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Currency Conversion Charges on Share Dealing


Guest Jean001

Question

Guest Jean001

I am a bit confused with the conversion charges when I look at my history of transactions.

Here is an example for US Share X:

Number of Shares bought: 164

Price per Share: $15.338

Total bought: 164 x 15.338 = $2,515.43

Commission: $15

Cost/Proceeds: £1,998.02

Conversion rate: 0.7895884

 

So if I understand right the conversion rate displayed already include the 0.5% conversion charges ?

If so the real cost of my transaction is:

$15 x 0.7895884 = £11.84

--> £1,998.02 - £11.84 = £1986.18 worth of shares including 0.5% Currency conversion charges

--> £1,986.18 - (£1,986.18/1.005) = £1,986.18 - £1,976.3 = £9.88 of Currency conversion charges

--> TOTAL Charges = £11.84 + £9.88 = £21.72

 

Is this correct ? I tried with the example illustrated here (https://www.ig.com/uk/investments/share-dealing/comparison). I however end up with a final cost of £29.66 instead of £30.53 so not sure where I am wrong...

Thanks.

 

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