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Interactive Brokers Debit MasterCard linked to Brokerage account
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Interactive Brokers Debit MasterCard linked to Brokerage account

  #21 (permalink)
Trading Apprentice
bangkok
 
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Scalpguy View Post
That makes sense.

Anyway now I understand Debit Card is handy while you do not have to make any transfers to your local bank until you can spend your huge trading profits

It is useful especially for foreigners that need to pay bills in different currencies as well without the hassle of international transfers (and additional cost) . In Us people have way better options to spend their money rather than a debit card. Chase or CapitalOne c.c. to mention few. That is why I am thinking that the IB move to offer the debit card only to US citizens is not wise at all.

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  #22 (permalink)
Market Wizard
Switzerland
 
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Same as making a trade in other currency


coccigelus View Post
BTW before to waste time.. What is the % applied for the currency fee exchange ? Example account denominated in $ and purchase done in Euro?

I assume this works with the actual given currency pair (IB) at the moment you make a transfer.
Same as withdrawing. It is from your IB account - currency is automatic fixed at a transaction moment.
Extra charges should not being applied as it is money from YOUR account - and no CREDIT card nor
credit card company involved.

GFIs1

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  #23 (permalink)
Elite Member
Omer עומר / Israel י
 
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GFIs1 View Post
I assume this works with the actual given currency pair (IB) at the moment you make a transfer.
Same as withdrawing. It is from your IB account - currency is automatic fixed at a transaction moment.
Extra charges should not being applied as it is money from YOUR account - and no CREDIT card nor
credit card company involved.

GFIs1

I think this is not really true.

1) the card has a base currency denominated (likely here in this case US$

2) if you pay (withdraw or POS payment) in another currency, the mastercard network
will automatically apply currency conversion (rough at the moment of the transaction
autothorization), exactly at the moment of settlement

3) in rare occasions it can be dynamic currency conversion, (which is a legal rip-off)
and the transaction is denominated for example in EU at the point of sale of ATM and
then again converted to US$.

So what is not possible : you have a debit card, when you pay in US$ it goes from you
US$ in IB, when you pay in EU, it goes off your EU account in IB, that is not possible.

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  #24 (permalink)
Market Wizard
Switzerland
 
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rleplae View Post
I think this is not really true.

1) the card has a base currency denominated (likely here in this case US$

2) if you pay (withdraw or POS payment) in another currency, the mastercard network
will automatically apply currency conversion (rough at the moment of the transaction
autothorization), exactly at the moment of settlement

3) in rare occasions it can be dynamic currency conversion, (which is a legal rip-off)
and the transaction is denominated for example in EU at the point of sale of ATM and
then again converted to US$.

So what is not possible : you have a debit card, when you pay in US$ it goes from you
US$ in IB, when you pay in EU, it goes off your EU account in IB, that is not possible.

Hi rleplae
I think this is a very interesting possibility and a benefit for IB:
exactly that: no card company does it today - for that you need several cards in different currency.
But @ IB trades can be done in every pair of importance - hence one account:
One margin, one real time cash calculation etc.
So I will ask by mail this time at IB HG of Europe - hopefully getting a good answer
which I will post here.

GFIs1

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  #25 (permalink)
Elite Member
Sydney + Australia
 
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It appears to be a standard debit card arrangement.

This is from the FAQ section:

What happens if I charge something overseas in a non-US currency?

Mastercard converts the currency to US dollars and this is how it appears on your statement.

To convert your transaction's currency to your card's currency, see the Mastercard® Currency Conversion Calculator

The fee schedule confirms that there are no currency conversion fees.

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  #26 (permalink)
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muttoez View Post
It appears to be a standard debit card arrangement.

This is from the FAQ section:

What happens if I charge something overseas in a non-US currency?

Mastercard converts the currency to US dollars and this is how it appears on your statement.

To convert your transaction's currency to your card's currency, see the Mastercard® Currency Conversion Calculator

The fee schedule confirms that there are no currency conversion fees.

Sounds logical.

But you can bet they will get their conversion fees by wiiiiiiiiiiiiiide spreads

It takes courage to be a Pig
Go With The Flow !
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  #27 (permalink)
Elite Member
Sydney + Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart
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Scalpguy View Post
Sounds logical.

But you can bet they will get their conversion fees by wiiiiiiiiiiiiiide spreads

They will definitely get you on the spread.

Here is Aus we are used to paying wide spreads with currency conversion on top.

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  #28 (permalink)
Market Wizard
Switzerland
 
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No!


muttoez View Post
They will definitely get you on the spread.

Here is Aus we are used to paying wide spreads with currency conversion on top.

If you have a IB account you can at the same time
• BUY a Future at Eurex
and
• SELL a stock at NYSE

The first is done in €, the other in $ ON the SAME account
means transferred at time of trade with the thin spreads you get
when you trade currency pairs.

Thus if you debit your card you get the pair needed to the pair to the socond
instead of a day currency pair offered from your BANK with wide spreads PLUS fees

As I interpret the IB intent - they want to have more liquid currency trades - not interested in complicated
calculations with in house spreads and in house fees.

So they let you profit from that direct transactions (Eurex included) on your positive account by using
their debit card to make transactions anytime without big fees and best overview on your IB account.
Only volume counts

GFIs1

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  #29 (permalink)
Market Wizard
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GFIs1 View Post
If you have a IB account you can at the same time
• BUY a Future at Eurex
and
• SELL a stock at NYSE

The first is done in €, the other in $ ON the SAME account
means transferred at time of trade with the thin spreads you get
when you trade currency pairs.

Thus if you debit your card you get the pair needed to the pair to the socond
instead of a day currency pair offered from your BANK with wide spreads PLUS fees

As I interpret the IB intent - they want to have more liquid currency trades - not interested in complicated
calculations with in house spreads and in house fees.

So they let you profit from that direct transactions (Eurex included) on your positive account by using
their debit card to make transactions anytime without big fees and best overview on your IB account.
Only volume counts

GFIs1

@GFIs1 can you explain what this means in Lamens terms to a simpleton like me? Will this card enable a person to bypass all the bank fees and spreads?

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  #30 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,104 since Feb 2012
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As I read it



Grantx View Post
@GFIs1 can you explain what this means in Lamens terms to a simpleton like me? Will this card enable a person to bypass all the bank fees and spreads?

YES!

GFs1

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