi all, I am trying to convert USD to CAD and when I press submit, instead of the conversion taking place I receive an error message saying “FX conversion is allowed to base currency only”. Please advise how to resolve the problem and be eligible to carry out currency conversions from USD to other currencies.
Also please advise where I can see the currency in which international stocks are quoted (as only the price is shown on the ticker and not the currency (so for ticker CSU:CA for example I see the price of 3300 but I do not know if it is in CAD or USD or EUR).
Looking forward to your response.
Thank you again for contacting IBKR. To address your concern/inquiry, we need a few more details about the situation and your account; unfortunately, this is not a secure channel to share this information. We kindly ask that you contact our Client Services team for further assistance via web ticket, chat, or phone call using the link. We appreciate your understanding. https://www.interactivebrokers.com/en/support/customer-service.php
My base currency is CHF. What happens if I buy shares in USD? Are CHF automatically exchanged in USD? If not, do I pay interest on the (negative) USD amount?
Hello, thank you for reaching out. Cash accounts are not allowed to trade Forex on a leveraged basis but are allowed to convert one currency to another. As a Forex transaction represents the simultaneous purchase of one currency vs. the sale of another, that sale will result in a short (i.e., borrow) position unless it serves to close or convert an existing long position. Accordingly, Forex orders which would result in a short balance in any given currency, if executed, will not be accepted in a cash account.
You can easily convert one currency to another using the currency conversion tool in IBKR Mobile or Client Portal. Learn more about the process in this FAQ:
https://www.ibkr.com/faq?id=111454768
Accrued interest is posted to your IBKR account once per month, generally in the first week of the month after accrual. The interest amount is based on your daily settled cash balance for each currency held. If the daily accrued interest amount is less than the minimum threshold (e.g. $1 for USD), it will accumulate until the total accrued amount exceeds the threshold and can be posted. Please view this FAQ for more details: https://www.ibkr.com/faq?id=40340294
We hope this helps!
bonjour, j’ai un compte en eur, après l’avoir alimenté j’ai initié une conversion en dollars le 26/01, hier 27/01 j’ai donné des ordres d’achats sur 2 actions, lorsque je regarde le relevé je vois bien mes achats d’actions et une transaction de change correspondant à la demande de départ, par contre je vois 4 autres ordres forex pourquoi? lors de mes ordres d’achats action je voyais bien mon solde en dollar, tout se passe comme si j’avais eu des euros. Merci d’avance pour vos explications.
Merci d’avoir contacté IBKR sur le campus IBKR. Pour répondre à votre préoccupation/demande, nous avons besoin de quelques détails supplémentaires sur la situation et votre compte ; malheureusement, les réseaux sociaux ne sont pas un canal sécurisé pour partager ces informations. Nous vous demandons de bien vouloir contacter notre équipe du service client pour obtenir de l’aide via un ticket Web, un chat en direct ou un appel téléphonique en utilisant le lien ci-dessous. Nous vous remercions de votre compréhension.
https://spr.ly/IBKR_ClientServicesCampus
Hi, how I won’t convert currency as market order. How I can place currency conversion limit order?
Hello Filip, thank you for asking. IN TWS, you can input the ticker for the forex pair into the watchlist. Then, TWS will pull up the order ticket. On the top of the screen, you can configure the order type and limit price. We hope this helps!
Hi – I have the same question as Filip, how can I place a currency conversion limit order?
Hello Wu, thank you for asking. IN TWS, you can input the ticker for the forex pair into the watchlist. Then, TWS will pull up the order ticket. On the top of the screen, you can configure the order type and limit price. We hope this helps!
Merhaba USD yi TL ye donusturemiyorum
Hi, if I want to buy US dollar bonds, buy I only have CAN dollars in account, what is the best way to do? Should I first convert CAN to USD first or the system will convert it for me when I place buy orders? Please advise.
Hello Joe, thank you for reaching out. Cash accounts must maintain a positive balance. In order to trade a foreign security, you must deposit or convert funds to the desired security’s currency, and the trade can be placed once the funds settle. For instance, if you carry Euros in your account and want to trade a stock on an American stock exchange, you will need settled USD funds. Please note that forex settlement generally takes place one business day following the sale transaction (Trade Date plus one business day: T+1).
Margin accounts allow you to trade without waiting for cash to settle or converting currencies. However, it is required that you meet the margin requirement in your account. Failure to meet these requirements will result in becoming subject to liquidation of assets to bring the account back into margin compliance.
For more instructions to convert currencies, please review: https://www.interactivebrokers.com/faq?id=111454768
We hope this helps!
