Re:China orders Bitcoin exchanges in capital city to close
by yourapostasy on Wednesday September 20, 2017 @05:13PM
(#15298303)
Thanks, I'll keep them in mind if a wire transfer comes up in the future, that looks useful. Unfortunately, many of my non-US customers still request remitting in their native currency via paper check. And IB doesn't seem to accept paper checks from commercial entities other than banks.
Part of my forex broker's value add is they have banking points of presence in many nations, and can accept the check there, then convert to any currency I designate (typically USD). That would probably explain much of the spread between IB's and my FX broker's margins.
(Not an endorsement in any way and I'm sure there are others).
Fees are min($2, 0.002%), typical spread is a few pip or much less (eg. EURUSD at the moment: 1.20015 (sell) 1.20020 (buy)). But you'll also need a bank account in both currency most likely.
edit: maybe a downside, but there's a min $10/month activity fee at IB if you have less than 100k holdings (but your transaction fees count against that). But as I said, I'm sure IB isn't the only place with those offerings.