I want to trade in US markets so I opened an account on trading212 and on Revolut.
I am a UK resident and have some newbie questions.
Revolut offers only 1 free swift transaction per month even with premium account. Is there any other method to fund USD trading212 account? I saw some posts in this forum where people mentioned UK resident can use bank transfer for USD but I don’t see the option to use sort code & accountId on Revolut for USD currency.
To add Trading212 as beneficiary in Revolut -
Should I use individual / business account?
Other details like name and address - Mine or trading212. what’s the address for trading212 Barclays Branch?
Are there any deposit / withdrawal limits that you are aware of?
Has anyone done withdrawal from trading212 to Revolut. I know trading212 offers free withdrawal but what are the other fees to consider?
Out of interest, why did you use a USD account? Most people who are Uk residents will use a GBP account. That way there are no deposit/withdraw costs. Given that there are no currency conversion fees on the invest/ISA side of the app, surely this is the way to go?
Yes you are right, trading212 doesn’t charge any additional fee. But If you have account in GBP, every time you make a US trade, currency conversion will happen - GBP to USD (buy) and USD to GBP (sell) and that conversion will happen based on the rate agreed for that day. Surely, this can benefit you as well but I want to avoid this conversion, one less variable for me to think about.
On top of that, Revolut offers free unlimited (for premium customers) conversion at best rates. Only thing I need to consider is trading212 to Revolut transfer charges, how much if any.
the T212 FX rate is not “agreed for the day”. it is live to the minute and you get the exact amount at the time in which you act on your positions.
not having to deal with this may seem convenient once the money is in the account, but often comes with costs from the external parties. comfort vs value.