Hi! I couldn’t find up-to-date information on this topic so I’m creating a new thread.
Problem
Typically I move my local currency (EUR) to my USD T212 using my bank, N26, which uses Wise for the currency conversion.
However, I cannot transfer money out of my USD T212 account and back to N26 however as N26 only accepts EUR. Therefore I have to first pay the T212 in-app FX fees to convert my USD to EUR before making the transfer.
Solution
To avoid this fee, I was thinking to send USD from T212 to my USD Revolut account, then use the fee-free currency exchange in Revolut to convert from USD back to EUR.
Question
When I attempt to transfer USD from Revolut to T212 in order to make this banking option available as a withdrawal option in T212, I see two options:
- Share fees: ~$3.50 - Recipient may get less due to potential bank fees.
- Pay all fees: ~$34.50 - Recipient gets the full amount. you pay extra to cover all potential bank fees.
I am not sure which to select. Has anybody successfully done this? Are there any issues or fees I might not be seeing?