USD to GBP to USD again
Discussion
I would like to move all my Revolut USD share funds to eToro.
However I have to change from USD to GBP, then back again, around £300 in fees with Revolut to change back to GBP.
Any suggestions, going forward I will probably open a USD account...
Thanks
However I have to change from USD to GBP, then back again, around £300 in fees with Revolut to change back to GBP.
Any suggestions, going forward I will probably open a USD account...
Thanks
Edited by KrissKross on Friday 22 January 09:44
The UK USD account is a good idea - can you hold off on your transfer until you have that open, to save you the currency transfers?
Some UK foreign currency accounts might charge you for either moving funds or for simply having the account itself. Some banks don't - one of my recent clients had a Barclays EUR account and was not charged for depositing or withdrawing money (€600K) to other EUR accounts.
Some UK foreign currency accounts might charge you for either moving funds or for simply having the account itself. Some banks don't - one of my recent clients had a Barclays EUR account and was not charged for depositing or withdrawing money (€600K) to other EUR accounts.
CharlesElliott said:
Sorry, I'm not clear what you are trying to do. Do you not have a USD account with Revolut? Can eToro accept USD?
I have a Revolut account and hold GBP, USD and EUR, and I receive USD deposits into it and make direct USD / EUR payments from it without conversions.
Correct but eToro will not accept USD payments from Revolut.I have a Revolut account and hold GBP, USD and EUR, and I receive USD deposits into it and make direct USD / EUR payments from it without conversions.
Don't forget that there are always fees. When you hide them in the spread then you can charge more. 
. These new services are just rehashing the old wheezes for a new generation who haven't yet appreciated the mechanism.
For anyone using such services in a regular basis or for a large amount it's wide to establish what the true bid and offer is at a credible vendor so as to be sure that your fee free service isn't gauging your eyes out with massive fees.
. These new services are just rehashing the old wheezes for a new generation who haven't yet appreciated the mechanism. For anyone using such services in a regular basis or for a large amount it's wide to establish what the true bid and offer is at a credible vendor so as to be sure that your fee free service isn't gauging your eyes out with massive fees.
DonkeyApple said:
Don't forget that there are always fees. When you hide them in the spread then you can charge more. . These new services are just rehashing the old wheezes for a new generation who haven't yet appreciated the mechanism.
For anyone using such services in a regular basis or for a large amount it's wide to establish what the true bid and offer is at a credible vendor so as to be sure that your fee free service isn't gauging your eyes out with massive fees.
Reminds me of the Post Office, who advertise 'no commission' foreign currency but give you a crap exchange rate instead.... These new services are just rehashing the old wheezes for a new generation who haven't yet appreciated the mechanism. For anyone using such services in a regular basis or for a large amount it's wide to establish what the true bid and offer is at a credible vendor so as to be sure that your fee free service isn't gauging your eyes out with massive fees.
Simpo Two said:
Reminds me of the Post Office, who advertise 'no commission' foreign currency but give you a crap exchange rate instead...
Yup. Physical forex is unregulated so you can still pull the same stunts that have been banned in other markets. Plus there is no central exchange so the word 'spot' is meaningless. You can make 'spot' whatever you want it to be. At least the post office gave a two way price.
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