Interactive Brokers Fee for Base Currency Conversion??

[JayC1977]

I have £2500 GBP in my IB account which I'd like to close and convert to my base currency (USD). I go to the account tab in the TWS, then right click on the GBP amount and choose close currency balance, this sets up a new window with all details filled in, but the conversion is saying it will take $165 from my account, it should only be $2.50. The charges item says 2... 2.50, but the current, change and post trade show a $165 dollar loss on the conversion. Does anybody know why it is so expensive in this instance??

Many thanks..

 

[ironjaw]

This is more a IB customer support question. I'm not with IB, but they have FX fee. 2500 GBP seems to be around 2000 USD roughly, and 165 USD amounts to 8.25% which quite high indeed.