Refresh September 12, 2024 9:58 PM ET
Refresh September 12, 2024 9:58 PM ET
Foreign Exchange Disclosure
E*TRADE will initiate a foreign exchange transaction on your behalf anytime you either request a disbursement or make a deposit of funds in any currency other than United States Dollars. The foreign exchange rate in effect will be determined on the date of the foreign exchange transaction. This usually will be the date funds are actually disbursed or the date a foreign currency deposit is posted to your account. With a foreign exchange transaction you are buying or selling foreign currency at rates that may change at any time.
E*TRADE charges a foreign exchange fee on the applicable exchange rate or spread. The amount of the fee on a particular foreign exchange transaction may vary, depending on the size of the transaction and/or the currency being purchased. Foreign wires and check disbursements are generally charged up to 300 basis points (3%) and additional fees may also be applied. Additionally, you further agree to and acknowledge that when E*TRADE executes a foreign exchange transaction on your behalf, a component of the foreign exchange rate may include a markup (e.g., trading spread) charged by E*TRADE its affiliates and/or its bank services provider(s).
The following example is provided for illustration only. You want to transfer $75,000 out of your brokerage account to your bank in the UK. You request that the funds are converted to British Pound Sterling:
USD 75,000 x 0.0225 (basis point) = USD 1,687.50 (foreign exchange fee)
75,000 - 1,687.50 = USD 73,312.50
73,312.50 x 0.6318 (exchange rate) = 46,318.84 GBP
Please note, if an FX Check/draft is issued to you and is not cashed or deposited to another financial institution, we will place a stop payment on the foreign currency denominated check automatically after six months after the original issue date (please be advised; Although E*TRADE will stop payment after 6 months, local laws may mandate check presentment within the stated period) and convert back to USD at prevailing rates at the time of the stop payment. You will be responsible for any loss due to conversion. Please contact our Customer Service Department if you have not received your Foreign Currency Check shortly after your request.
Any time the foreign currency denominated Wire transfer you requested is returned to us for any reason; it will be held in foreign currency for up to 5 business days in order to avoid foreign currency losses. If after 5 business days, we have not received instructions on how to re-submit the payment, the funds will be converted back to USD at the prevailing currency rates and you will be responsible for any conversion loss. Please contact our Customer Service Department if you have not received your wire within 7-10 business days after your initial request was submitted.
E*TRADE charges a foreign exchange fee on the applicable exchange rate or spread. The amount of the fee on a particular foreign exchange transaction may vary, depending on the size of the transaction and/or the currency being purchased. Foreign wires and check disbursements are generally charged up to 300 basis points (3%) and additional fees may also be applied. Additionally, you further agree to and acknowledge that when E*TRADE executes a foreign exchange transaction on your behalf, a component of the foreign exchange rate may include a markup (e.g., trading spread) charged by E*TRADE its affiliates and/or its bank services provider(s).
The following example is provided for illustration only. You want to transfer $75,000 out of your brokerage account to your bank in the UK. You request that the funds are converted to British Pound Sterling:
USD 75,000 x 0.0225 (basis point) = USD 1,687.50 (foreign exchange fee)
75,000 - 1,687.50 = USD 73,312.50
73,312.50 x 0.6318 (exchange rate) = 46,318.84 GBP
Please note, if an FX Check/draft is issued to you and is not cashed or deposited to another financial institution, we will place a stop payment on the foreign currency denominated check automatically after six months after the original issue date (please be advised; Although E*TRADE will stop payment after 6 months, local laws may mandate check presentment within the stated period) and convert back to USD at prevailing rates at the time of the stop payment. You will be responsible for any loss due to conversion. Please contact our Customer Service Department if you have not received your Foreign Currency Check shortly after your request.
Any time the foreign currency denominated Wire transfer you requested is returned to us for any reason; it will be held in foreign currency for up to 5 business days in order to avoid foreign currency losses. If after 5 business days, we have not received instructions on how to re-submit the payment, the funds will be converted back to USD at the prevailing currency rates and you will be responsible for any conversion loss. Please contact our Customer Service Department if you have not received your wire within 7-10 business days after your initial request was submitted.