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Double conversions when transacting from USD to USD


sheepier

Question

I have an Australian account. I deposited USD cash and I can see the amount stays in USD in my cash account.

Then I bought USD shares. During this transaction, 2 currency conversions occurred:
1. convert the share price from USD -> AUD (at 0.7% fee)
2. convert my cash from USD -> AUD to cover the converted AUD price above (again another 0.7% fee).

So as a result, I ended up paying conversion fees twice (1.4%) when none should have occurred since it's in a single currency. There's no transparency when I made the purchase that this was going to happen. Can anyone please explain why this happened, and what should I do to avoid these conversion fees within the same currency (as oxymoron as it sounds)?

Thanks.

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