Hi there
I wonder when it comes to FX, which of the following options would be cheaper:
-Having currency converted at IBKR and transferred to to the multicurrency account at Yuh
-Using Neon
I already have IBKR as my broker and Yuh as my current main banking account, and Neon for FX. Just don‘t know if Neon is really useful when I already have the other 2 accounts.
Purpose is mainly vacation and buying stuff in EUR/USD online.
Thanks
I havent attempted to do CHF → USD with Yuh+IBKR, but I looked into options of USD → CHF. Here you have the problem that you pay quite some fees for sending USD from Yuh to IBKR (they give you the US account to add USD to IBKR).
Wasnt worth it in my case (<1000 USD), so it was cheaper to convert with the ‘bad’ Yuh Fx and not pay the USD transfer fees.
But the other way around might work (CHF → USD), provided that IBKR would not take fees for sending USD to Yuh. Did someone try this?
Yes, would only be interested in CHF—>USD/EUR/GBP, not other way around.
Looks like you only need IBKR + ALPIAN
IBKR does not like you sending money to them, converting it (cheaply) and then sending it on.
For smaller stuff they lose their advantage anyway. And it sounds like you would use it for smaller stuff.
Wise is pretty good for like 1k-10k (not bad for above but obviously at some point IBKR becomes cheaper). Anything below I just use my Revolut card. For vacations I prep by using up the free exchange per calendar month in the months before the vacation already.
3 posts were merged into an existing topic: Interactive Brokers: Currency conversion warning