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Comment by ashray | Hacker News Reader

Interactive Brokers is your own brokerage account, they are a regulated broker that offers Forex in addition to the other stuff (stocks, options, etc.).

I'm not 100% sure on the fees but they are not even close to 0.3% for forex. It's pretty much around $2 for most trades (their example covers: USD 50,000 daily volume for EUR = USD 2.00). Here are the details of the fees: https://www.interactivebrokers.com/en/index.php?f=commission...

I think the reason IB charges are so low is because they deal with very large customers (banks, trading houses, etc.).

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I looked into Interactive Brokers in more detail and you are correct that their fees are extremely low. They do not seem to charge a hidden "spread" fee, which is they usual method that forex traders hide their fees.

Based on some googling, there are secondary fees to consider such as minimum monthly fees and wire transfer fees, which might make it more or less attractive than alternatives depending on conversion amounts and regularity of transactions.

You mentioned that you use Interactive Brokers. Are you a Canadian citizen living in Canada that transfers money into and out of an Interactive Brokers account, exchanging USD and CAD?

No, I'm not Canadian living in Canada but I'm sure they have deposit options (local banks) in Canada. I have used it to convert small amounts of money before.

My email address is in my profile if you want to get in touch with more questions :)

I asked if you are a Canadian living in Canada because the devil is in the details when dealing with cross border transactions as a Canadian.

After some further research, it does seem like Interactive Brokers is a good option for the OP. For posterity, here are two blog posts by a Canadian describing how he uses Interactive Brokers: http://blog.plsoucy.com/2012/11/best-way-to-convert-usd-to-c... and http://blog.plsoucy.com/2013/03/converting-usd-cad-interacti...

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