Multicurrency account GBP/EUR/USD etc

I cannot deposit into T212 without fees so I was forced to start using another broker. 0.7% fee for credit card deposit doesn’t seem much but it adds up to significant amount long-term due to loss of potential compound interest from that amount paid for fees. Don’t get me even started on SWIFT…


Dear @George,

Thank you for the clarification about the topic. This is a very sad news since this was really the feature I was hoping the most.

Could you maybe envisage not a fully multi-currency account but a system where when we want to do a deposit we could select the currency of our deposit and then when you receive it you convert it to the currency of our account (something similar as when we buy stock in another currency). I ask a feature like this because I have read on this forum that your intermediary Barclays does not use a very interesting rate but maybe this has changed.

Or maybe could you confirm that you are working on a way to deposit for free on the plateform ? In my case, I live in Switzerland but have a USD account on your plateform and thus have no ways to deposit for free.

Thank you very much in advance for reading my comment.

I wish you a nice day !


Hi George, what a blunt way to rule out the most asked feature request on this forum, and maybe also the most discussed feature request. I read somewhere that other features have been prioritized. Then it sounds to me that you are not priotizing the features that customers want. This is the whole point of this forum and polls in the forum for your dev team to understand what would “sell”.

I am not going to explain here again why multi-currency is a given for most of us.

However, I would like you to expand on your statement and explain the choice not to add multi-currency? Maybe there are some complications of implementing this for T212 that are beyond our knowledge.

Anyway, a better way to treat your customers would be to improve your communication, especially after the statement that “you’ll consider it for Q2 2020”.


the point of the forum is to give those who use the platform a single local place to discuss stocks, funds, strategies and out look on the market. being able to request features is a bonus, not the core purpose.

as for the polls, they are informal and non-binding, just because more people happen to vote for something does not make it something they must add.

That’s true, but is normal to request features on the forum. What is Not normal is to have different answers from the @Team212. At some point this request was planned for 2Q 2020, and now 2021 and there are no idea? At least some clarification…

the different answers are because a pandemic happened and the situation they found themselves in changed. things still keep changing and the result is they have to change priorities and can’t commit to anything they may have before. This was mentioned to people on various occasions when asked. However not all answers are in the same place because people make duplicate threads around the forum and T212 spend more time working on the platform than scrolling through the forum.

the biggest delay to new features was the explosion of new clients and the result was they had to focus a lot more manpower, time and money into the team, servers and infrastructure. even now they are working hard to try and improve the software to a point that it can scale more smoothly once the register-lockdown ends and the waitlist is resolved. You can’t pre-plan for an unexpected explosive growth of this scale.

the growth below doesn’t happen on its own without a hell of a lot of work behind the scenes:

Perhaps if you had an external party open up a USD account, you could then use a third party to convert from CHF to USD, and then deposit.

Not sure if that would be free, but could be cheaper as an alternative?

The past 12 months already shown us what happened to businesses that were and weren’t prepared to capitalise on “unexpected” explosive growth cycle. Customers and investors vote with their money by moving to competitors.

I believe the mechanics of operating and reconciling segregated client money accounts when you add multi currency accounts into the equation can become infinitely more tricky, especially if you are trying to keep the service free.

The cost and development works would only be fully understood when the process is investigated and scoped out, that may be a reason why other items seen as ‘quick wins’ may be getting more priority.

and yet by that definition, people came to T212.

I agree to all of that, and I strongly believe they are trying to do the best for the community.

On my side I would like to have some clarification. At some point was on pipeline for 2Q 2020, and now 2021 and there are no plans. I would like to know if they remove this feature from the to do list, or if it is only a delay for reasonable reasons.


well, the reference to Q2 of 2020 was a ‘consideration’ rather than actual plans. More or less a notice of intent to look at the concept in Q2, but no commitment to going through with it.

So they have certainly been thinking about it, but never got to the planning stage. as such it makes sense to not be a priority compare to things they already started working on like the pies and automation, plus the new UI and app updates.

better to finish your current project before embarking on new ones, lest you fail to complete either.

Just sounds to me like kodak, not listening to people wanting digital, and sticking to film cameras… then going bust.

Having to manage a high growth is a nice problem to have for the moment, but at the same time, if you ignore the market trends (multi currency) you will be impacted, just like kodak was at its time. Customers will be as quick to leave as they were to come.


That’s actually funny if you are comparing T212 to Kodak on your personal opinion that multicurrency is the market trend. either you don’t know the market trend, or you are not that familiar with T212 or Kodak.

Thanks @Dougal1984 ,

I have also considered this option but sending USD to GB account is considered as a SWIFT transfer and is not free unfortunately.

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@Dao when the #1 feature request is multicurrency accounts, being discussed at length in these forums, and people are saying they will leave if T212 does not implement this, I call this a market trend.


I agree we need some clarification from @Team212.
Is this you are planning to do, or you have no plans at all?


It’s great you are trying to explain the situation but we need statement from T212 team.

A lot of people cannot deposit money without fees anymore and are not willing to spend 0.7% when other customers of T212 can easily wire the money for free.

I love T212 and would love to deposit monthly and buy stocks but I won’t until there is a way for me to do so without fees.


@Richard.W I see a lot of difference in the exchange rate of Quid and Euro. I mean I am getting around more than 60 Euro in just currency exchange rate. so If I sell now I’ll also make more Euros because Quid is getting stronger. It is also in other stocks the way around, USD is falling in comparison to Euro. So if I sell now I’ll get more loss due to currency devaluation but in future it is possible that USD again gains back value but I have made the loss already since I have converted my USD to Euro, I could have hold the USD in same currency if functionality allows it.

There will be never multi currency account because with the new FX exchange fee trading212 will earn much more money if they don’t make a multi currency accounts. That is the reason the planned multi currency account was canceled. Very clever and it shows what kind of company trading 212 is going to be…