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Yeah that bit gets me also. From their website: "International trades will incur a foreign exchange conversion spread of between 0.50% to 0.80% of the trade transaction value." So on a 5k trade in and out at 0.80% that becomes $80 just on spread. Then brokerage $15 each way.

I would be interested to know once you are set up, how you find the platform and ease of trading using NAB. I am with Commsec, and yes they are very expensive.