Same situation here, although I havenāt reached my 10.000 RON limit, still have a couple more months.
The cheapest ways I found until now for the future(after hitting my limit) are:
for sums up to 3500 RON accept the 0.7% fee = 24.5 RON Fee or lower.
for sums bigger than 3500 RON use Revolut to transfer RON to Barclays RON account for 25 RON fix fee.
My suggestion/request for @Tony.V and T212 Team until a free way to deposit is found for Romanian customers with the account in RON is to accept a 1 per month fee-free transfer.
I have an important tip for users with RON currency: deposit by online transfer via Unicredit bank, they allow you to send RON to Trading 212ās GB IBAN without charging any fee - you receive exactly the RON amount you send.
It is what I use and itās truly 0 commission. I believe they achieve this by using āCurrency Cloudā similar to Revolut, for example you can also set your Unicredit debit card to multiple currencies.
For people with other EU currencies check if you have local banks providing this kind of service.
Any updates on when we can expect direct debits in the UK? Would love this auto investing feature. Also, when they do come, can we have the option to make them annual? Gives more flexibility to different financial circumstances, we canāt do it in pies currently
This is fair enough I guess. But what stops T212 from telling us next month that they have been covering A and B, and there will be a fee on withdrawals too?
Itās a bit sad that I didnāt ready any statement from T212 on what actually happens when we transfer other currencies than what our T212 account is in.
Who converts the currency to the target accountās currency? What are conditions?
Because maybe itās cheaper/simpler to do a Transferwise GBP transaction at 32 cents cost and let them sort it out.
EDIT: Nevermind Transferwise, I even tried with a Transferwise GBP Account that had itās own GB IBAN (aka itās validated and all), the transaction is still rejected by T212. Back to Revolut ĀÆ\Ė(ć)Ė/ĀÆ
Yeah, maybe slightly off topic, but perhaps a āwish listā thread would be a good idea. The more people vote for it, the higher up the priority chain it goes, and then 212 developers let us know their feedback on if/when it could be added to the pipeline?
Multi currency would be useful.
I guess it is a balance of development costs and time spent maintaining the current system, within its āfreeā ethos.
You would still need to monitor duplicates and alike.
I am curious how much people would be prepared to pay for this, either in fee or spread. No who asks for this ever considers the cost.
I would be surprised if unlimited currency exchange could be completely free, else Trading 212 would become a super low cost fx site, better even than Revolut. I like the terms at which we currently exchange. Would hate to lose that as a consequence of multicurrency accounts being implemented.
Yeah there is probably some cost associated with this from additional currency layers, but Iām not sure where additional spread comes into it. Should be roughly the same as as the current pre funding process for trading.
Who knows the limitation might actually be on the IB API side.
It would be free, thatās the only reasonable thing to do and T212 is only providing free services, thatās their model. Thereās going to be no negative impact of multiple currencies account, since we are in a cash account, negative values would not be allowed or maybe they will allow for real-time conversion (as now) in case the balance not being enough or present.
Really, we shouldnāt be afraid of multiple currencies account.
T212ās core services are free, thatās their model. to allow anyone to get involved in the market. having additional ānon-coreā features at a premium is also in their model as they were going for the āFreemiumā model of business.
@George Can you please update us when work resumes on this feature? It might not be much for you, but keeping us in the loop is a sign of respect for the community and would eliminate part of the complaints.
Are you sure about that? Donāt they charge the transfer fee separately, outside the amount you are sending (thatās how other banks are doing it, anyway).
Because if they are not using Currency Cloud, it sounds like theyāre eating the cost!
Now that you plan to introduce FX exchange fee, itās even more important to allow me to change the currency of my account or provide means of SEPA transfer.
Otherwise Iām forced to double convert instead of sending EUR to buy EUR stocks.
For me it would be fine if I can only deposit and withdraw funds in a single currency.
But itās stupid to convert currency on every trade, especially since there is now a FX fee. Itās T212 design choice that leads to much more FX conversions, I donāt see how multi-currency-accounts would increase costs, it should reduce it for both customer and T212.
Multi-Currency would also mean I could split the FX and stock risks. With 3-5% FX gain/loss, that can make a difference
