Linking Interactive broker to my Oversea Account

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Hi all,

Recently, I have set up my IB account. Due to my business dealing, I will like to transfer some money from my Philippines bank account (PNB) to my IB account for investment.

I was exploring the IB platform and not able to find the option to deposit/withdraw Philippines peso into my IB account.

Have anyone tried this approach and can provide some advice?
Thanks!

 

[BBCWatcher]

Evidently that currency is not available, but as long as the sending bank account is in your name, you can still send funds to Interactive Brokers. You have two basic choices:

1. Convert the funds to U.S. dollars, and wire U.S. dollars to Interactive Brokers (to their custodial account in the United States).

2. Wire Philippine peos to Interactive Brokers (to their custodial account in the United States).

In case #1 the total costs will be your currency conversion costs and the cost your Philippine bank charges for a U.S. dollar wire.

In case #2 your total costs will be the currency conversion cost that the intermediate bank (in the U.S.) adds plus the wire transfer cost your Philippine bank charges.

 

[x080014]

Thanks for the advice