Introduction of FX Conversion Fee

Are we talking about different Revolut and eToro here I always use my Revolut to feed eToro ac in US$, never pay a fee. This is what I have been doing.

  • Top up your £ ac (Base Currency on your Revolut app)

  • Exchange £/$ within Revolut when you believe the exchange rate is in your favour

  • Once you exchange £/ you now have US currency in your Revolut US$ ac

  • Feed your eToro using Revolut Debit card whenever you need it. Keep in mind Revolut will pay you the interest of 0.65% so only feed US$ to eToro when you need it.

https://www.revolut.com/savings-account-vaul

  • Normally the funding is instant like you would have expected with any account funded with Debitcard.

Also, You will never pay the fee if you keep recycling your money in eToro for trading indefinitely. If you need cash for whatever reason, you need to make sure you withdraw as much as possible in one go to minimise the impact of the fee. There is US$5 fee if you withdraw money from eToro.

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Have you ever tried to withdraw back to your Revolut account? Or do you use a different account to withdraw to?

Richard

eToro is probably talking a different things, not like for like case. My personal experience have also been confirmed by other people here on Redditt.

@mdmmica

When you said a diifferent account, do you men a different platform, If so I have not tried it. But I understand you will to pay £5 the transfer fee. I might be wrong but if you want to withdraw cash I have read people said it iwll be back to the source of fund. So my understanding it will be back to my revolut US$. But as I said I have not tested it.

I read that Reddit thread. I don’t see anyone mentioning successful withdrawal to Revolut, and some write about having to take a circuitous route of depositing via PayPal.

I initially think about using the circuitous route of depositing via PayPa. But after I got confirmation that you could by pass that process using your Revolut debit card directly to deposit on eToro, I have been doing that ever since. Have not seen any fee on both ends Revolut & eToro sofar.

I have not tried to withdraw money form eToro as no need for a moment but I would also like to learn if someone have tried it and share their experience.

Yes, there is some people that opened an USD Invest account, but legally the ISA can only be GBP.

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I questioned T212 support about the “Pro investors” status, when they announced the close-only of BTCE, I’ve even mentioned that I’m a financial professional, and no luck.

They said something like this: “We have only retail accounts, so it’s no possible to have BTCE due to the FCA ban”

For EUR investors, there could be a possible solution to top up eToro and transferring money out with success and other extras.

For not risk having a Red Flag in here, send me a PM.

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If you are talking about “Rocky” experience posted on Mar 2, 202 in this thread.

He got CFD in US$ and (Invest & ISA in GPB)
BUT NOT (CFD+Invest in US$ ) and ISA in GBP

Noone has confimed to have (CFD+Invest in US$ ), if you want to have an ISA account, as ISA always come in GBP and Invest & ISA go hand in hand.

Someoone has asked this to T212, but sofar T212 has not responded yet.
But if you are talking about the source from another thread or websites, link please ??

My ideal option would be:
CFD - GBP
Invest1 - GBP
Invest2 - USD
ISA - GBP
May be Trading212 need to explore with FCA if these sort of possibilities can be allowed to retail clients within the AML restrictions.

Yes, Hanetf has replied as below:

I am currently working with IG index and a few other firms to allow clients who can be classed as professionals to be able to invest in BTCE.

If you ahem a brokerage it may be worth asking them if they can treat you as a professional if you meet that classification?

T212 does not allow people to open a second account using an email address. This has been confirmed by them

We really need a way to convert our account in to another currency, fees can be applied then. Just difficult to manage now that 0.30% needs to also be taken in to account for each trade.

Coinbase pro or Kraken either one is great

You can open an USD Invest account?
If so, you will have an USD Invest account.

If you are UK-resident, you can have an ISA account. And legally those are only in GBP.

Only @Team212 can provide an official explanation.

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Am probably a bit late as I haven’t been on here the last couple of days but you can indeed deposit through Revolut but the problem lays in withdrawing (also discussed on Reddit). I currently use a workaround through N26 which even gives 0.1% cashback (credits to @RLX for finding out)

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You will never pay the fee if you keep recycling your money in eToro for trading indefinitely. If you need to withdraw cash for whatever reason, just make sure you withdraw as much as possible in one go to minimise the impact of the fee. The US$5 will be almost nothing if you withdraw US$10,000+ money from eToro in one go.

Now about Cashback on N26

From my understanding you will only get 0.1% cashback for N26 Black or N26 Business account

for N26 Black you will need to pay EUR9.90 monthly, for N26 Business account. It is not clear what are the requirements to have N26 Business account. In many cases they will require you to have minimum balance a few thousands GBP/EUR on the account earning interest a pittance (if any)

Also, about the cashback do you really get 0.1% cashback using your debit card to top up your trading account online? In many cases they require to use the actual card (not virtual) on the merchants to earn cashback. If this was the case and the account is available in the UK in GBP or in your home currency, I could see a very nice way of getting 0.1% cashback every time you are using your card. You could use it for any trading account or any business which does not charge you for topping up your AC or spending money using a debit/credit card.

Could someone who have tested this could share their opinion please. To me it sounds too good to be true.

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“Your 0.1% cashback is calculated for every purchase made with your N26 Mastercard. We’ll automatically deposit your cashback into your N26 Business Standard bank account each month—there’s no extra steps for you to take.” (source: The free business bank account for freelancers | Sign up — N26 Europe)

I personally have the free business plan (and only the virtual card) and couldn’t find anywhere where it was stated that there had to be a minimum balance (they do state however that balances above 50k get extra fees).

Just opened the account this week so I’ll see next month what happens, @RLX has more experience with N26 than me so he most likely knows more about it than me.

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Thanks good to know this. It seems if you are based in the UK you could not have N26, so not relevant for UK residence.

But it might be a way around it?? Could any UK residence get N26 based in the EU countries, similarly to Trading 212, eToro operat where you could open account from another country.

I am aware this is not like for like comparison as a trading account is not the same with bank account. But Just try to find out this possibility??

Anyway 0.1% is very small cashback. US$10,000 you will only get US$10.

I have a physical N26 Business card, although I also make digital payments with it and still receive the 0.1% cashback.

So far no minimum balance for me and no fees.

But the important is reducing the FX fees and successfully transfers. :wink:

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