Anyone successfully funded their TD Investing account with foreign currency?

tg99

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?

economic

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

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

economic wrote: »

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.

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

Voyager2002 wrote: »

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?

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

economic wrote: »

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.

Spoke to TD who confirmed that they can’t accept payments from Revolut or Monese even if the account is in my name.

System

With IG the FX fee is only 0.3%:
https://www.ig.com/uk/investments/share-dealing/comparison

tg99

Economic wrote: »

With IG the FX fee is only 0.3%:
https://www.ig.com/uk/investments/share-dealing/comparison

Yep thanks though in this case not possible as they don’t offer dealing in the relevant share.