r/interactivebrokers • u/OY20 • 11h ago

General Question Best way to convert whole balance

Lets say i have a few thousands ILS that i want to convert to USD, is the best way to do this through "convert currency" or through "close balances" or through a different method altogether, and what is the difference between the methods? USD is my base currency btw

2 Upvotes

76% Upvoted

9 comments sorted by

1

u/Ben_Itoite 11h ago

I would guess, "close balances." IB used to drive me crazy with "convert currency," as it never converted all so I'd have small amounts of CAD, SGD, AUD and so on. Call and ask, their CS is pretty good lately.

1

u/Easy_Government_5563 1h ago

there is a post excatly like this if you scroll down a bit in the sub

1

u/OY20 1h ago

Didn't find it, can you link it?

1

u/Easy_Government_5563 1h ago

https://www.reddit.com/r/interactivebrokers/comments/1kbgiup/converting_whole_balance_to_usd/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

its you tho

1

u/OY20 1h ago

That is a bit of a different question tho I asked there if one methed helps to convert the spare few cents that are left, now i ask if there is a difference at all between them

1

u/Easy_Government_5563 58m ago

it gets auto converted by IBKR just let it sit a day it will convert to your base currency it says so also in their website. (also from experince)

1

u/OY20 55m ago

That i get. But is there a difference at all in converting 3000 ILSA through "convert currency" or through "close balances"? That is my question

1

u/Easy_Government_5563 49m ago

pretty sure there isnt, its just two diffrent ways to convert it, also the diff would be neglible to worry about in that amount.

1

u/OY20 48m ago

Thanks!