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Currency conversion (manual function)


Torres2020

Question

Hi

My understanding is that with a share trading account you can store multiple currencies in your account, your base currency and other non-base currencies if you specifically choose this function in the settings in your account.

This function is outlined below.

Your current setting: Manual
We may make manual conversions on occasion, as outlined in our Customer Agreement. We will make these conversions at a rate not worse than 0.3% from the current bid/offer price.

My question is, in the above information, what does it mean, "we may make manual conversions on occasion" ?

 

Does it mean if you say, have 1000 dollars US(non-base currency), this 1000 dollars will be converted on "occasion" to Australian dollars (base currency)?  If yes, this means you will be charged a 0.3% conversion fee every time it happens and essentially your account will be progressively reducing in value.

 

Thanks.

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Hey @Torres2020 - We make manual conversions only when required either by actions initiated on your account by yourselves, or to cover costs and charges. For example if you have USD in your account and purchase AUD stock (which you'd need AUD for) then we would need to make a conversion. Or if you have GBP funds in your account, but you receive a service charge, commission, or inactivity charge of A$50 we would then also need to make a conversion. Dividends paid in a specific currency which differs from your base currency is also an example of a requirement to make an FX conversion. 

Hope this clarifies things.

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