I think this may have been asked before - but just to double check in case anything has changed since then, I have some funds in a USD account. I’d like to use them to buy shares on a US Market in an ISA.
I’m wondering if it’s possible to send the USD to my Freetrade account and then buy shares with it without having to convert it to GBP and back again?
On another related note - is it possible to send USD to my Freetrade account and have it converted to GBP automatically for purchasing GBP shares? If so what rates/fees would this attract?
Thanks very much
Unfortunately you can’t hold foreign currency in an ISA, only GBP. So depositing with USD into an ISA isn’t a feature that can be added.
Can you hold USD in the GIA?
No, and the last official statement from Freetrade that I am aware of was last September when a marketing staff member posted “Currently we don’t have plans to build a USD account”.
You can vote for this feature if you want to try to encourage Freetrade to change their minds here or here or here (this has been discussed quite a lot on the forum).
I have a USD account. What about paying my dividends into that account? It’s just a transfer then?
Why not just transfer it yourself? There’s no conversion fee for dividends, so you wouldn’t lose anything.
Oh great. I didn’t know that the US dividend is held in USD. I thought they were converted? If so I will transfer the USD!
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