Euro account holder here. Now that we are able to hold currencies other than the account functional currency, I feel “forced” to do two-ways currency exchange when it is not really required just to be able to use the automations associated with the Pies.
Let’s say I liquidate a pie containing only stocks in USD to buy-in another pie also containing only stocks in USD.
What the platform is going to do is:
Sell everything in USD
Convert it to EUR
Convert my EUR back to USD to buy the new pie
The system does not allow me to liquidate the original pie and keep it in the original currency of the investments (USD) and does not allow me to buy-in new pies in currencies other than my functional currency.
The only work-around is to export the stocks from the original pie, sell them manually (in USD, after activating the Default selling currency: “Asset Currency”), then buy the new stocks manually (also in USD, after activating the Default buying currency: “Asset Currency”) and “import” them into the new pie.
Couldn’t agree more.
It’s absurd that we have to find such workarounds when this should be a default procedure. Whenever we sell in a given currency there should be no automatic currency exchange.
Unless that has to do with the default buying and selling currency options?
We’re yet to introduce multi-currency support for Pies, but we’d like to do so in the future. In the meantime, the only workaround is the one mentioned in the post — export shares from the Pie, sell them manually, purchase new shares, and import them to the new Pie.
Of course, I understand the extra work this requires is not the most convenient thing in the world. Rest assured that we’ll notify everyone once the multi-currency feature gets integrated into the Pies.
I would also like to stress something out on this topic.
I’m also a Euro account holder. I created 2 Pies and both of them have only USD assets. I have both pies on auto-invest and I topup at the beginning of each month from my bank account.
I initially topped up in USD (since I have USD assets). I noticed that the Pie was not auto-investing (error that not enough funds on my account). I had to convert to EUR and send EUR in future deposits, only so the Pie would take the EUR and convert it back to USD on each transaction in the Pie (charging an FX-fee each time of course).
These fees add up significantly over time. I don’t mind using TradingView FX-fees since they are very reasonable, but I think the currency situation with the Pies is quite expensive for EUR account holders. I also tried to change my primary currency to USD, only to find out that it’s not possible.
+1. At the moment I exclusively use T212 for my ISA specifically for the ability to auto trickle invest into pies. I want to do the same for my USD savings but it doesn’t make sense to have to bear FX fees twice each way.
+1 For me, pies were the feature that got me to give Trading212 a try in the first place but I’m just not using them at all. Currency limitations and redundant & expensive conversion hoops just don’t make Pies worth using for users like myself who hold funds in a currency other than their primary account currency - which I expect is not a small user segment. Really hope to see this in the near future.
Currency limitations and redundant & expensive conversion hoops just don’t make Pies worth using for users like myself who hold funds in a currency other than their primary account currency - which I expect is not a small user segment. Really hope to see this in the near future.