Deposit GBP into EUR Account by BANK Transfer

Help
#1

Two problems that might be related.

  1. As I’m based out of the UK I’ve been given a EUR account.
    I have GBP funds I want to deposit.
    Can I make a bank transfer of GBP into that account?
    Or.
    Do I need to firstly convert GBP to EUR and then transfer the EUR into the account?
    (Appreciate any recommendations on how if that’s the case.)

  2. The Bank account information from Trading 212 is NOT working.
    Either the name or the account number is incorrect.
    It starts by saying it can’t validate the payee account information and if I push past that it just fails. I’m copying the information exactly as presented in the “Deposit Funds” section of Trading 212.

I’m transferring from a Barclays Bank (UK England) account to the England Trading 212 Barclays Bank account.(UK London).

#2

If you do GBP transfer to EUR account, receiver bank(Barclays) will do the currency conversion from GBP to EUR, fee/FX is dependent on the bank not T212.

#3

Many thanks! So a domestic bank transfer from my Barclays GBP account to the Trading 212 owned Barclays account (expecting Euro) should work and Barclays will handle fx rate fees.

Do you have any idea why the transaction is being rejected and even the account can’t be identified in the pre-transfer steps?

#4

If the T212 account is in Euros it will not be completed as domestic transfer, and the transaction will get rejected because the receiving account has the wrong currency.
I don’t know if T212 offers to transfer into a GBP account and they can make the exchange to Euro, but if not, contact Barclays for help.

#5

Thanks. I guess I need to get a thrid party account to move through EUR then.

#6

The solution, to send GBP to EUR between Barclays accounts within the UK was quite simple.

From my Barclays UK account select to make an “International payment” Then specify the United Kingdom as the country I’m sending to and just provide the IBAN information to the T212 UK Barclays account.

My Barclays account offered a GBP->EUR rate that was available for the duration of the transaction and you just select if you want Priority, Standard transaction or to transact on a specific date.

It was not logical to me that I’d need to make an international payment within the UK.

#7

How much did you pay in fees?

#8

Good question. Hopefully Zero I think.
My bank shows zero fees for the transfer(I assume they make money on the offered exchange rate).
And Trading212 says zero fees for bank transfers which I think this was. The EURO isn’t showing in T212 account yet. I’ll update if they take a fee.

If this were an actual international transfer involving an intermediary bank I might expect fees aside from currency conversion.