Hi - Novice question regarding currency conversion in an Interactive Brokers $US share trading account funded with $A.
Have seen the IB IdealPro beginners video at http://ibkb.interactivebrokers.com/taxonomy/term/78 but am confused by the relationship between Buy vs Sell in reference to Transaction versus Settlement currency.
i.e. If I transfer $A into the IB account and want to convert it to $US, do I
Sell AUD.USD, or
What's the difference between those two transactions?
Likewise, when I want to convert the $US back to $A to bring it home, do I
Buy AUD.USD, or