What is Currency conversion fee?

A currency conversion fee is the amount a broker keeps when it changes your money from one currency into another. It is added to the exchange rate you would get elsewhere, so a small percentage becomes a real cost on larger conversions.

Both fixed and banded pricing appear in this group. BullionVault charges 0.3%, the lowest listed, while AJ Bell and BUX charge 0.75% and 0.75%. Bestinvest charges 0.95%, and BMO InvestorLine's fee is 0.4% to 1.6%.

The trade-off to weigh is how often you convert, since frequent small conversions cost more in total than a few larger ones.