Our standard FX conversion fee is 0.8% which is added to the best available exchange rate provided from several banks. To add our FX conversion fee, we multiply the underlying exchange rate by 1.008 before converting currencies.
For example, if the GBP/USD exchange rate is 1.4, the FX conversion rate applicable would be 1.4 x 1.008 = 1.411..
A currency conversion is usually required if the currency of the funds held in your IG trading account differs to the currency denomination of your receiving card or bank account.
Example
Say you request to withdraw $1,000 from your spread bet account that has a base currency of USD to a sterling bank account. Assuming a GBP/USD exchange rate of 1.3911.400 excluding our FX conversion fee*.
To add our FX conversion fee, we would multiply the exchange rate by 1.008 resulting in a conversion rate of 1.3981.
After conversion, your bank account would be credited with $1,000 / 1.3981 = £715.26
To work out the FX conversion fee in sterling:
£715.26 x 0.8% = £5,72
*All the examples are for illustrative purposes only. Please check the costs and charges before trading. Figures may not add up to a given total due to rounding.
If you do not wish for your funds to be converted when withdrawing, kindly send an email to [email protected] from your registered email address including the following:
- Full details of your withdrawal request
- The 5 digit trading account number from which you wish to withdraw from
- Your full name and date of birth
- Your registered postal address
- Your phone number
- The balance on your IG account
- The market you last traded
- The last four digits of your registered card(s)
