i have GBP held in my cash isa account and i was wondering how i would withdraw my money in a different currency, Euros for example. I do have a bank account which its main currency is Euros so do i just withdraw my GBP into my Euro bank account and it be automatically converted by trading212?
I would think it is better to move GBP to invest T212 account , exchange to EUR at 0.15% and than withdraw to your EUR bank account
Otherwise I think you will be charged for GBP to EUR conversion (FX and / or fee) by your bank
is there a easy way to move from cash isa to invest account? and would there be any tax drawbacks to do this?
My understanding is that you can withdraw as much as you want from cash ISA to whatever account you want.
No tax implications for the transfer, but obviously once your cash out of ISA wrapper, you may be taxed on the relevant earnings, like taxes on a interest you earn on GBP in invest account
ok thanks, i won’t be keeping my money in the invest account anyways, i will convert it and withdraw it stright away so i shouldnt have any additional tax to pay