Exchange USD into GBP not for the margin gain but for actual use?

[HarbourMaster]

Hi,

I need to move some money from abroad into the UK and invest here.  Can I use IG.com to exchange USD into GBP?  I would imagine this would entail wiring the money (in USD) from abroad into the UK and then exchange the USD into GBP in my IG.com accounts.  What would be the typically overhead?  I am hoping that the overhead would be smaller than ~0.6%

Currently I only have a share dealing account with IG.  Do I need a different (forex?) account?

 

[KoketsoIG]

51 minutes ago, HarbourMaster said:

Hi,

I need to move some money from abroad into the UK and invest here.  Can I use IG.com to exchange USD into GBP?  I would imagine this would entail wiring the money (in USD) from abroad into the UK and then exchange the USD into GBP in my IG.com accounts.  What would be the typically overhead?  I am hoping that the overhead would be smaller than ~0.6%

Currently I only have a share dealing account with IG.  Do I need a different (forex?) account?

 

Hi @HarbourMaster,

Thanks for your post.

Not sure I understand your question. However, please note that when you have a share dealing account, you can hold multi-currency. This means that you can be able to deposit USD in the account. If your settings are not set to 'manual' our standard currency conversion fee is 0.5% on top of the exchange rate.

All the best,

KoketsoIG

[KoketsoIG]

Dear @HarbourMaster,

This is for when you make deposits and trades, our system allows you to hold a multi-currency account.

If you have a GBP-denominated account and you deposit USD, your funds will be automatically converted to GBP. However, if you have the 'manual' settings enabled, the USD you deposit will not be converted, and you'll be able to make USD trades without any conversion. Please let us know if you have any other questions or if there's anything else we can help with. 

All the best,

KoketsoIG

[KoketsoIG]

28 minutes ago, HarbourMaster said:

So suppose I deposited USD, and other a certain number of trades, I decide to convert the USD into GBP.  How do I do that? And what would be the converstion rate?

Dear @HarbourMaster,

Please follow the instructions on the attached. 

Our standard currency conversion fee is 0.5% on top of the exchange rate.

Thanks,

KoketsoIG

[HarbourMaster]

1 hour ago, KoketsoIG said:

Hi @HarbourMaster,

Thanks for your post.

Not sure I understand your question. However, please note that when you have a share dealing account, you can hold multi-currency. This means that you can be able to deposit USD in the account. If your settings are not set to 'manual' our standard currency conversion fee is 0.5% on top of the exchange rate.

All the best,

KoketsoIG

Thanks!  What would be the overhead if I choose the 'manual' setting. 

For example, if the quoted prices for GBP/USD (CFD only) on IG.com are 1.26503/1.26512 sell/buy

and I want to buy GBP 10,000, what would be my actual cost? Would it be this

(10000 x 1.26512)*(1+0.005) = 12714.456

Thanks!

[KoketsoIG]

13 hours ago, HarbourMaster said:

Thanks!  What would be the overhead if I choose the 'manual' setting. 

For example, if the quoted prices for GBP/USD (CFD only) on IG.com are 1.26503/1.26512 sell/buy

and I want to buy GBP 10,000, what would be my actual cost? Would it be this

(10000 x 1.26512)*(1+0.005) = 12714.456

Thanks!

Dear @HarbourMaster,

Do you mean buying GBP 10,000 worth of stocks? If not, I'm sorry, but we don't offer that particular service. However, we do offer trade execution services. Let us know if there's anything else we can assist you with!

Thanks,

KoketsoIG

[HarbourMaster]

On 24/01/2024 at 07:30, KoketsoIG said:

Dear @HarbourMaster,

Do you mean buying GBP 10,000 worth of stocks? If not, I'm sorry, but we don't offer that particular service. However, we do offer trade execution services. Let us know if there's anything else we can assist you with!

Thanks,

KoketsoIG

So if I select "manual". when and how will any USD be converted into GBP.  Do I, as account holder, control when this happens? Or does IG control it?

Thanks!

[HarbourMaster]

5 hours ago, KoketsoIG said:

Dear @HarbourMaster,

This is for when you make deposits and trades, our system allows you to hold a multi-currency account.

If you have a GBP-denominated account and you deposit USD, your funds will be automatically converted to GBP. However, if you have the 'manual' settings enabled, the USD you deposit will not be converted, and you'll be able to make USD trades without any conversion. Please let us know if you have any other questions or if there's anything else we can help with. 

All the best,

KoketsoIG

So suppose I deposited USD, and other a certain number of trades, I decide to convert the USD into GBP.  How do I do that? And what would be the converstion rate?

[m4rkyt]

Hi, I see this question was not fully answered and I am looking for exactly the same service. i.e. I have an existing IG trading account and I want to deposit USD and withdraw GBP. Is the rate of exchange in this case exactly as the same as the rate for trading (buying at ask, selling at bid) as for standrad Forex Trades ?