On August 2, 2022, online broker eToro will be updating its FX conversion fees for EU currencies to USD for deposit and withdrawal transactions.

These will be the future conversion fees according to currency once updated:

• CHF GBP EUR AUD 150 PIPs
• NOK SEK DKK 1500 PIPs
• PLN HUF 650 PIPs
• CZK 3500 PIPs

This update will apply to all payment methods, with the exception of Bank Transfer (Wire), which will remain at 50 PIPs for supported currencies.

Where eToro Money is available, eToro Money users will still enjoy a 100% discount on conversion fees when depositing to eToro from their eToro Money account. Currently, eToro offers eToro Money Accounts in the UK, Italy, Spain, Cyprus, Romania, and Ireland with plenty more EU countries to come in the next few weeks.

eToro explains that, in order to provide a seamless experience to its users and simplify its operations, the eToro platform operates in USD. As a result, all withdrawals and deposits conducted in a different currency will have to be converted to USD and, therefore, will incur a conversion fee. eToro clients can see the amount in USD and the conversion rate applied before submitting a deposit or while initiating a withdrawal.

The broker notes that the FX conversion fees vary across currencies. That is because the eToro system bases its FX conversion fees on PIPs. The value of a PIP depends on the currency pair, the exchange rate and the deposit or withdrawal amount. Each currency has a different PIP value for FX conversion according to the exchange rate of that currency to the US Dollar.