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  • FIRST POST
    • tg99
    • By tg99 4th Dec 17, 11:59 PM
    • 541Posts
    • 224Thanks
    tg99
    Anyone successfully funded their TD Investing account with foreign currency?
    • #1
    • 4th Dec 17, 11:59 PM
    Anyone successfully funded their TD Investing account with foreign currency? 4th Dec 17 at 11:59 PM
    Am looking to buy some Euro denominated shares hence wondering if anyone tried something like Revolut or Monese to fund TD directly with a Euro bank transfer to avoid the TD 1.5% fx conversion fee?
Page 1
    • economic
    • By economic 5th Dec 17, 12:44 AM
    • 2,104 Posts
    • 1,152 Thanks
    economic
    • #2
    • 5th Dec 17, 12:44 AM
    • #2
    • 5th Dec 17, 12:44 AM
    You can only transfer money from an account in your name. Using a third party fx broker would send the money from their names account not yours. You will need to open a foreign currency bank account in your name and have the fx broker send money to that bank account and then send the money to td from the bank account.
    • Voyager2002
    • By Voyager2002 5th Dec 17, 1:18 AM
    • 11,717 Posts
    • 7,937 Thanks
    Voyager2002
    • #3
    • 5th Dec 17, 1:18 AM
    • #3
    • 5th Dec 17, 1:18 AM
    I did once do this using Internaxx, which at the time belonged to TD. It was a lot of hassle: I had to argue that the funds were coming from my account with Xe.com (the moneybroker I used).

    Have you given up on the idea of using Fineco?
    • tg99
    • By tg99 5th Dec 17, 1:32 AM
    • 541 Posts
    • 224 Thanks
    tg99
    • #4
    • 5th Dec 17, 1:32 AM
    • #4
    • 5th Dec 17, 1:32 AM
    You can only transfer money from an account in your name. Using a third party fx broker would send the money from their names account not yours. You will need to open a foreign currency bank account in your name and have the fx broker send money to that bank account and then send the money to td from the bank account.
    Originally posted by economic
    As far as I could see you would get an account in your name at for example Revolut hence why I was thinking this could work. Will try and clarify with them.
    • tg99
    • By tg99 5th Dec 17, 1:34 AM
    • 541 Posts
    • 224 Thanks
    tg99
    • #5
    • 5th Dec 17, 1:34 AM
    • #5
    • 5th Dec 17, 1:34 AM
    I did once do this using Internaxx, which at the time belonged to TD. It was a lot of hassle: I had to argue that the funds were coming from my account with Xe.com (the moneybroker I used).

    Have you given up on the idea of using Fineco?
    Originally posted by Voyager2002
    Not totally given up on the idea but not sure whether it is worth the saving on the fx fee and end up having to rely on the Italian (Fineco) or Netherlands (DeGiro) investor compensation schemes if either of these firms were to run into trouble.
    • tg99
    • By tg99 5th Dec 17, 2:15 PM
    • 541 Posts
    • 224 Thanks
    tg99
    • #6
    • 5th Dec 17, 2:15 PM
    • #6
    • 5th Dec 17, 2:15 PM
    You can only transfer money from an account in your name. Using a third party fx broker would send the money from their names account not yours. You will need to open a foreign currency bank account in your name and have the fx broker send money to that bank account and then send the money to td from the bank account.
    Originally posted by economic
    Spoke to TD who confirmed that they canít accept payments from Revolut or Monese even if the account is in my name.
    • Economic
    • By Economic 5th Dec 17, 2:43 PM
    • 145 Posts
    • 95 Thanks
    Economic
    • #7
    • 5th Dec 17, 2:43 PM
    • #7
    • 5th Dec 17, 2:43 PM
    With IG the FX fee is only 0.3%:
    https://www.ig.com/uk/investments/share-dealing/comparison
    • tg99
    • By tg99 5th Dec 17, 2:46 PM
    • 541 Posts
    • 224 Thanks
    tg99
    • #8
    • 5th Dec 17, 2:46 PM
    • #8
    • 5th Dec 17, 2:46 PM
    Originally posted by Economic
    Yep thanks though in this case not possible as they donít offer dealing in the relevant share.
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