Introduction of FX Conversion Fee

📊 Investing
692

Yes it is. But if you convert 10k USD worth money on eToro, you will pay 50 pips. What’s better? :wink:

The cashback shouldn’t be the focus in here. It’s only a sweetener, because the main concern was how to top up and withdrawal USD in eToro without paying the eToro FX fee (50 pips).

If you could transfer in/out reducing the FX costs, it’s already good and having also an extra income this way, it’s the cherry on the top.

N26 is out of UK. N26 now only have EUR accounts for continental Europeans and USD accounts for US customers.

EDIT: Error correction

693

Talking in here about T212 competitors and ways to pay less T212 fees, could be considered as inappropriate and being red flagged.

So more information about it should be considered as being shared on less public ways like private messages. :wink:

2 Likes
694

There is usually nothing wrong about making comparisons with other brokers, it can be inforamative to the users. Only balatent advertising or false information can be flagged.

696

RLX I send you a PM. No 50pips to be paid only US$5

697

I saw that. :wink:

(twenty…)

698

Deposit and withdrawals from and to Revolut work just fine with eToro. I confirm from personal experience. So this means you can avoid the 0.5% FX fee. The only fee you pay is the fix rate 5$ when processing withdrawals. For me that’s better than paying 0.15% fx fee per trade. Moreover as I already mentioned, stamp duty is not charged on UK stocks like SMT.

2 Likes
699

Thanks. There are also several reports about bad experiences on withdrawals to Revolut. It’s seems like a lottery, we never know if can win the prize to get money out from the platform. :smiley:

700

But buying GBP stocks and Investment Trusts on them will be expensive. Because you still have to pay USD-GBP FX fee…

701

From the information I could gather many of those cases were due to accounts not fully verified prior to withdrawal request.

1 Like
702

No you don’t. Fx fee is paid only once you deposit (and only if you deposit from non USD account). Once funded, your account will be in USD. For stocks traded in other currency, e.g., SMT the USD/GBP conversion is done at current FX rate. I have calculated the rate of conversion for a given trade and I confirm eToro doesn’t charge FX fee. The execution time is surprisingly fast compared to T212.

For UK stocks T212 will be charging on non-UK accounts stamp duty fee + FX fee = 0.65%. Additionally 0.15% after closing the position. That’s a lot for frequent traders.

3 Likes
703

Yes, that I already know.

Thanks for the confirmation, the FX fees on transactions aren’t explicit on their site. So this way, there is an advantage with transaction FX fees on them. Nice to know. :wink:

704

N.B. We’ve taken into account the feedback and have decided to not apply an FX fee for payments arising from corporate events such as dividends.

39 Likes
705

thank you. saves me overhauling my dividend pie spreadsheet to factor in that 0.15%

706

Game changer thanks @David saves 0.15% three times and helps long holders save me moving else where now.

707

Hi @David

Thanks for update and for the news :wink:
Can you confirm that: When we receive the dividend, we don’t pay FX fee, but when reinvest it we pay?

Thank you

708

@David thank you for listening to your customer base credit where credit is due

1 Like
709

@pintas Yes, it’ll be applicable only for trading activity.

4 Likes
710

Checking FX

So 1 AZN at 71.89 GBP

gbpexchange
gbpexchange617×821 26.4 KB

Vs Revolut

Screenshot_20210401-134224_Revolut
Screenshot_20210401-134224_Revolut1080×2280 110 KB

Support claims that estimated cost = stock price + stamp duty, which if true, means T212 still has better rate then revolut.

T212 calculus.

71.89 GBP = 98.96 USD

Revolut

71.89 GBP = 99.08 USD.

That is if Estimated cost include stamp duty.

711

Wait this is April fool’s day !!! I’m not sure if I would laugh at an absolute cracker or cry :thinking::sweat_smile:

2 Likes
712

Absolutely not happy with FX fees. 0.15 % is quite a lot. Need to think about paying monthly fees instead. One will get absolutely hammered when multiple trades are done in a day.

1 Like