Currency of my account

[Guest Michael]

My new international account has been opened and is denominated by default in GBP.

Can I change it to be denominated in USD?

Does setting my account currency as GBP or USD make any material difference to my account? 

Such as:

Will the same instruments be available in both currencies?

Are there different tax requirements if holding USD or GBP?

Is it faster / slower to deposit / withdraw funds in either currency?

(My home currency and credit card is in ZAR).

 

 

 

[AndaIG]

13 minutes ago, Guest Michael said:

My new international account has been opened and is denominated by default in GBP.

Can I change it to be denominated in USD?

Does setting my account currency as GBP or USD make any material difference to my account? 

Such as:

Will the same instruments be available in both currencies?

Are there different tax requirements if holding USD or GBP?

Is it faster / slower to deposit / withdraw funds in either currency?

(My home currency and credit card is in ZAR).

 

 

 

Hi Michael

Thank you for the query, 

Yes you can change your international account base currency to USD. You can do this by sending a request to helpdesk.za@ig.com. There is no material difference to the account. Same instruments will be available, same tax rules apply, the same deposit/withdrawal timeframes will apply. 

The difference depends on the product that you will be trading. If you intend to trade mostly dollar denominated products then it would make sense to change your base currency to USD so that you can save on FX conversion fees. 

All the best 

Anda

[Rocketeer]

5 hours ago, AndaIG said:

Hi Michael

Thank you for the query, 

Yes you can change your international account base currency to USD. You can do this by sending a request to helpdesk.za@ig.com. There is no material difference to the account. Same instruments will be available, same tax rules apply, the same deposit/withdrawal timeframes will apply. 

The difference depends on the product that you will be trading. If you intend to trade mostly dollar denominated products then it would make sense to change your base currency to USD so that you can save on FX conversion fees. 

All the best 

Anda

Thank you for your reply.