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Buying LSE stock using Interactive Brokers - EUR to GBX conversion

  • 15-04-2020 2:12pm
    #1
    Orobhsa
    Registered Users, Registered Users 2 Posts: 297 ✭✭


    Hi,

    Recently opened an account with interactive Brokers. Base currency is EUR and account is funded with €x.

    Trying to buy a stock listed in London using the website. Order value incl charges < €x.

    I'm getting an error that seems to be because I have no sterling balance.

    Do I need to convert the €x to GBX before doing a trade? How?

    Had assumed that IB would simply do a conversion for me and reduce the EUR balance by appropriate amount.

    Thanks!


Comments

  • #2
    Orobhsa
    Registered Users, Registered Users 2 Posts: 297 ✭✭Orobhsa


    So needed to do a trade to Sell Eur and buy GBP to convert the EUR balance.

    Took a bit of poking around to figure out how to do this. Far simpler with Degiro for example.


  • #3
    retsillacm
    Registered Users, Registered Users 2 Posts: 4 ✭retsillacm


    Have a similar issue now myself, but with regards to US markets instead of UK. Care to give a quick once-over of how you did the conversion? Is it basically just doing a forex transaction, and then making your share purchase as per normal?

    Curious what the fees are like.

    Cheers


  • #4
    sk8board
    Registered Users, Registered Users 2 Posts: 3,544 ✭✭✭sk8board


    retsillacm wrote: »
    Have a similar issue now myself, but with regards to US markets instead of UK. Care to give a quick once-over of how you did the conversion? Is it basically just doing a forex transaction, and then making your share purchase as per normal?

    Curious what the fees are like.

    Cheers

    They’re closing the Irish site next month. Fees were very high too.


  • #5
    Orobhsa
    Registered Users, Registered Users 2 Posts: 297 ✭✭Orobhsa


    sk8board wrote: »
    They’reclosing the Irish site next month. Fees were very high too.

    Believe Interactive Investor is merging with their UK business. Not Interactive Broker.

    retsillacm wrote: »
    Have a similar issue now myself, but with regards to US markets instead of UK. Care to give a quick once-over of how you did the conversion? Is it basically just doing a forex transaction, and then making your share purchase as per normal?

    Curious what the fees are like.

    Cheers

    To do a conversion on IB.

    Click the TRADE button

    Enter the symbol "EUR.USD" and hit return.

    Click SELL ORDER and enter the amount of EURO to be sold.

    If you click PREVIEW it will show the trade to be filled.

    Click SUBMIT SELL ORDER if you are happy and it's executed immediately.

    Your portfolio should then show the USD cash and any residual EURO cash as well.

    For the FX I paid commission of €1.83 selling a few €k.


  • #6
    retsillacm
    Registered Users, Registered Users 2 Posts: 4 ✭retsillacm


    Orobhsa wrote: »
    Believe Interactive Investor is merging with their UK business. Not Interactive Broker.




    To do a conversion on IB.

    Click the TRADE button

    Enter the symbol "EUR.USD" and hit return.

    Click SELL ORDER and enter the amount of EURO to be sold.

    If you click PREVIEW it will show the trade to be filled.

    Click SUBMIT SELL ORDER if you are happy and it's executed immediately.

    Your portfolio should then show the USD cash and any residual EURO cash as well.

    For the FX I paid commission of €1.83 selling a few €k.
    Much appreciated - seems pretty painless.

    And yeah, heart was in the mouth there for a second about the site closing! Literally just transferred my positions out of US based broker yesterday to IB. But sweet, thanks agin.


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