2 Accounts. Not so sure now

I have had an invest account for some time now which I opened as a USD account as I was only going to use it for US stocks.
However at the time I didn’t realize just how much my bank fees would add up. Charging me to convert my GBP funds to USD.
I contacted T212 via the in app chat to ask what was the best way to go about getting a GBP account instead, as I know that you can’t convert the currency of a existing account.
I was hoping that It would go something like T212 would create a new duplicate account in GBP then sell my shares in the USD account and deposit the funds at the spot rate into the new account.
Unfortunately I don’t think the assistant fully understood! I was told to create a new account with a different email address in GBP and I could then move the funds myself between the accounts.
I can’t see how this would be done as on the face of it there is nothing linking the two.

So I now have two accounts and been thinking what to do. I’ve been reading a few threads on here that say your not suppose to have two accounts. I’m reluctant to add any money to the new GBP account in case it causes an issue and both my accounts get locked.

Has anyone here got two accounts funded in different currencies and are investing on both?

Maybe if a T212 representative see’s this then can you point me in the right direction, maybe a specific email address. I’ve not had much luck on the app chat and I’m still waiting for a reply to my email that was sent on Tuesday.

You have it in email, so just keep a copy of that for your records of the transcriptions etc.
Covers your back that way.

With that said, I have seen it before on here when individuals have had to close one account and reopen a brand new one (with same email) and then go ahead using a new currency.

Best, advice I can offer is to go by what the staff are asking of you first and foremost, as your agreement is with them and not someones recommendation on here etc.

To help solve this issue and put your mind at ease somewhat, I will ping a Trading212 staff member to walk you through this process once more and hopefully assist.

Hope this helps :v:

@Tony.V @George - could you assist please :slight_smile:

Thanks Adm,
The staff asked me to create a new account with a new email address and transfer the funds myself. Other then moving funds between cfd and invest within the same overall account
I don’t see how you could move funds between two accounts with different email addresses within the T212 ecosystem. I would have to move the funds via my bank account thus incurring more fx fees.
If this is the only way then so be it.
What about the fact that I would have two active accounts at the same time?
Do I need to withdraw the funds and close the USD account before funding the GBP account?

Hey @Dazzmac,

To sum up:

  • You can have only one account under your name, and one of them should be closed;
  • You cannot move funds between one account to a different one. What you’re referring to is the fact that you can move the funds between your trading accounts within the same user area, i.e. moving funds from your CFD account towards the Invest or ISA and vice versa;
  • Since you’ll be moving from one account “area” towards another, then yes, this has to be done via withdrawal and deposit.

Let me know if anything extra is required - I’ll be happy to help. :v: