Changing Currency

Can I change the base currency for my current country of residence to the currency I purchased the shares in. ?
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  • Hi Mark,

    The short answer is no (at least not at this time), however I'd like to explain the rationale for this and keen to understand your requirements in more detail.

    The portfolio base currency is determined by your country of tax residency as we assume that you need to report tax in this currency. Note that it's possible to select your tax resident country on a per portfolio basis when you create the portfolio but this can't be changed once the portfolio has been created.

    A portfolio is intended to be based around a tax entity and can contain transactions in multiple currencies depending on the markets that you trade on. Regardless of any tax requirements all transactions need to be converted to a single currency for reporting purposes in order to calculate totals and to allow meaningful comparisons between holdings. We assume that the currency of your tax residency is the most useful option here but are interested to learn about scenarios where this may not be the case.

    Note that for performance reporting purposes we consider exchange rate movement to be relevant regardless of whether you transact from a local or foreign currency bank account. In either case you are exposed to exchange rate movements during the period of share ownership. In the case that you transact from a foreign currency account you are also exposed to exchange rate movements on the cash balance, however the cash balance should be considered as a separate investment from the shareholding itself. This of course assumes that you intend to eventually convert the funds back to you local currency!
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  • I’m frustrated and unhappy
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    This response only has a little merit, i am a Kiwi living in Singapore with a portfolio in SGX, NZX and USD cash holdings. I need to see my P/L in different currencies, both the total and the individual titles and i want to see my currency gains against different currencies.

    I keep all of my holdings in a single portfolio as it is easier, i am guessing that i need to separate everything out?

    In the same way i can select "%" or "$" why cant i do "NZD" "USD" "SGD".
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  • I’m frustrated
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    I agree. I have interests in both New Zealand and Australia. I would like to see the peformance on a local basis (ie can shut down currency reporting) so I can evaluate how the shares are tracking irrespective of the currency. I can always move money between countries when the currency favours it, not just because I have sold some shares at a different time. Ie, Selling shares and moving money across are different decisions and not linked.
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  • I’m Frustrated
    Me too.
    Im a Kiwi residing in KL where i have Tax residency but as i am on a retirement visa do not need to declare world wide income.
    making the assumption that the reporting is needed in a Local Currency of Tax Residency does not take in to account the many Expats around the world (non USA citizens) who are in an environment where Share investments do not attract Taxes in their country of Residency.
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  • I’m very frustrated. this is probably the single thing that will make me move in 12 months to another platform
    Hi Mark. i think this deserves a new response from you.
    also that you will undertake to change the system so we can nominate our currency as we wish.
    your rationale has little merit for non USA Expats
    we NEED to be able to nominate what currency we want our Portfolio reported in.
    thank you
    • Hi Jeff, You can nominate the currency that your portfolio is reported in via the country selection when you create the portfolio. For example if you wish to have the portfolio reported in MYR, select Malaysia as the country, or if you want the portfolio to be reported in NZD, select New Zealand as the country. This will impact the tax reports, however I understand that the tax reporting is not applicable in your situation.

      Aside from this we understand that Expats may have some additional requirements around multi-currency reporting that Sharesight does not fully cater for. To be up-front, we currently have no plans to add additional functionality in this area as we are focused on other priorities.
    • ok, so basically you will lose me as a subscriber come next November
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  • Hi Scott,
    It would be useful to change currencies as I have changed tax residences this year from Geneva to Dubai. Furthermore, I find it useful to see performance in USD for my USD account.
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