Invest & ISA - Account Funding Conditions Update

Limit starts from 4.1. So you could top up 10k on 3.1 and still have 2k after 4.1.

As TR212 support, inc. @George, are running in silent mode,
did somebody find a workaround for EU customers to deposit at 0 cost after 4/1?

I have spent some hours finding a way to deposit USD at 0 cost - unfortunately it does not exist, as T212 claims bank transfer will be free, but you still have to pay for Swift.

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Does 212 only support swift based bank transfers?

So revolut or transferwise donā€™t work u pay the swift transfer?

It is almost like yesterday might have been a public holidayā€¦

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USD goes through SWIFT unfortunately.
I think I will deposit everything before fee day and find another broker for future deposits. Itā€™s like you are behind before a single purchase. As long as EU customers have no way to deposit for free (maybe we will see a fee for withdrawals soon?) I see no point sacrifying my dividends just to cover a deposit fee.

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I agree with you.
But I was surprised I a positive way to see that the exchange rate gbp to USD is very good as good as revolut.
And revolut have the most minimalistic spread.

But they have reduced theyeir exchange rate to 1000 a month so I am happy just to use 212

Yes above post please

Swiss and the rest of the EU the easiest way is to top up to Revolut and deposit via Revolut

Only if your Trading Account is in EUR. And there is no multi account option yet. Otherwise you must use SWIFT (I donā€™t know any bank which does not charge for SWIFT, including Revolut) or double / triple convert your local currency which will be even more expensive with the spreads banks charging.

Itā€™s ā€œfunnyā€, but with this one change, Trading becomes for me from the best broker on market to one which is in some cases most expensive :wink:

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I put a part of my savings which i wonā€™t need long-term into crypto. there are even gold-backed (XAUT, PAXG etc) and fiat-backed and pegged (USDC, USDT, TAUD etc) crypto currencies on which you can earn interest (4% up to 13%).

itā€™s of course not without risk but 100x better than having the money sit in the bank

Itā€™s exactly the same for me. From the Best to the most expensive. Unbelievable.

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Cheap doesnā€™t mean best, and most expensive doesnā€™t mean worst.

If by end of January there is no change I will have to leave the platform. I have accounts on most European brokers and Trading 212 just became the most expensive option for me with this fee.

As an EEA resident I deposit at least monthly using my ING debit card. Depositing by local bank transfer (to the Trading 212 provided GBxx account) Iā€™d get charged 0.15% min 15 Euro/transfer, so min ~200 Euro per year, besides conversion losses. Other local banks charge even more.

Also to people recommending Revolut, keep in mind that the deposit method has to be the one you will also withdraw to. Do you feel safe withdrawing potential future life savings in the tens of thousands of Euro to a fintech known to often place on hold/ban accounts for irregular activities? I love Revolut but definitely not the best idea to keep huge amounts of money on it.

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Very nicely said and agree with what you said. Most would not trust Revolut because of that, Iā€™m also uncertain but I think it would be fine, Revolut is regulated and not going to run away with our money. Maybe try TransferWise or Monese or Paysera?

Just to help you out, if your account currency is EUR at T212, you can just use normal SEPA transfer since UK (GBXX) is still in SEPA system, and it will be free for you. Since you use your ING debit card, you can rather just transfer the money to another EU free bank like N26 etc and then transfer to T212 if ING charges you for GB transfers (they shouldnā€™t by law).

Lastly, if you have no other choice, you may change brokers, or one who provides local bank deposits, which a lot of them do. IBKR for instance is a great option.

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Agreed revolut is for small amounts.
Their boot is the one locking accountsā€¦

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Do you have your account in EUR? At least have you tried the wire transfer using SEPA from Revolut who markets it as free (even if you donā€™t trust it for long term) just to see if that would be an option.

My account is in USD and i am thinking of realising all the gains (even if it means to pay unneeded taxes :frowning_face:: ) and create a new EUR account.

You donā€™t really have to sellā€¦ you can still send EUR to the same T212 account in USD and T212 will convert them for you at the market rate. Ask the team about it.

My starting currency is RON. So firstly I need to convert it to EUR to make use of free SEPA. And even if Trading 212 will make the auto exchange for meā€¦i would loose small amounts on 2 exchanges: RON>EUR>USD. And then I need to do the same at withdrawal stage.

Isnā€™t this correct?

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Does T212 offer RON as a base currency? I thought only USD, GBP and EUR are supportedā€¦