# How to convert currency in Interactive Brokers



## Kursor (Mar 7, 2014)

I tried to convert USD to CAD using IB forex. Approx $7800usd I ended up with an open position for USD.cad. all I had wanted was cash. I read I must select ideal and not ideal pro. I deal without the pro was not listed. Anyone have experience converting currency. Without creating an open position.

These are the steps I followed (sell usd) which ended up giving me an open position with USD.cad.
http://blog.plsoucy.com/2013/03/converting-usd-cad-interactive-brokers-howto/


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## avrex (Nov 14, 2010)

Kursor said:


> I ended up with an open position for USD.cad. all I had wanted was cash. I read I must select ideal and not ideal pro. I deal without the pro was not listed.[/URL]


You need to select IDEALPRO. 
Did you receive your USD?

Even though I'm not a forex trader, IB tracks your forex trades (which is what a currency conversion is).
So, yes, in my account, it 'looks' that I have an open forex position, but it's just showing me that I've moved money from one currency to another. I wish I could remove this forex entry from my portfolio, but I don't know how. I just ignore it.


Here are the steps that I use to convert:
- Logon to IB 'Web Trader'.
- Look for the 'Order Management' screen.
- Select the <tabs>, 'New Order' and 'Forex'
- Select the 'Action', "Buy" and enter the Quantity of USD that you want to buy.
- For the 'Symbol' field, type 'USD' and select 'Go'.
- The dropdown list is displayed. Select the currency that you want to convert from. You will want to select,
*"USD CASH IDEALPRO CAD USD.CAD"*

Interactive Brokers basically gives you the *spot rate* on conversion.

Whenever I need cheap USD, I convert it here and then transfer it to back to my US Dollar bank account. It's great.


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## Kursor (Mar 7, 2014)

To answer my own question I had to use tws desktop software clicked account, selected USD balance and right clicked close currency balance, this'll create a sell USD.cad order that doesn't create a position

Details in link from another person who created an open position
http://money.stackexchange.com/questions/24640/help-me-understand-forex-in-interactive-brokers


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