Account Currency & US Funding Options

Hello Guys - Glad to report I opened and successfully completed the deposit into my MF account. A simple seamless process so thanks for that! I’m based in the US (CA) but had to complete the deposit in GBP and transfer to MF UK account. Is there an option for my account to be in USD, with the option to further fund my account with USD into a MF US account? I thought this would be relevant especially as we ramp up the MF US business? Thanks :))

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USD and EUR deposits, besides GBP, should be possible as a minimum one would hope, or people in those markets get hit with xchange rates all the time.

I use Revolut to exchange money for free. But I agree, are EUR and USD accounts would be nice.

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I am sure that USD and EUR deposit accounts will be with us sooner rather than later. I have always been OK with holding funds in USD, not least because there must be a saving on currency conversion costs, however small.

Currently MF converts GBP in deposit accounts to USD, invests on the US Markets, then converts funds to GBP again on sales. if this takes place say 200 + times a year there must be a saving in holding funds in a USD deposit account in the first place. Or, if only say one third of funds was invested at any given time in the US Markets, it might be worth holding two thirds of an account in GBP and the “working” third in USD, although this may be one for the future.

Great to welcome TheGs to the MF Platform, but for a relatively short time before MF gears up to address other markets there will be the bizarre situation that TheGs will convert USD to open a GBP deposit account, then MF will convert these funds to USD, deploy the funds in the US Markets, then convert the funds back to GBP! If there is a quick fix for this, MF should consider facilitating the opening of USD & EUR accounts soon.

Does MF actually convert back to GBP on sales or does it just hold in USD and report in GBP, holding a small float in GBP for withdrawals?

My understanding is that MF converts back to GBP.

Interesting. I guess it hedges the exposure but surely with the spread factored in, it could be costly to convert twice on a daily basis

I agree - it will be good for MF to clarify this.

@Curious1 @JamesWhitt
Thanks for raising these points and hope that all are well.

To clarify MF keeps cash balance in GBP and only converts to USD for trades, and finally Profits are converted back to GBP.

By doing so we keep our FX exposure to the minimum.

We should be having our USD and EUR accounts in the soon.

Have a great weekend!

Tom

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Thanks for the confirmation Tom. How much of an impact do the conversion costs have on performance?

Hello Tom et al…do you have a date when the multi currency (specifically USD) deposits to accounts will be available? Cheers :+1:t2:

@tom_mf Understand that MF keeps cash balances in GBP and only converts to USD for trades. Be good to understand how this has impacted MF performance this week considering the rise in GBP/USD. Are any FX considerations or analysis taken before conversions, and has the exchange rate countered some of the gains made in GBP this week?

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