Transferwise: Entered IBAN can't be used for selected currency

šŸ¤ Help
1

I have a RON account with T212.
I tried to transfer money to it via Transferwise, as they seem to have the lowest fee of all available options right now. I copied the Barclays bank account details from the T212 app, which clearly states the account currency is RON.
When tapping ā€˜Continueā€™, Transferwise displays this error: ā€˜Entered IBAN canā€™t be used for selected currency.ā€™

Any ideas why? Could the Barclays IBAN I see in the app not be a RON IBAN, as stated there? @Team212

Thanks.

1 Like
2

:wave:

The IBAN in the deposit section in our account allows transfers using RON currency but it depends on which one you have selected. This will be the correct IBAN for RON deposits GB42BARC20199088193100.

Also sounds like you might have chosen the wrong currency as the receiving one. It should be ā€œYou sendā€ RON and ā€œreceiver getsā€ RON. Keep in mind that the IBAN should be a single line (no spaces).

If youā€™re still having the issue get in touch with Transferwise as they might be able to help further. Keep us posted.

3

Hi Tony,
Iā€™ve selected the right currency (RON to RON) and entered the right IBAN for RON deposits (which, anyway, is the only IBAN I can see in my T212 app). Iā€™ve also tried to transfer multiple times and am getting the same error from Transferwise, which doesnā€™t let me proceed.
Iā€™ve contacted Transferwise support about it.
Thanks for the quick reply!

4

To anyone interested: Transferwise have replied they do not allow RON to RON transfers between countries - therefore, they do not allow sending RON from Romania to the UK. :frowning:
Their proposed solution is to send a different currency so that it is converted by them, hah.

5

you can use Revolut to transfer RON to Trading212 but you will have to pay a flat fee of 25 ron each time(because itā€™s a non USD transfer). Iā€™m still hating myself for starting an account in RON instead of USD(as most of the stocks i trade are in USD anyway)

6

I know, not interested in losing 25 RON with each transfer. But thanks :slight_smile:

7

I confirm there is no free deposit from Romania right now.
I even tried from my bank(ING-big European bank, and stupid) and they donā€™t allow the transfer of RON in UK.

8

You mean there is no free transfer for RON?
As I am sure if you have EUR account, you can transfer via Revolut SEPA free of charge.

9

No, thereā€™s currently no free deposit method for RON into Invest accounts.
Closing all my positions and starting a new account in EUR is also not an option, considering the tax implications.

10

You can check if there is rule of repurchase of same share in under 30 days. To avoid CGT. Not sure if this is UK only or many EU has same.