EUR USD CHF change options for best rates

[express]

Hello,

Aside from TW, Revo does anyone knows a way to change big amount of currency on direct , i.e with 1Pip rate?
It would require to find a broker having currency wallets and possibility to withdraw in a chosen currency

 

[fshore]

Interactive brokers has great rates and you can withdraw currencies.

 

[clemens]

fshore said:
Interactive brokers has great rates and you can withdraw currencies.
Click to expand...

you mind to share a link? What's your experience with them?

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[fshore]

Good experience.
You can easily find the information on their webpage.

 

[express]

Thank you, I found some tips on how to do with interactive broker, all I can say is that it is not a easy trading / broker but if it offers this possibility sure worth it learning ,0.5% on 100000€ is 50€, that you repeat for each time

 

[DGTLOTC]

When you say a big amount what do you mean ? 1 pip is an incredibly tight spread that's the spread banks sell to the broker for ?

depending on the size though the bank and broker need to make a profit on the transaction

I work in the Foreign exchange field....can point you in the right direction if you provide more info

 

[express]

1 pip is usual fx spread on EUR/USD pair. But usual broker lets you only 1 main currency in your wallet
I'm considering 100k€ change

 

[DGTLOTC]

I highly doubt a broker will give you 1 pip on 100k trade size unless you're doing loads and loads of FX with them

to give you an example if they did that here's the maths

Example

EUR/USD Buy 100k USD sell EUR

rate : 1.1100

cost in EUR £ 90,090.09

same trade at 1.1101 will cost EUR 90,081.97

that means the FX broker makes 8-9 eur pre costs their side ie; the banks spread to them plus the wire fee to send funds out

as you can see the equation is impossible on that size of trade

 

[fshore]

Currently ibs buy sell rates are 1.1107 and 1.1102.
Their fees for a 100k trade is $2.

 

[express]

On xstation (xtb) here is what I get when I deal with EUR/USD pair (market is closed now, not possible to show you a trade)

 

[DGTLOTC]

Are you guys talking about physical delivery fx or speculative

like for instance are you physically buying the funds and wiring them out

 

[express]

From what I found on ggle on ib you still have a base currency for your wallet but possibility for next market day to change your base currency
When you but EUR/USD pair, you have possibility to close your position with option to close "non base currency positions" assuming that as this moment your base currency was changed to USD if you want your EUR to become USD? I'm not very sure with that I need to try by myself, but I guess this is something like that behind professional currency cambists?

Exemple given here Converting Currency Balances (EUR/USD) Interactive Brokers / Lynx Trader
When buying stocks in USD market when your base currency is EUR makes ib open for you a currency coverage position opposite.

Last edited: May 30, 2020

 

[fshore]

express said:
From what I found on ggle on ib you still have a base currency for your wallet but possibility for next market day to change your base currency
When you but EUR/USD pair, you have possibility to close your position with option to close "non base currency positions" assuming that as this moment your base currency was changed to USD if you want your EUR to become USD? I'm not very sure with that I need to try by myself, but I guess this is something like that behind professional currency cambists?

View attachment 1482

Exemple given here Converting Currency Balances (EUR/USD) Interactive Brokers / Lynx Trader
When buying stocks in USD market when your base currency is EUR makes ib open for you a currency coverage position opposite.
Click to expand...

The base currency in Ib is only for the reports. You can withdraw any currency (provided you have bank accounts in your name in those currencies).