Estimated reading time: 7 minutes
If you’re investing internationally using Interactive Brokers (IBKR), currency conversion is an unavoidable step for you.
Most investors don’t realize that traditional banks often charge hidden FX markups of 1-2%, while IBKR offers conversions at close to interbank rates with one of the lowest commissions in the industry.
In this guide, I’ll walk you through exactly how to convert currency within IBKR using two different platforms: Client Portal (web-based) and IBKR Mobile.
TABLE OF CONTENTS
Key Things to Know Before You Start
Before converting currency, make sure you have sufficient cash in the account (e.g. AUD, GBP or etc).
- Interactive Broker charges USD 2 per transaction
- Interactive Broker charges foreign exchange currencies at spot currency rate
- Auto conversion is 0.03% per transaction
Step-by-Step Guide via the Client Portal
Step 1: Log into the Interactive Broker Client Portal
Step 2: Navigate to “Convert Currency”
Once you logged in, hover over the “Trade” in the top menu. Then click on “Convert Currency”.
Then it will direct you to the currency conversion tool.
Step 3: Select the Currency Pair
From Currency: This is the currency you currently hold (e.g. AUD or SGD)
To Currency: This is the currency you want to convert into (e.g. USD)
Amount: Enter how much you want to convert
Example: If you want to convert AUD 300 to USD to buy US stocks, set: From: AUD, To: USD, Amount: 300.
Step 4: Review the Exchange Rate and Fee
Before submitting, click “Preview” to check:
- the live exchange rate you will get (this is close to the market rate).
- the commission fee (usually USD 2.00 minimum).
- the total amount you will receive after conversion.
Step 5: Submit the Conversion
If everything looks good, click “Submit”.
Your conversion will be processed immediately, and your cash balance will reflect the new currency within seconds or minutes (even during off business hours).
Your new cash balance (e.g. USD) will show up in your account.
Step-by-Step Guide via the IBKR Mobile App
Step 1: Log into your Interactive Broker account
Step 2: Navigate to “Convert Currency”
On the dashboard, tap “More” in the left corner. Then, select “Convert” from the list and click on the “Convert Currencies”.
Step 3: Choose Your Currency Pair
With that, you will be directed to the currency conversion landing page.
All you need to do is enter the currency you want to convert from, based on the initial currency in your account. Before submitting, be sure to click “Preview” to check the fees involved in the conversion (i.e. FX fees, and commission fees).
Step 4: Confirm and Submit
If everything looks good, swipe “Submit” to complete the conversion, and your cash balance in the new currency will be updated shortly.
How Much Does Interactive Broker Charge?
| Fee Type | Amount |
| FX Commission | 0.03% trade value (auto-conversion only) or min. USD 2.00 |
| Exchange Rate Spread | Spot rate |
| Hidden Fees | None |
Comparison With Other Brokers
If you’re wondering about currency and market accessibility of each platform, here’s the comparison.
| Interactive Broker | Moomoo | Webull | FSMOne | Rakuten | MIDF Invest | M+ Global | |
| Market Access | US, MY (Futures only) UK, HK, SG, EU, JP, AUS, CN, HK and etc. (more than 160 global markets) | US, MY, SG, HK, CN | US, MY, HK, and CN | US, MY, UK, SG, CN and HK | US, MY, and HK | US and MY | US, MY, and HK |
| Multi-Currency | USD, GBP,SGD, EUR, JPY, AUD, CNY, HKD, and etc. (in total: 28 world currencies) | USD, SGD, MYR, HKD, and CNY | USD, MYR, HKD, and CNY | USD, MYR, GBP, SGD, CNY, and HKD | USD, MYR, and HKD | USD and MYR | USD, MYR, and HKD |
Beginner Tips to Save Money on Conversions
- Convert larger amounts: Small conversions (like AUD 100) still cost USD 2.00, which is a larger percentage of your money. Try to convert greater amount at a time (if possible).
- Avoid banks: Local banks charge much higher fees. Stick with Interactive Broker (Wise) for conversions.
Final Thoughts
Converting currency on Interactive Broker is easy once you know the steps.
For the best value, always convert larger amounts, avoid frequent small transactions. With your currency converted, you’re now ready to trade across Interactive Broker’s global markets, with lower costs than most local banks or traditional brokers.
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