Depositing Dollars. Do they stay in Dollars?

[MattG]

Hi,

Using my own using my USD Bank Account, if I deposit USD into the USD account shown in the "How to Deposit" section of IG , does that deposit stay in dollars or does it get converted to GBP. I want to buy US stocks and don't want to convert from and to GBP each time.

I hope that makes sense

Thanks

[CharlotteIG]

On 20/08/2020 at 12:17, MattG said:

Hi,

Using my own using my USD Bank Account, if I deposit USD into the USD account shown in the "How to Deposit" section of IG , does that deposit stay in dollars or does it get converted to GBP. I want to buy US stocks and don't want to convert from and to GBP each time.

I hope that makes sense

Thanks

Hey @MattG, 

If it's a CFD or spread betting account you can request for the base currency to dollars. Once this is done if you fund in dollars it will not be converted everything will stay in dollars. 

With a share dealing account you have to change your settings from instant conversion to manual. This means that different currency will stay separate. You can do this on the MyIG section by selecting Live accounts> Currency conversion. 

All the best 

[MattG]

@CharlotteIG, Thanks for clarifying that. I have another related question.

When buying shares, IG's fees in GBP and converted out of the USD funds as needed. If there were GBP funds in the account as well, would it use those funds for any GBP-related fees, while keeping the actual share purchase using USD? I.e is the system 'smart' enough to use the most appropriate currency funds as needed?

[Fletch]

If you are share trading, you may also want to be aware of the following from the charges & commisions page to save you any nasty shock.

*Note for multi-currency accounts: These figures apply to clients who opt for the default setting of 'instant currency conversion'. Clients who choose to convert currencies manually will pay commission of 2 cents per share with a minimum charge of $15 on US stocks.