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inefficiency with multiple Currency conversions


rieckstudio

Question

Hi~ Currently I trade in US stocks from Australia. Is there a way of funding the account and buying the Stock in USD without

having to convert to AUD? Currently I am being hit with an exchange rate to move funds down from the US to AUD and then again when I buy a US stock.

Any advice comments is very much appreciated

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On 04/09/2021 at 03:52, rieckstudio said:

Hi~ Currently I trade in US stocks from Australia. Is there a way of funding the account and buying the Stock in USD without

having to convert to AUD? Currently I am being hit with an exchange rate to move funds down from the US to AUD and then again when I buy a US stock.

Any advice comments is very much appreciated

HI @rieckstudio,

You can change your settings from " Instant Conversion" ( meaning automatically converting back to your main currency AUD)  to " Manual Conversion" ( Allowing you to hold USD and convert back to AUD when you like). You can change from My IG > Live account > Currency conversion > Select > Save Changes:

image.png

⚠️Please keep in mind that changing to Manual conversion will change the commissions on your share dealing account: 
image.png
Meaning you won't have free commission on US stocks. You will be able to use the USD you hold to purchase more US stocks.

I hope that it helps !

All the best - Arvin

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