Bank transfer to T212 account in 'different' currency

Trading 212 Chat
#1

Hello.
Since I couldn’t find the needed answer, I’ll post the question here (sorry, if this has already been discussed). Has anyone tried transferring (accidentally or not) ‘wrong’ currency to their T212 account? By ‘wrong’ I mean the currency that is not the chosen account currency. Will the money be automatically converted by T212? Are there any special fees that apply?

For example, I would use a simple bank transfer to send GBP from a UK bank to T212 account (with its chosen currency being swiss franc CHF).

Thank you in advance!

#2

It should be converted at source to pounds before t212 receives it so the rate would be from your funding source not from t212.
T212 only allow you to “choose” your chosen currency once, it cannot be changed unless you move country

#3

Not that easy to answer. Your bank will transfer the money in the currency you choose, it will not exchange it unless you request. Now, what will happen when the transfer reaches T212 account? My guess it will bounce back as it is the wrong currency.

#4

The request for funds from t212 should have a currency attached so it will convert prior to approval

#5

That is true if the request initiated through the T212 account, but I understand the OP is describing a transfer made from the bank account.

#6

Thank you both for your replies!
Yes, Alien, I meant a simple bank transfer made from my bank account. I have just tried to send some money (GBP) from my UK Natwest account and it did bounce back. So you were correct.

Depending on the amount, I will either be paying those 15-16 GBP per international transfer or 0.7% when using my debit card.

#7

I know HSBC charges £6 per transfer, but the exchange rate is terrible.
Have you tried Revolut or xe.com?

#8

There has been talks of PayPal being usable might be worth looking into? Or use the link my bank account function?

#9

@Alien
HSBC is probably charging only this much because even though it’s originally a swiss bank it has many international branches/offices. The bank that I’m using is local, with rather high prices for foreign services.
I haven’t tried Revolut. Have something similar though - Transferwise. In case I could make bank transfers from Revolut to T212 account in any currency free of charge, I would definitely consider giving it a try.

@Lenos1980
Unfortunately, I don’t have an option to link my bank account, presumably because I’m not based in the UK. It’s either a “Bank transfer”, “Credit/Debit card” or “Google Pay”, the last two being with 0.7% after transferring over 2k.
PayPal could be an option, but as far as I know their exchange rates are nowhere near as good as the ones of Transferwise or Revolut.

Once again, thank you for your suggestions guys!

1 Like
#10

Use only SWIFT payment if your account is not in GBP or EUR.