Manual Currency Conversion

[JamesBuscemi]

Dear all,

I am a bit confused on the wording used to described Manual Currency Conversion. I own a GBP account but ALL my trades are in USD

 

Quoting :" Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks."

 

Doe this means:

1) I have to pay an extra charge of 2 cent per share EVERY trade I do, with a minimum charge of 15$

OR

2) I will pay a charge of 2 cent per share minimum charge 15 USD ONLY when, or IF, I change the currency from USD to GBP?

 

Best regards

[David88]

Wow!  They get you both ways!  I have just lost £40 buying and then selling £4000 of US shares at the same price.  This is because they automatically convert my USD to GPB at a 0.7% charge on top of the normal exchange margin.  So I changed to 'manual'.  But now I see that incurs me a $15 charge on every transaction.  Putting the two together,   you should consider any purchase of shares up to about £4000 to incur an effective 1% transaction charge,  realisable on sale of your shares.  This means there is about a 1% bias against any transaction you do,  so there is an advantage in looking for medium to longer term investments rather than attempting to make small gains of one percent here or there.

[JamesBuscemi]

Hi David,

Thank you for the answer. I am aware of the double fee on currency convertion. When you switched to manual conversion, did you pay the 2 cent per share, min 15 USD fee, per TRADE or when you change from USD to GBP?

Edited May 20, 2020 by JamesBuscemi

[Guest stefano ragno]

On 21/05/2020 at 00:57, David88 said:

Wow!  They get you both ways!  I have just lost £40 buying and then selling £4000 of US shares at the same price.  This is because they automatically convert my USD to GPB at a 0.7% charge on top of the normal exchange margin.  So I changed to 'manual'.  But now I see that incurs me a $15 charge on every transaction.  Putting the two together,   you should consider any purchase of shares up to about £4000 to incur an effective 1% transaction charge,  realisable on sale of your shares.  This means there is about a 1% bias against any transaction you do,  so there is an advantage in looking for medium to longer term investments rather than attempting to make small gains of one percent here or there.

 

[Guest stefano ragno]

so will be  cheaper manual than instant  especially if you invest 50000 dollar at time