I hope you’re all doing well! I have a quick question about wire transfer fees for depositing funds. Right now, I’ve got my account set up with EUR as the primary currency. When I try to deposit funds in PLN from my Polish bank, I end up paying a 50 PLN fee for SHA SEPA, or 25 PLN if I send it from Revolut.
In the past, I used to convert PLN to EUR at my bank and send that to Trading 212 for free, but since Trading offers a better exchange rate, I want to start sending PLN directly and then convert it to EUR or USD. I believe the PLN account to deposit funds is held in Germany which might explain the fee.
So, I’m curious: if I switched my account to have PLN as the primary currency, would I be able to deposit PLN without incurring SEPA fees? I know it would mean closing my current account and opening a new one, but that’s totally fine with me.
Also, when a Trading 212 account is set up with PLN as the primary currency, where is the PLN account actually held? I was told in a live chat that deposits would be free if my account was in PLN instead of EUR.
If anyone from Poland or who has an account in PLN could chime in, I’d really appreciate it! I’d love to hear how it works for you and if you’ve paid any SEPA fees when depositing PLN into your account.
Since the primary currency depends on the country of residence, if you’re based in Poland, then you’ll have the option to select between PLN & EUR.
The account value, positions, statements, etc. are calculated and displayed in your primary currency. If you use the multi-currency feature, then you’ll be able to convert, deposit and invest funds in other currencies - EUR, USD, etc.
Each bank account (including the address) will appear when you select it from Deposit funds → Bank transfer. We don’t apply any fees on the bank transfers. For SEPA or any other fees that might have been applied. please consult with your bank.
I have multi currency account but my issue is fee for SEPA wire transfer. Apparently sending money from PL to DE in PLN costs a bit. I was told on the chat that when my account’s primary currency was PLN, then wire transfers would be free on my bank’s side.
Could you tell me where is held account for deposits in PLN when primary currency of account is PLN? Is that the same account in J.P. Morgan SE in Germany?
I add screenshots of the conversation on the chat, so you could confirm or deny the things I was told today.
We use a local account for client deposits in PLN, and there shouldn’t be any fees.
However, there’s a difference when processing withdrawal requests. We process these transactions using SWIFT transfers since we do not utilize the local account. The SWIFT transfer is instructed with shared SHA charges, meaning we cover our bank’s fees while the beneficiary handles the beneficiary bank’s costs. That said, we don’t charge any fees, but a fee may be charged by the banks involved in the transaction.
Hello
My girlfriend is polish and she was setting up a T212 account and she wanted to use Interest on cash in PLN (Polish Zloty)
However to Deposit Funds via bank transfer the IBAN T212 is showing is from Germany and currency PLN, which makes any bank apply a fee of 25PLN (Polish bank or Revolut tried)
Is there any possibility or a local account for depositing to a local polish IBAN? I ask because other countries like Hungary or Czech Republic already have local IBAN accounts. Any forecast for this to happen for Poland?
She also tried using the Apple Pay/Blik method but reached the 2000 euros free fee limit.
There isn’t a local account now. If we open one in the future, I’ll let you know.