We will accept the following payment methods for funding your active Trading 212 account :
Bank Transfers
Credit / Debit Card Payments
Skrill
Dotpay
Giropay
Carte Bleue
Direct eBanking
Apple / Google Pay
PayPal
iDEAL
However, after opening a USD account, the iDEAL funding option is unavailable (I have a Dutch bank account). Same for some other deposit methods, but I am not going to talk about them as they don’t concern me currently. The expected behavior was:
Open USD account
Fund with EUR through iDeal
EUR gets converted to USD using the market rate and deposited to account.
Nonetheless, the iDeal option is not there.
Another solution could have been:
Open USD account
Fund with EUR though wire transfer to EUR bank account
EUR gets converted to USD using the market rate and deposited to account.
Nonetheless, upon clicking the bank transfer button, only the USD bank information is provided.
None of these options are available, so I think that I only can close the current USD account and open a EUR account. If so, please adjust the FAQ to reflect the actual state of things. Also, it never asked me about the prefered currency of the account, so I am not sure if I will even be able to open a EUR account.
A work around I found is to push EUR through transferwise, but they will take 0.41% (246.26 EUR) for conversion to USD and sending to the USD account detailed in the deposit options. I see no reason why I should pay transferwise instead of paying you . Or I can wait until the end of the year, when multicurrency accounts are expected to be rolled out and fund only then, which is suboptimal.
Try using Revolut as an intermediary… they have the best rates and also free. Upto 6000 euros can be changed every month for free. And then 0.5% markup. No fee at all for transfers anywhere in the world.
If you want a referral, let me know. I wouldn’t get anything but you’ll get a free debit card.
Actually, Revolut supports at least 5 other geographies outside of EU/EEA, recently they started in the US as well.
Though Moldova I’m assuming no. But since you have iDEAL (I’m surprised how), you can create a local PayPal account and choose the bank to verify and then you can topup using PayPal, T212 will the exchange itself.
I am currently looking into that option.
Just linked PayPal to ING, waiting for confirmation, will top up the CFD account and transfer to the invest account. That’s the only possible way.
Might work, might not. It will take up to two days to get the result. Whilst at it, still would like to clear up the FAQ for deposits/withdrawal. Maybe they can add the bank account option - supply both USD and EUR bank accounts to transfer to, like I’ve explained in the first message.
When topping up a USD CFD account using Paypal with a Dutch EUR bank account linked - it fails. The error is bogus.
If I top up Paypal through one of their services that allows to top up with EUR through iDeal with a maximum transaction of 1000EUR and then send a top up USD order through Trading 212, the conversion will be done on Paypal’s end. The PayPal account is in EUR, USD is credited by T212. This means that Paypal does the conversion and their conversion fee was 4-5% off the market just now. So Paypal is the worst case scenario.
I am still waiting for some representative to answer the question, but for now I’m getting nothing here, which is rather sad. Don’t even know if I can open a EUR account.
I filed for the account using a Moldovan tax residency, expecting to leave for Moldova before the middle of 2020 to become the tax resident there for 2020, but I guess now I have to stay in the Netherlands for longer, stay a Dutch tax resident, file for an account using Dutch residency information, get a EUR account and top up all the funds safely using iDeal. Having to jump through hoops because FAQ is misleading.
PS - market order execution on PFE took 5-6 seconds just now.
@feorache, I suggest that you wait until the @Team212 give you a reply. Hopefully soon, once you tag them they tend to be very quick. If not, email them.
I’ve decided to proceed in a fast manner, not to wait.
I’ve already sent a full withdrawal request, and sent an email to info@trading212.com about closing the account. Linked them this discussion. I will just reopen a EUR account with Dutch residency and account for the required days of stay in the Netherlands to not break any laws/engage in tax avoidance. I don’t believe that they will do anything about funding options soon anyways.
Now, I believe this thread becomes not about me, but about the misleading FAQ. If they could fix it, that would be nice for the sake of others.
So I got a bit confused about the whole explanation above, but anyway I’ll try to add some information and feel free to ping me again if something extra is needed:
iDeal is available for clients from the Netherlands;
During the account setup, you can choose between different currencies. Account currency cannot be changed on a later stage. Instead, you can close your existing account and sing up for a new one (adding a multicurrency option is something that we consider, but a realistic ETA: Q4 2020);
PayPal conversion is done on their end and is not something that we can control. You send money in currency X, and we received it converted.
. Or I can wait until the end of the year, when multicurrency accounts are expected to be rolled out and fund only then, which is suboptimal.