Buying a house in Spain

Real Estate
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Hi everybody. We are buying a house in Spain and I need to convert a large amount of money from CHF to EUR.
I have been looking at Wise and B-sharpe. B-sharpe seems to have better conversion rates than Wise.

I already have an Interactive Brokers account which I use to buy my VT ETF monthly and I had thought about using IB to do the exchange which is much better than these two platforms.
The idea would be to send the money to IB in CHF, convert it to EUR, send that money in EUR to a bank account in Spain. Can it work this way?

I still don’t have a Spanish bank account linked to IB, I guess this will also have to be done to send the euros to Spain. Especially if it is a large amount of money.

Thank you very much.

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Yes. Doesn’t have to be an account in Spain, any Euro account (Yuh?) will do.

Ok, if you don’t want to explain why you are transferring money, that might work better. Although I would rather explain than risk to be flagged by IB compliance :scream:

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Note that IB really doesn’t like that and can lock accounts (in practice I think they prevent you from withdrawing into anything other than base currency).

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I am withdrawing Euro from time to time…

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Thanks for your answer, I’m sorry but I don’t understand it very well. The account in Spain I have to open anyway to send the euros there. I don’t mind explaining to IB or whoever that the money is to buy a house.

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Thank you for your reply. I didn’t know IB doesn’t like this. In that case I might use Wise or B-sharpe. I would not like to lose my account… Is there any official site where they explain that this practice is not allowed?

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7 posts were merged into an existing topic: Interactive Brokers: Currency conversion warning