Transfer funds to Interactive Brokers




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ORIGINAL POST

POSTED BY GettingFIREd (18 days ago)
I recently opened an IB account, and plan to invest in USD ETFs via them on a monthly basis.

Question 1: I make HKD so need to convert my money to USD first. I have seen people suggested that IB has really good exchange rate. Is the best approach to transfer HKD to IB and change to USD on their platform?

Question 2: The IB staff told me that I can fund my account by wire or check. I currently bank with Standard Chartered and tried to figure out what fees are charged for transfers. Their chart (https://av.sc.com/hk/content/docs/service-charge.pdf), however, is too complicated for me to understand. Does "Telegraphic Transfer" mean wire? If yes, they charge over HKD100 per transfer request, which is not a small amount. I can't even figure out what fees are charged for checks from their chart.

Can people please share what fees their bank charge for transfers to IB? Which bank is the best to use for this purpose?

Thanks in advance for any input!

COMMENTS

nicnic (16 days ago)
A1. Send HKD to IB and convert to USD on their platform at much better rates.

A2. You cannot avoid bak charge for such wire. $100 sounds cheap, HSBC charge $200 or more

Do your HKD transfer to IB in one big chunk to avoid multiple fees. Convert to USD on the platform. IB also pay interest on USD balances > 10k

gdep (15 days ago)
you can send a cheque .. will cost you hkd 2 for the post
Convert hkd to usd on IB and also probably keep excess cash (USD) on IB because of the reason mentioned above.


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