You can deposit Pounds sterling (GBP) and hold, and convert both GBP and US dollars (USD) in your Robinhood UK account.

Keep in mind that all trades are executed in USD, but you can control how to manage the funds in your account. You can keep your uninvested cash in GBP or USD and only need to pay a foreign exchange (FX) fee when converting GBP to USD or vice versa.

Deposits will no longer automatically convert to USD. You can deposit and keep GBP in your account as your preferred currency. You can deposit or withdraw in GBP. If you have USD cash, you’ll need to convert it to GBP before withdrawing it from your account.

To view cash and convert between currencies directly in the app:

1. In your account’s Investing page, scroll down to Cash where you can view your current balance in the currency you deposited with
2. In Exchange rates, view the current FX rate
3. In Cash, select the balance you’d like to convert
4. Select Convert currency, and then enter the amount to view the conversion amount, rate, and applicable fee

For details about our FX fee, review our Robinhood UK’s Fee Schedule.

If your account has brokerage cash sweep enabled, the eligible uninvested USD cash held in your account is swept to these program banks, which remains visible in your Robinhood UK brokerage account. However, GBP cash held in your account will not be swept and will not earn interest.

All trades made in your Robinhood UK account will be in USD. If you don’t have enough USD in your account to cover the cost of a trade, you’ll be prompted to convert available GBP funds to USD (or deposit more GBP and convert that to USD).

When you convert currency within your account, you are subject to FX fees that are included in the available exchange rate. You can view the current FX fee rate before converting. Standard FX markets are open starting 10 PM GMT (5 PM ET) on Sunday through Friday at 10 PM GMT (5 PM ET). The currency conversion will occur nearly instantaneously, in real time while the FX markets are open. The FX fee is 0.1% when the FX markets are open.

You will be charged a higher fee (currently 0.3%) on conversions completed outside of the FX market hours. Note that these higher fee conversions are only available on Fridays between 10 PM and 2 AM GMT (5-9 PM ET). Otherwise, you’ll need to wait until the FX markets open again on Sunday. Review our Robinhood UK’s Fee Schedule for details about the applicable fees.

If you have margin investing enabled, then buying power is calculated by taking individual stock positions and cash held across currencies, considering the margin ratio, and subtracting the value of any margin used, pending orders, options collateral and pending dividend charges. Margin is always applied in USD, even if you’ve selected a different currency to show.

Note if you are investing on margin, 95% of your GBP cash counts toward your margin maintenance requirement to allow for FX exchange rate changes. The cash percentage is subject to change without notice.

You can only deposit and withdraw funds in GBP. When you deposit GBP into your account, the GBP will not be automatically converted to USD. When you convert your GBP to USD or your USD to GBP, it will be converted at the rate of exchange prevailing at the time. Fluctuations in the USD/GBP exchange rate may affect the amount of GBP you ultimately realise. Converting currency within your account is subject to FX fees.