I am from the UK and I have been living in Australia for a couple of years and set my account to USD when i started.
I am now moving back to the UK and would therefore like to change my account to GBP is there any way i can do this?
Also… is there any cost to me converting my GBP to USD guessing it just goes off the exchange rate at the time? If i was trading mostly US stocks would i be better off keeping the account in USD? Just thought i would be easier in GBP as thats what i will be earning and using in the UK…
As t212 does not charge an FX conversion fee the only issue I assume you will have is that you want to deposit £ rather than $ hence the switch? The team should be able to sort this out I think if that’s the only problem.
Thanks for getting back to me, would this be possible and would this alleviate me being charge a foreign transaction fee once i am then depositing in the same currency.
Currently being charged 2.75% just to put money into my account as its classed as a foreign transaction because its in USD -_-
try sending a DM to one of the team members or an email through the chat button on-app. it’ll be faster to DM as they can at least give you a response straight away and give you the appropriate email address to contact to file for the change.
T212 staff will have “Trading 212” after their names on posts in this forum
hello, My account it is open in pounds and I would like to change this in dollars if it is possible. Please advice me how can I deal with this. Thank you
Well, if you are going to be investing mostly in US stocks, it is something to consider. Take this as an example of what can happen:
How I do: I convert in Revolut to USD, then I transfer to Transferwise, and then I add (via Debit Card) to T212. Few steps, but it takes me only 5 min and I know upfront how much I spent in my home currency. So far I have only invested in US stocks and it seemed better to have the account in USD.
Disclaimer: I am not a t212 employee, so take it with a grain of salt
Disclaimer2: these observations might get outdated over time
Disclaimer3: as a new user, I’m unable to put multiple links in a message
Disclaimer4: my account on community was blocked for posting this message, I had to create more accounts
Writing this down for posterity since support wasn’t very helpful on this and the information available is scattered across multiple threads. I actually had to go through the process myself to find out some of the points below.
There is an official doc on changing account currency which says it’s impossible and you need to open another account (can’t post multiple links here so just google it)
There is a feature request for multicurrency accounts (see link in a message above). For whatever reason (might be lack of engineering bandwidth or unwillingness to support the feature) it is not supported yet so we have to deal with what we have for now. Of course upvote the feature if you think you need it!
There are more related threads on community (again, google for them as I can’t put links)
You can only have one ACTIVE account under your personal details.
You cannot create multiple accounts using a single email address.
When you request an account to be closed, it’s actually not entirely wiped out. This is for regulatory reasons. This means that you will not be able to create a second account using the same email address.
Once an account is activated, you cannot change its currency.
For each account you create, you need to go through the process of ID verification, address verification, etc. separately. Address verification can take up to 72h (assuming it’s successful, if it’s not successful and t212 asks for another bill it can take longer than that).
New CFD accounts are subjects to lower “maximum trading quantity” limits.
For all the people saying the FX spread is irrelevant, let’s take discussion about trading strategies to a separate thread.
For t212 employees, considering how much confusion there is among users around this process, perhaps it’s worth updating the official doc? It would probably save you time
The process that I went through:
I had one account that I wanted to convert to USD. I was actively using it for trading on the CFD and Investing portals.
I closed all positions and requested withdrawal of all the funds. At the same time, I sent an email asking for my account to be closed (there’s an official doc on closing an account, google for it)
Once all withdrawals were processed, my account was DEACTIVATED (I could still login and see that it’s inactive, I was also unable to open another account using the same email address).
I opened another account using the same personal details, but a different email address and went through the ID and address verification process.
@George5 Thanks for sharing your feedback. We’re actually working on simplifying the process. I’ll keep you posted, and in the meantime we’ll update the article in question.
Hey Tony - Is there any ETA for this? I need to change the base currency of my Invest account to USD (it’s currently in GBP) - I haven’t traded or deposited any money in it yet. But I also have an active ISA account in GBP which has holdings. So I can’t sell / close my ISA account completely to convert my Invest account to USD. There ought to be a simpler way to simply convert/shut-down my Invest account and reopen in USD without affecting my ISA account :-/ This is forcing me to use Trading212 for ISA only and use another platform (hellostake) for my non-ISA stocks as they support USD. Even though I don’t really want to
I wished to change my ISA account currency to USD from GBP after realizing it after depositing funds already, I sent an email asking them for help in changing my account currency and they said i had to open a new account to do so they closed my previous account and freed up the email to be used with a new one however upon opening the account a second time I found no way of changing the base currency of the account don’t know if this is my own fault or it is not possible to have USD being in the UK with an ISA
@jellbean From what I figured, the base currency of your ISA account needs to be in GBP always. It’s only the Invest account that can apparently have USD as a base currency (though you need to shut it and reopen it)
Also just bumping this to see has there been any progress made on changing the currency of your account? I just got my annual bank statement and the charges for converting my local Euro currency into USD for my T212 almost made me cry.
