Local currency accounts (CZK etc)

Currently T212 is best suited for people using GBP or EUR because SEPA payments are free. It would be great if other currency accounts were also hosted locally rather than in London like how Euro accounts are in Germany. e.g. if I want to transfer Czech Crowns my options are to just transfer CZK directly to T212 and get hit with a transfer fee because of going international (and presumably the same from Barclays when withdrawing) or I need to do some gymnastics (add to Revolut → convert to Euros → send back to Czech bank EUR account → send to T212) which I guess would be 0.15%~ (Revolut exchange rate seems to be very slightly worse than T212’s 0.15% fee when I was comparing)

But better if T212 added local CZK accounts then I could give you the 0.15% rather than Revolut

T212 already have CZK accounts that you could transfer in/out, image below have the bank details (not present in here due to privacy matters):

image

Other local currencies accounts are also already possible, with own bank details:

  • EUR, GBP, USD, CHF, CAD, SEK, NOK, DKK, PLN, HUF, CZK, RON, BGN.
  • AUD for only Australian customers.

T212 is one of best brokers in forex accounts at the moment, with 13 currencies for EEA customers.

The CZK account is based in London so you get stung with international payment fees. The request is to have localised currency accounts

T212 has a local CZK account, I am using it when I am out of free FX limit on Revolut.

T212 has a local CZK account

What bank are you using? My wife’s T212 main currency is CZK yet she tried adding Moneta to deposit funds and whether she enters the IBAN or the account number, both times T212 is asking her to transfer money to a CZK account in London

@Bogi.H maybe not all EU accounts were moved from Trading212 UK? Is it some Brexit limitation that means T212 UK accounts cannot have localised currency accounts other than EUR?

We started onboarding new clients to the European entity after Brexit. All EU clients that previously signed up and were registered under the UK entity haven’t been moved.

The bank details you can use for deposits are different depending on the entity you’re registered under. All bank transfers remain free of charge on our end, and there’s not much we can do if the bank you’re using applies fees to such transfers. Nevertheless, we’ll keep your feedback in mind as we understand how we can improve local currency accounts and the deposit options offered.

So based on https://international.barclays.com/content/dam/internationalbanking-barclays-com/en-gb/international-banking/documents/important-information/rates-and-fees/PP1235_PBOS.pdf it seems T212 is eating some fee (I guess lower than the £10 listed) whenever someone withdraws?

If there’s no rule around it due to Brexit; letting people send CZK to a CZ located account (like how EUR goes to Germany) would be something you could do like it seems @XpellCZ has - not sure what happens in his case if he wanted to pay in PLN, if he would have a local .pl or have to send to London in that case

So it means those EU citizens remain under FCFS protection style even though their main currency is not GBP?

edit: ok, from Brexit and FSCS protection | FSCS it seems “but where the bank, building society or credit union holds the deposit” means local CZ would invalidate the FCFS protection…but isn’t that also the case for EUR in Germany? Does that mean a UK customer is protected up to €20k for EUR denominated investments + cash in the EUR currency (from EdB) and then £85k protection for the rest of the currencies (since the other currency accounts are in London)?

We don’t charge any fees for deposits and withdrawals made via bank transfer. If you were charged a fee, it would be best to contact your bank for more information.

For clients registered under the EU entity, we already offer deposits to local accounts for the following currencies: CZK, DKK, HUF, NOK and BGN. When it comes to the UK entity, we don’t have local accounts for other currencies due to regulatory reasons.

Yes, the FSCS protections are valid for all clients under the UK entity - regardless if they are UK or EU citizens.

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OK thanks. And is there a special exemption for EUR denominated since UK entity includes a non-London EUR account? I was going to suggest my wife buy a EUR ETF but if it’s €20k vs £85k I’ll change it to GBP/USD instead since USD is based in London

It it possible to change the main currency or have an account moved from UK to EU? FCFS is better if the main currency would be GBP

Another thought; because the EUR account is based in Germany…does it mean I would be protected up to €20k by EdB AND £85k by FCFS if I invested in both GBP and EUR ETFs?

We use a European bank for EUR deposits, as this allows us to allocate deposits faster than if we held a EUR account with a UK bank.

While we now offer multi-currency accounts, changing your primary currency or the entity you’re registered under is not possible unless you close your current account and open a new one. This way, your new registration will be under our European entity, and you’ll be able to select a different currency as the primary one.

The protection of your funds and assets with us depends only on the entity you’re under. You can find more details about both the FSCS (UK entity) and ICF (EU entity) protections in our Help Centre here.

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