Hi i am a NewZealand resident Using IBKR USA.i recently converted $300 000.00 NZD to USD. will this conversation of currency to US dollars negate the interest being accrued in my account.
Thank you for your question. Converting your NZD to USD will not negate interest accrual in your account. However, it will change which currency’s interest rate applies to your balance.
With your funds now in USD:
You’ll earn interest on USD balances according to IBKR’s USD interest rates
You’ll no longer earn interest based on NZD rates
Interest will be credited to your account in USD
IBKR typically pays interest on cash balances above $10,000 USD, with rates tied to benchmark rates minus a spread. The exact interest rate depends on your account type and tier.
You can view current interest rates in Account Management under “Settings” > “Account Settings” > “Configuration” > “Interest”.
If you have specific questions about interest rates applicable to your account, please contact Client Services directly as they can provide personalized information. https://spr.ly/IBKR_ClientServicesCampus
Hi can I transfer SGD to SEK directly, or I have to do USD.SGD first and then USD.SEK?
Hello, thank you for asking. No, you cannot directly convert SGD to SEK on IBKR because there is no direct SGD/SEK currency pair. To perform this currency conversion, you will need to convert to a major currency first. You can view the available currency pairs that IBKR offers here: https://spr.ly/IBKR_ProductsExchangesCampus
Hello, I converted CHF to USD. In Classic TWS screen I see the CHF balance as zero, but in Mosaic screen I still see the balance in CHF and the USD.CHF pair as a position with P/L. I am trying to buy a stock, but when confirming the order I get a message about insufficient funds which matches the converted CHF to USD amount. I did the conversion via Mosaic TWS screen, but I did not have the FXCONV option as I was advised years ago by my local broker (IB representative). The only option I had was IDEALPRO. Should I wait for the position to be settled and how can I fix the issue? How should I convert currencies in the future?
Hello, thank you for reaching out. Cash accounts must maintain a positive balance. In order to trade a foreign security, you must deposit or convert funds to the desired security’s currency, and the trade can be placed once the funds settle. For instance, if you carry Euros in your account and want to trade a stock on an American stock exchange, you will need settled USD funds. Please note that forex settlement generally takes place one business day following the sale transaction (Trade Date plus one business day: T+1).
Margin accounts allow you to trade without waiting for cash to settle or converting currencies. However, it is required that you meet the margin requirement in your account. Failure to meet these requirements will result in becoming subject to liquidation of assets to bring the account back into margin compliance.
For further instructions on how to convert currencies, please review this FAQ: https://www.interactivebrokers.com/faq?id=111454768
Please reach out with any additional questions. We are here to help!
Hello, I am writing regarding an issue with my ISA account. Whenever I attempt to perform a GBP → USD FX conversion, the system shows the message: “FX conversion is not allowed.” Because I need to trade U.S. stocks inside my ISA, I must convert GBP to USD manually. However, the platform currently prevents me from doing any FX conversion at all. Could you please confirm: Whether FX conversions are permitted in ISA accounts, Why my account is currently blocked from performing FX conversion, And what steps I should take to enable GBP → USD currency conversion for trading? This issue is preventing me from trading normally inside my ISA. Thank you for your assistance. Best regards, Mi
Hello, thank you for reaching out. We automatically convert currencies when trading non-GBP denominated securities using “spot” currency transactions:
For opening orders: spot exchange rate at time of trade plus 0.03% fee; and
For closing orders: non-GBP balances closed at end of trading day at the closing exchange rate plus 0.03% fee.
Example cost in GBP of a $1,000 USD Trade with GBP/USD Spot Rate: 1.3432/1.3433.
If this does not answer your question, please create a detailed web ticket for Client Services: https://spr.ly/IBKR_TicketCampus
We would appreciate the opportunity to turn around your experience.
Hello, I currently have an Investment Account (Cash) with base currency AUD. I noticed that I cannot convert AUD to CAD and that the Currency/Forex permissions are greyed out, even though Canada/TSX trading is enabled. Could you please clarify: Whether it is possible for my current cash account to trade Canadian (TSX) stocks directly in CAD. If not, what are the exact steps to upgrade or open an account that allows holding CAD and trading Canadian stocks?
Hello, thanks for your attention, what’s the minimum cash required to be able to use your service ? Best regards
I have a portfolio of Canadian securities and USD bonds and cash. This is a margin account used for borrowing in CAD. When I trade a CAD stock on margin, in addition to the price impact of the security, an FX part of USD/CAD exchange rate is also included in the calculation for overall profit/loss. Is there a way this can be avoided? That is, a CAD traded security remains just a CAD profit or loss without any FX impact.