Introduction of FX Conversion Fee

£0 on invest and ISA.

Something as of this week.

You can’t buy this on the platform, so no idea why you bring it up. The likelihood is that 212 make as much from the share lending program as they do a trader making 5-7 trades a day.

As I said, too much anger not enough reading.

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What should we do if we have been charged fx fees yesterday for selling existing positions?

@GoldmanSachs
You can provide me with the email address of your account via DM and we will check your case.

Thank you its all been sorted. @David sorted it very quickly.

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@David I’ve sent you a message as I have been charged fx fee on en existing position I sold today.

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@Suv Resolved. :slight_smile:

@David my contract note statement says I got charged for closing already open positions?

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I have had the fees applied to all of my sell orders that were open prior to 03/04. Hopefully everyone is checking their order details to confirm there’s been no Fx fee. Any chance this is happening to millions of your service users?

Same here bud. Currently chatting with one of the t212 team who’s looking it up as I’m writing this. Gave the order ID but the chap is still asking me what the order ID is for.

@pbigmoon @Bbang There was a minor issue that affected some orders opened prior to 03/04. We’re in the process of issuing reimbursements for everyone that’s been incorrectly charged.

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  1. please check mine given i had too many pie orders go through yesterday dealing with non UK stocks
  2. some constructive feedback - we’d have expected you to have accounted for these kind of issues given you had so much time to test it and implement it (judging by the notice you’ve given us). would make a lot of naysayers here feel these fees are going towards the right efforts. i’m sure looking for them after it has happened and then issuing refunds would certainly be costing you a lot more in terms of time and money.
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All affected clients will be reimbursed - we’re in the process of doing so. No further action is required on your end, we’ll take care of it.

Any updates will also be listed here.

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Many thanks David
Appreciate your help

I have iShares Global Clean Energy UCITS ETF (INGR) in my pies, but it’s in GBP and my account is in USD, so I will have to pay an FX fee every time I add money to my pie. It’s not a dealbreaker, but if it’s possible I will rather change it for a similar eft in USD.

I already changed VUSA for VUSD and I will change EQQQ for CNDX or NASD (I think NASD has lower fees, but I can’t find much about it).

But I can’t find even similar eft as INGR in usd.

Many London Stock Exchange ETFs are denominated in USD. Other platforms do not charge FX fees on LSE ETFs denominated in foreign currency. However Trading 212 states:

This fee will be applied when you are trading with stocks or ETFs that are quoted in currencies different from your account’s currency.

Does this mean that the 0.15% FX fee applies to LSE ETFs denominated in USD?

Yes, they will. You can check this in the app - pick a stock or ETF, tap “BUY” and then “REVIEW ORDER” - you can see there what FX fee would be applied (if any).
Other platforms that don’t charge FX fees on such ETFs charge you by other means (in the worst case - yearly management fee, which is recurring).

OK thanks, 15bps is not too much, though it might be best to opt for GBP versions of funds where available. I’ve noticed that sometimes the GBP funds have higher spreads but it would be worth paying a wider spread if it’s no more than 30bps wider. Either way it’s small amounts.

Yeah, you should do the math before choosing what to buy. It could be more favourable to stick with USD denominated despite the FX fee.

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It may help in mental calculations to remember that 0.15% is approximately 1 in 666 (a number of well known significance).

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Absolutely! 0.00(150)
I’m glad they didn’t choose 1 in 212 (approx 0.47% fx fee).

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