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Old 12.10.2021, 19:02
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Interactive Brokers purely for currency conversion

I have to convert a fairly large amount of CHF and USDs to Euros in the coming months to buy a house in the Euro zone.
Is it worth opening an Interactive Brokers account purely to to do this - believe they offer the best rates. Any watchouts?
TIA.
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Old 12.10.2021, 20:05
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Re: Interactive Brokers purely for currency conversion

They got rid of the inactivity fee not long ago so I don't see any other problems. Make sure to exchange the money and withdraw it as soon as possible (after the settlement period) otherwise you will pay negative interest if the currency is other than USD.
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Old 12.10.2021, 20:10
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Re: Interactive Brokers purely for currency conversion

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I have to convert a fairly large amount of CHF and USDs to Euros in the coming months to buy a house in the Euro zone.
Is it worth opening an Interactive Brokers account purely to to do this - believe they offer the best rates. Any watchouts?
TIA.
I do exactly that. Better rates generally even compared to Wise
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Old 12.10.2021, 20:12
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Re: Interactive Brokers purely for currency conversion

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They got rid of the inactivity fee not long ago so I don't see any other problems. Make sure to exchange the money and withdraw it as soon as possible (after the settlement period) otherwise you will pay negative interest if the currency is other than USD.
I didn't realise that there is negative interest on the Euro as well.
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Old 12.10.2021, 20:19
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Re: Interactive Brokers purely for currency conversion

https://www.interactivebrokers.com/en/index.php?f=46385

It's seems to be the case for amounts >50k in CHF, EUR and:

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For balances held in CHF, DKK, EUR, JPY or SEK, IBKR currently applies an effective negative rate to long balances held. The negative rate applied to accounts holding these currencies is the same regardless of account size. For other currencies in which the benchmark rate plus the interest rate paid is less than zero, the interest paid is 0%.
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