If you click on the button to fund your account, you have the message about the limit. If you click on the 2000 euro word, it will tell you the balance
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So it does, thank you!
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Any updates on this? I still cant see this option.
It would really be helpful if I could use my balance to feed into my pie rather than card!
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This is great news for us EU folks. Any (very) rough ETA on this? Basically, should I keep using my debit card for the next few weeks or hold off a bit?
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I also donāt understand why it is not possible to fund autoinvest from accounts funds. That should be easy to implement and would reduce the cost of funding in most cases a little bit
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ā¦and it is implemented on practice account since beginning
Be good if there was a timeline so it doesnāt turn into one of those things where people just forget because they get tired of asking. Amazing to know you can on practice!
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Any updates regarding autoinvest through bank transfer (for non-UK users) or free funds? And I would like also to ask if the team is working on a solution for the deposit in USD without needing to use a wire transfer; otherwise, thereās no point in having an account in USD for the long term with such high transfer fees. Any update on these matters would be appreciated. Thanks
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The whole idea of autoinvest doesnāt really work now unless you can use account funds.
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@George @Team212 Any updates on the use of free funds in AutoInvest? And maybe on SEPA direct debit?
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Blockquote kurtcobainmedico
The whole idea of autoinvest doesnāt really work now unless you can use account funds.
Blockquote
Hopefully they do this soon and not just sweep it under the carpet now that people are paying
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It actually looking like a business model, where 212 is monetising Autoinvest feature once the 2k cap is passedā¦
They donāt make profit from the 0.7% btw but the fact that we currently cannot deposit for auto invest for freeā¦ either from free funds or directly is crazy! Surprised they havenāt sorted a work around yet
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We donāt know if t212 makes a profit from the card fees - on debit cards they might well do as they are typically significantly lower than credit cards but either way they still indirectly make a profit by removing a significant cost from their business.
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They donāt make a profit from it. There are regulations not allowing anyone to make a profit on transaction fees
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I assume you mean the EU regs on payment services.
Impossible for that to be enforced though. For example:
The split between using a debit vs credit card is impossible to predict.
So if the fees for debit cards are x% and for credit cards are y% with a 50:50 split in usage and the split changes to 60:40 then you donāt actively change the fees as the payment method differs - even if the 0.7% was an average over a period thereās nothing to say people will use the same funding mechanism in the future.
From an accounting perspective if you cut your expenses (in this case by transferring card fees from t212 to the customer) you are still feeding through profit to the bottom line.
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Hello,
Since BREXIT happened and you now have fees for card transfers, an EU based banking entity for EUR transfers is needed to benefit from SEPA transfers.
Whatās the plan for that, given T212 has a Bulgarian entity as well?
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Hi @trader
I presume the fee you are talking about is the funding fee once you have exceeded the Ā£2000 limit.
This is nothing to do with Brexit. UK investors are also subject to the fee. T212 have been covering payment provider fees but there has been a significant increase in the number of people using the invest and ISA accounts (which are free accounts) and the company have decided to introduce the fee to cover the cost.
I understand that.
Iām however asking for T212 to establish an EU entity to allow for EUR payments via SEPA to make funding an account hassle free.
Lituania, Bulgaria, Switzerland etc, something to allow funding in EUR within the EU Economic Area.
For example, in my case Iāve established the currency in RON since Iām from Romania. It was an oversight from my part, as I was happy funding with my card which is RO and having everything in RON.
However, that means that at every instrument purchase there is a conversion behind the scenes, albeit at forex rates with no commisions as T212 indicates.
Additionaly, for wire transfer of RON to T212 UK entity Iām subject to heavy fees since it is not covered by SEPA.
Moving forward though, it would be ideal to be allow to fund in EUR and when buying EUR instruments no conversion should take place. Additionally, I would be able to fund via SEPA at no fee which is currently impossible since the banking entity indicated by T212 is UK based.
Hope it makes sense so far.
Moving forward, I would love to be able to change the currency of the account without being forced to sell everything (taxable event in some jurisdictions) and creating a new account. If this is unavoidable, at least make it automatic and ask for a fee for that.
End ideal scenario for my case would be:
- account is now in EUR (all positions EUR)
- I can fund via SEPA wire transfer in EUR as T212 establishes an EU banking entity
SEPA is accepted by UK entity banks.
Also one can open EUR account with T212 and top up via SEPA.
Max fee bank can charge for SEPA transaction is limited by fee for local bank transfers.
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