They’ll send you an unhappy message, and iirc they disable some stuff (maybe wire to non base currency?). I guess worst case they’ll close the account (if you continue doing it).
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People have had their accounts closed.
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In their latest terms and conditions, IB explicitly mentions “Using the account for currency conversion purposes” as one example of the “inappropriate use of the account”. Can’t give you exact wording, I read it some time ago.
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New terms and conditions for IBKR (in effect on 14th of July), showed up in notifications.
One of the notable things are the more specific description on when they may restrict an account, and they specifically mention “currency conversion”.
Doesn’t necessarily mean they change their day-to-day practice, but it at least hints towards a more strict regimen of disallowing people to use IBKR for currency conversions (pay in, convert, pay out)*
*but then again, where is the limit “primarily” 
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You can trade FX as much as you like on IBKR. The problem are only “pay in → convert currency → pay out” scenarios.
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I think we should keep it simple
Currency exchange for buying securities or after selling securities on IBKR - no problem
Currency exchange for currency exchange - use Revolut, Wise , Alpian , everyone else
I don’t think IB will cause any problems with above approach
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Yes, thought that part was clear to everyone. Otherwise there would be no point of them offering it at all.
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Of course they won’t.
I adapted my post as it appears to have suggested this.
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