How to Manage Multiple Currencies in Your European Brokerage Account: 2026 Tutorial

Managing several currencies in your brokerage account is no longer just for professionals or expats. With more European brokers offering multi-currency features, even regular investors can hold, convert, and invest in EUR, USD, and GBP efficiently. This deep-dive tutorial will show you, step by step, how to do this on Interactive Brokers, DEGIRO, and Trade Republic — with a focus on minimizing fees and maximizing flexibility for cross-border investing.

As we covered in our Complete 2026 Guide to Investing as a European Expat, currency management is one of the most overlooked – but crucial – parts of international investing. Here, we’ll go deeper into the “how” and “why” for everyday investors.

Step 1: Understand Why Multi-Currency Matters for European Investors

What to do: Assess your need to use multiple currencies (EUR, USD, GBP) in your brokerage account. Consider your investment universe (e.g., US stocks, UK ETFs, global funds), your home currency, and your long-term plans (such as moving countries).

Why it matters: Many European investors buy US ETFs, UK stocks, or global funds. If you’re restricted to EUR, you’ll pay hidden conversion fees every time you invest in non-EUR assets. If you’re an expat or plan to move, managing multiple currencies can also reduce unnecessary conversions and FX losses.

What can go wrong: Failing to set up multi-currency capabilities means repeated currency conversion fees (often 0.25–1.5% per transaction), poor transparency, and possible tax headaches if you don’t track conversions.

Step 2: Set Up Multi-Currency in Interactive Brokers (IBKR)

What to do: Enable and fund your Interactive Brokers account with multiple currencies.

1. Log in to your Interactive Brokers Client Portal.
2. Navigate to Transfer & Pay → Transfer Funds and select your base currency (usually EUR for European residents).
3. To fund with EUR: Choose Deposit → Bank Wire → SEPA. Follow IBKR’s instructions for a EUR transfer from your EU bank (usually free).
4. To add USD or GBP: Repeat the process, selecting USD or GBP as your deposit currency. You’ll need a bank that supports international transfers in those currencies (fees may apply).
5. To convert currencies inside IBKR: Go to Convert Currency (under Transfer & Pay). Enter the amount (e.g., €1,000 to USD). Review the FX rate and commission (typically $2 per trade or 0.002%, whichever is higher).
6. Confirm the conversion. The new currency balance will appear in your account summary.

Expected outcome: You should now see separate cash balances for EUR, USD, and GBP in your IBKR account. You can invest in US, UK, or European assets without automatic currency conversion.

Why it matters: IBKR’s FX conversion fees are among the lowest in Europe. You control exactly when and how much to convert, letting you time conversions (e.g., when EUR/USD is favorable) and avoid “auto-FX” fees on every trade.

What can go wrong: If you buy a USD asset with only EUR in your account, IBKR will auto-convert at the spot rate plus a small fee. This removes your control over timing and can be confusing for tax reporting.

For more on IBKR’s expat-friendly features, see Interactive Brokers for European Expats: Best Features, Fees, and Tax Tips in 2026.

Step 3: Manage Multiple Currencies in DEGIRO

What to do: Use DEGIRO’s “Auto FX” or “Manual FX” settings to control currency conversion when trading non-EUR assets.

1. Log in to your DEGIRO account.
2. Navigate to Settings → Currency Handling (this may be labeled differently depending on your country).
3. Choose Manual FX if you want to convert specific amounts (recommended). “Auto FX” will convert automatically whenever you trade in a non-EUR currency.
4. To convert currency: Go to Deposit/Withdraw and select Currency Exchange. Enter the amount (e.g., €2,000 to USD), review the rate and fee (typically 0.25% per conversion), and confirm.
5. After conversion, your USD or GBP balance will be available for trading US or UK assets.

Expected outcome: You should see both EUR and USD (or GBP) cash balances in your DEGIRO account. When you buy a USD stock, DEGIRO will use your USD balance first.

Why it matters: Manual FX lets you batch your conversions, reducing the number of times you pay the 0.25% fee. You can also compare rates and choose the best timing.

What can go wrong: If you leave “Auto FX” enabled, DEGIRO will convert every time you buy or sell non-EUR assets — which can add up over many trades.

Step 4: Navigate Currency Management in Trade Republic

What to do: Understand the limitations and workarounds for multi-currency investing in Trade Republic.

1. Open your Trade Republic app and tap Profile → Account to check your currency settings.
2. Trade Republic currently supports only EUR as a cash balance. All trades in USD or GBP assets are auto-converted at the time of purchase/sale.
3. To invest in a USD ETF (e.g., iShares Core S&P 500 UCITS ETF): Tap Search → enter “SXR8” → select the ETF → tap Buy. Enter the amount in EUR. Trade Republic shows the FX rate and all-in price before you confirm.
4. Review the conversion fee (as of 2026: typically 0.5% above the spot rate; check their official pricing).

Expected outcome: You will hold the asset in your portfolio, but your cash will always be in EUR. There is no way to “hold” USD or GBP cash in Trade Republic as of 2026.

Why it matters: Trade Republic is simple and transparent for EUR-based investors, but less flexible for minimizing FX costs. It’s best for occasional non-EUR trades, not for active currency management.

What can go wrong: If you make frequent non-EUR trades, cumulative FX fees can erode returns. You also lose the ability to “time” your conversions.

Step 5: Best Practices for Minimizing Currency Conversion Costs

• Batch conversions: Convert larger amounts less frequently to reduce per-transaction fees (especially at DEGIRO).
• Compare rates: Check FX rates at your broker versus third-party services (Wise, Revolut, CurrencyFair) for amounts above €5,000.
• Use native currency for assets: Buy EUR-denominated ETFs (UCITS) for global exposure to avoid unnecessary FX (see Top Vanguard and iShares ETFs for European Expats in 2026).
• Track all conversions: Keep a spreadsheet of dates, amounts, and rates. This is essential for expats reporting capital gains or income in multiple currencies.

Step 6: Strategies for Cross-Border Investors and Expats

If you’re living in one country but earning/spending in another, or expect to move, multi-currency management is essential. Here’s how:

• Keep cash in the currency of your future expenses: If you’ll retire in the UK, keep some GBP; if you’ll pay tuition in the US, hold USD.
• Use brokers with true multi-currency wallets: Interactive Brokers is best for this. DEGIRO is good, but less flexible. Trade Republic is EUR-only.
• Review your country’s tax rules: Many countries tax FX gains on cash conversions (not just asset sales). For more, review our Avoiding Double Taxation: Must-Know Treaty Tips for European Expat Investors.

Common Mistakes When Managing Multiple Currencies

• Ignoring FX fees: Many brokers hide conversion costs. Always check the rate and fee before confirming.
• Forgetting to track conversions: This can cause tax headaches, especially for expats moving between countries.
• Using the wrong broker for your needs: Trade Republic is great for EUR-only investors, but not for active currency management. Interactive Brokers is best for serious cross-currency portfolios.
• Overtrading: Frequent small conversions cost more than occasional large ones due to minimum fees.

Next Steps

• Review your current brokerage settings and enable multi-currency where possible.
• Plan your next deposit or conversion and compare FX rates across platforms.
• Consider reading our step-by-step guide to opening a EUR brokerage account as a European expat if you are just starting out.
• For more advanced strategies, see our Ultimate Guide to Portfolio Diversification for European Investors.

Disclaimer: This article is for educational purposes only and does not constitute financial advice. Always do your own research and consider consulting a qualified financial advisor before making investment decisions.