RON is my default local currency. It is the one that I start with. I was talking about converting it to EUR on my side before sending it to 212.
212 also offers the option of having the account here in RON but it s just for Romania I suppose. And I canāt use it in the new context without loosing 0.7 via top ups or the Swift fee since Iām not a UK resident.
Really sucks man, Revolut is your best bet for nowā¦
About the deposit fees in another zero-fee brokerage, Webull:
https://www.webull.com/hc/categories/fq280-What-are-the-fees-for-a-wire-transfer
So it isnāt an 100% fee platform, also. They donāt want to pay their clientsā deposit fees (No free lunch for the investors in depositing funds.)
I use Webull too, I funded for free with ACH deposits and withdrew for free with ACH. Total volume 50K$ plus.
You only pay for deposits and withdrawal for wire transfers as they are expensive. Normal ACH (Automated Clearing House) banking is free, its like SEPA/BACS Direct Debit here in EU/UK. Which is also free.
Of course. And they pretended to be free of charges. Seek the error 
Canāt you withdraw in 2 steps?
From TR212 to Revolut, and then
From Revolut to your real bank account
If u deposit from Revolut to 212 I canāt see why not.
I am afraid itās just the matter of time additional fees appear - withdrawals (why not if there still costs of payment processors), market orders (third party processes your order to change hands on stock exchanges) and maybe something I am not aware of. These fees will still be ācost coversā, not fees making T212 profitable.
Effect? We Pay, but we still can name T212 fee free (as it only covers necessary costs).
AML regulations force brokers to not send money to a different bank account or method for ~2 months (about 44 days in IBKR case).
So you can effectively deposit via Revolut and in the longer run withdraw your funds and profits to your own personal home bank account, provided you can prove the ownership of the account and reach out to the T212 support.
I donāt have problem to use bank transfer instead of debit card / google pay if they provide local bank account, because Itās the only free and fast option for international customers with domestic currency now. Especially if your Trading account is also in you home currency.
They just completely screwed up international customers.
And honestly, I would never open the account if the fee was there from beginning.
For now, I loaded up a money for one year of auto invest (I really LOVE this feature, itās game changer), but thatās probably it, because I donāt believe they will (try to) found any free option for minority of customers. I donāt have problem with 0.07% fee or some reasonable monthly fee (for customers outside SEPA / GBP) for card deposits, but 0.7% is insane.
I fully agree with you.
It looks like they are hoping to bring the instant bank transfer option currently available to the UK only to more countries soon.
Yep, 0.7% is pretty insane but reminder that 212 have not plucked this number out of thin air nor have they decided that this is how much they want to profit off your deposits - this is the amount required to cover the cost charged to them when you deposit by the payment processing companies.
As someone UK based who still has access to instant and free deposits, of course I canāt fully sympathise with your situation but do remember that 212 donāt want to introduce things (like deposit fees) that annoy customers, they do it because they have to to keep the business sustainable. You really think they just hold a meeting one day and decide the best thing for the business is to try and inconvenience customers as much as possible?
Look, trading account is not bank account. If I am not happy with one, I can open another within 15 minutes and transfer money (0 cost, just time). There is no option to transfer stock from Trading now and I donāt want sell my portfolio and pay taxes just because they miscalculated their business.
There are different rules for each country already. I donāt cry that I cannot get free stock in my country (as referral). So they could offer some ācountry specificā condition for card fees also where the free / low cost alternative does not exists.
So Revolut gbp to gbp bank transfer does not work? Or transfer wise?
So starting January, Trading 212 can no longer promote its service as ācommission-freeāā¦ I was thinking of an alternative solution which might please most customers: 1 free deposit per calendar month, with subsequent deposits commissioned e.g. ~1%? I assume itās already been thought of plus the maths behind, but in any case would this not be a viable option? @Team212
My TradeStation Global account has a similar method, 1 free withdrawal/month, then 1 Euro fee.
What commission will T212 be making from January that means it ācan no longer promote its service as commission-freeā?
If it is the account funding fee, that is not a commission. Furthermore they make no profit from it.
Sure it should have a system for EU non UK because for example my bank in Luxembourg is ING and charges me money for transferring cash to UK account.
Now I have to get charged when using my credit card. Trading212 should open accounts in different currencies for EU non UK to benefit from free charges!
Does the act of depositing after 4.1.2021 incur the 0,7% fee, or do I have to pay 0,7% of my funds I deposited before 4.1.2021 as well?
Lets say I deposit 10k on the 2.1.2021 but nothing after 4.1.2021 until they fix this issue for nonUK customers. Do I have to pay 0,7% for the amount that has been deposited but not invested yet?
So long as you deposit before 4.1 there should be no fee. Your strategy is sensible. Interest rates are so low that they is little to be lost by way of bank interest. If you have the money you may as well transfer now and leave it uninvested until you are ready to do so.
SEPA transfer completed this morning. Definitely not instant SEPA !
