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I think we are here concerned about our converting ACA shares into Barrick shares and Barrick is listed in USA and the related share dealing costs when we try to sell Barrick shares from a UK based brokerage and get our proceeds in pound sterling. Iweb charges additional 1.5% in selling or buying shares in usa for converting $ to £ plus the spread so this will work very expensive if I have say 100k worth of shares to sell in Barrick.
The brokerage can charge the spread only or add commissions too like Iweb 1.5% and this will be very expensive when you are using iweb to sell Barrick shares listed in usa ,from uk. This is only our concerns for now but comparing uk brokerage fees in uk is a different matter all together. However thank you for detailing this too.
It can seriously hurt your results if you trade frequently. It is usually an implicit fee not presented on the fee report. You might not even realize this is another cost of your trading.
You can significantly eliminate the conversion fee if you have more subaccounts with different currencies at the same broker.
I love Cornwall just such a pain to get there - relax enjoy the day. We all have decisions to make but there was already upward pressure on gold before the Iran situation escalated. Boris is committed to leaving EU by 31:10 or there could be a general election that Labour could win. In my view all of this and the uncertainty that surrounds us puts downward pressure on the £ - but of course only you can decide what is best for you and a profit is a profit. Drink plenty of water.
BB...yes you are correct we are ok by holding Barrick after ACA but we will pay the exchange conversions when we sell Barrick shares . I got really ripped off last time when I bought and sold usa shares with the exchange conversions by the brokers. I coughed out around £3000 in buying and selling one share and all these charges were hidden in small prints ,when I questioned it!
BB .... just Dummy trades... unsure what to do at moment.my reasoning for that is Gold could go down the £ could strengthen if no deal Brexit is taken off the table .. if it was a straight 232 I would hold ... however I do appreciate that the share offer could also work in our favour for the reasons you pointed out ... just a bit of down time before my next drinking session.. just had a short run to sweat out some of yesterday’s alcohol but as soon as I started I thought to myself what the f**k are you doing however a friend had drop me off 3.5miles away so I had no option to continue.. still back now sitting in some Cornish sun with a cold drink
I agree h, although I don’t think it will cost us anything to receive the Barrick shares in $ in our account when we sell and should we decide to convert the resulting $ into £, the currency conversion fee becomes significant. I tried to establish exactly how this worked with ii and if I could actually draw down the $ into a foreign currency account without charge - this was one time that I did become a little frustrated as it seemed impossible to get a straight answer. I will try again soon but from memory I think ii charge 1.5% conversion as well although I could not establish exactly how this was determined and if it was in addition to the normal exchange rate Buy/Sell margin.
AlanPartridge.. It is not only the dealing costs you consider when dealing with usa shares. In our case it is going to be one or two times dealings so it is hardly relevant a few pounds difference. The crucial cost in foreign exchange conversions to consider here and iweb for example costs you 1.5% on buying and purchasing which is the highest in brokerage terms! Atb
Hi Pat, didn’t expect to hear much from you this weekend but I suppose it is still early! Whenever possible I try and trade in market size chunks as you are then guaranteed the market price,(ACA 10000). I hope you were only considering dummy trades as the difference between the offer price plus special dividend is potentially 25p per share in addition to whatever the lift to gold/Barrick which we may get following the incidents in IRAN? Personally I think selling at the moment, unless you have pressing issues or have spotted a tremendous opportunity (in whole case spill) is a little premature.
BB .. I’m also with II and I also find them very good .. but like most companies I find that their greed is a little frustrating.. on Friday I put in a trade on my 30k ACA shares and was offered a price around 1.5p below market price .. I then put in just to trade 1000 shares and it was only 0.5 below market price .. but I suspect that all trading platforms will be the same
Hi dimi - I use interactive investors - ii. I like them. I have several accounts including Trading, SIPP, ISA. I pay £3.99 a trade and £19 monthly fee for Trading account but receive credits against trading. I think the SIPP costs about £120 a year and ISA something similar - I have quite large balances and the fact that I do not specifically remember the platform fees speak volumes. I never have a problem trading and do my trades from my mobile wherever I am happy to be, in seconds. Until now I have stuck to UK trading as I find it difficult enough to keep track of one market and have felt that trading internationally would put me at a disadvantage. I find ii a little frustrating if I use their secure message service as the answers I receive are obviously from a script which in my view questions the need for the ‘real’ people who respond, they may as well save money and use bots. 99% of the time I am totally happy with the Sevice and accessibility. I have, as yet unused, access to all international markets and have completed all necessary paperwork re tax etc in anticipation of holding Barrick shares - can’t remember the relevant trading fees but as you say for large transactions and providing I do not feel I am being ripped off, which is certainly not the case now I will stick with them.
Depends on your circumstances I guess. I think it might help to think about it in percentage terms and take into account the size of one's portfolio.
Let's say you have less than 100k, you're unlikely to make much more than 10k in profits which is the limit for being charged CGT. So no point going for an ISA account which tends to be more expensive. There are online budget brokers like FreeTrade and DeGiro which charge £0 account fee and £2-3 per trade depending on the stock exchange. They also offer a lot more international shares for the same or sometimes even lower fees than for UK shares. That said those 2-3 quid per trade are going to be 0.2%, 0.5%, 1% per trade depending on the size of the trades, e.g. £1000, £500, etc.
At the same time if you have £1 million to manage you definitely need an ISA or the taxman will collect a lot of your hard-earned profits. Sure it costs more but in terms of percentages it's actually less. Let's take HL, if you buy chunks of £10 000 then the £12 is just 0.12%.
Has anyone used Interactive Brokers? It was recommended to me by a fellow investor I met at the 121 who's a kiwi, lives in Portugal and invests in US and Canadian gold stocks haha. So it must be good for international investments. I wonder what the fees involved are though.
All very factual but can these cut-price brokers stay the course giving you a lot of trouble for nothing. Santander could not survive the brokerage business and neither could TD Direct. On top of that, their platforms left something to be desired. A good platform can be critical when trading. Don't even get me going about the HSBC platform.