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FundsandNotes

Freelance Motion Designer at Home

10 Oct 2021

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General Investing

Why would you choose IBKR over Revolut for SGD-USD conversion?

Hello, I've read multiple questions here about this subject and most of the members suggested IBKR as their spreads are the best. HOWEVER, I'd like to know why would you still choose IBKR over revolut?

Revolut: No fees

IBKR: 0.002%

Interactive Brokers Revolut Card

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Nicholas Beh

Edited 11 Oct 2021

Student Ambassador 2020/21 at Seedly

Most convert on IBKR because they also trade on IBKR. Also, Revolut charges a small fee to transfer foreign currencies, and you would have to wait for the transfer to complete before you can start trading.

A quick look at the USD-SGD spreads between IBKR and Revolut, at the time of writing:

IBKR - bid 1.35280, ask 1.35289
Revolut - bid 1.3526, ask 1.3532

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Does anyone know would it be better to use frank debit card or OCBC 365 credit card for foreign currency conversion (e.g. SGD to USD)?

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