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

  #31 (permalink)
Elite Member
Helsinki, Finland
 
Futures Experience: Advanced
Platform: SC/CQG, API/Rithmic, TWS
Broker/Data: AMP, Interactivebrokers
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GFIs1 View Post
YES!

GFs1

So you mean it is IB who is making the conversion within their account and they do not charge about the conversion ?

It takes courage to be a Pig
Go With The Flow !
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  #32 (permalink)
Market Wizard
Switzerland
 
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Scalpguy View Post
So you mean it is IB who is making the conversion within their account and they do not charge about the conversion ?

This is what I think - but lets wait for the official answer of IB HQ on this question.
As long we do not have the opportunity for such card outside US we should make
pressure on IB to get such debit card too.

GFIs1

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  #33 (permalink)
Market Wizard
Reading UK
 
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GFIs1 View Post
we should make pressure on IB to get such debit card too.

GFIs1

Im with you @GFIs1. Will you lead us?

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  #34 (permalink)
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Reno, Nevada
 
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I think it's a good idea - saves you the trouble of transferring funds to your bank account. The only drawback I see is using it in other countries. This summer and last summer traveling in Europe my USAA debit card was denied several times - had to call the bank and get authorization - it's a security procedure from the bank, not the place where I was using it. Their explanation was - if their algorithm triggered because you used the card in an establishment which either wasn't on their list or whatever (I have no idea how their algorithm is written), then you have to call in personally and tell them that it's okay to execute the charge. The purpose is to protect the owner in case the card is stolen - and of course, a lot of military use USAA so that might be a consideration. This didn't happen often, but it did happen. USAA is a big bank. Just wondering how this smaller bank functions in other countries. Just a thought - but I like the idea. I use wire transfer which is $25 - not a lot, but still money.

Ha! Brokerages going in to the banking business a la Goldman Sachs - the next big thing.

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  #35 (permalink)
Market Wizard
Boca Raton
 
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In my opinion, it is a bad idea to borrow against your trading account.
If you need the capital, move it to an interest bearing account, and pay cash without borrowing.

Matt Z
Optimus Futures

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  #36 (permalink)
Market Wizard
Houston, TX
 
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mattz View Post
In my opinion, it is a bad idea to borrow against your trading account.
If you need the capital, move it to an interest bearing account, and pay cash without borrowing.

+1

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  #37 (permalink)
Elite Member
Edmonton, Canada
 
Futures Experience: Intermediate
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Posts: 14 since Jul 2017
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I tend to be hyper-sensitive about access to my trading accounts, and transfers to and from them. I can't see myself getting comfortable with a card being tied to them. I do like to treat them as a separate entity, and I think part of that is because in doing so the money in those accounts is off limits for day to day use. I must take the steps to transfer funds out for my daily use, and I kind of like that rigidity.

That's just my 2 bits of course.

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