How to Convert Currency on Interactive Brokers (Without Paying Too Much)
Currency conversion is one of IBKR's strongest features — its 0.1% rate is far below the industry average. But many new users accidentally let IBKR auto-convert currency at a worse rate, or they convert at the wrong time. This guide covers the right way to do it.
Why currency conversion matters for investors
Every time you buy a US stock with non-USD funds, or sell a US stock and hold the proceeds in a non-USD account, a currency conversion takes place. At most brokers, this conversion is invisible — it happens automatically at a rate 0.5–2% worse than the interbank rate. IBKR makes it explicit and cheap, but only if you use the right method.
How to convert currency on IBKR
- Log into Client Portal (web) or Trader Workstation
- Navigate to 'Trade' → 'FX Trading' (or in TWS: open a Forex window from the menu)
- Search for the currency pair: e.g., 'GBP' to find GBP.USD
- Enter the amount you want to convert and the direction (buy USD with GBP, or sell USD for GBP)
- Choose 'Market' for immediate execution or 'Limit' to set a target rate
- Review the quote (you'll see the Ideal FX mid-market rate and the 0.1% markup)
- Submit and confirm
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ForexFee guides are based on publicly available information and live rate data from Wise's comparison API. For pricing, KYC requirements and current promotions, always check each provider's official site. See our methodology for how we source and rank rates.