Most UK investors think the only cost of holding US or European dividend stocks is withholding tax. But foreign exchange hits twice: your broker takes a hidden spread on every dividend payment (ranging from 0% on Trading212 to 0.99% on Hargreaves Lansdown), and GBP/USD movements can swing your sterling income by 10-15% with zero effort on your part. On a £1,000 US dividend after tax, a 10% pound strengthening costs you £57 — nearly as much as withholding tax itself. In this episode, we reveal the real FX drag on international income, show you how it compares to tax, and explain which brokers charge what. Then we walk you through how Nestor shows your actual conversion rates per payment, so you can see the real cost of geographic diversification. From the team behind Nestor – Dividend Tracker https://www.nestordividendtracker.co.uk