Minimising eToro Currency exchange fee using Revolut ??

adindas

I understand you could only have a US dollar account with eToro. So when you add money into the account it will automatically be converted into US Dollar on that day +  Currency exchange fee (?)

I am thinking of using revolut to get the best currency exchange rate e.g converting £/US when I believe the exchange rate is good and then feed it into the eToro US$ account when needed. I have been doing this with Euro Account to feed my KBC Euro account. There is no cost for this I get quite similar to interBank Exchange rate (e.g  xe.com).. But if applied to US$ I believe it is even better as Revolut will pay you the interest of 0.65% in US$.

https://www.revolut.com/savings-account-vault

That is quite similar to the interest you will get when the money is sitting in one of the best interest paying current AC in £, e.g LBGs for instance and it is an instant access.

Has anyone tried to feed the eToro account from Revolut and you do not pay the fee at all from both ends  ??.

Also another question. eToro is an israeli company but have a UK licence, so our investment account (not Crypto) is covered by FSCS up to £85.000 and it is explained in this document eToro FSCS

But the document above was written in 2019. I wonder whether it is still the case that eToro investment account (not Crypto) is still covered by FSCS.

Thanks

adindas

adindas said:

I understand you could only have a US dollar account with eToro. So when you add money into the account it will automatically be converted into US Dollar on that day +  Currency exchange fee (?)

I am thinking of using revolut to get the best currency exchange rate e.g converting £/US when I believe the exchange rate is good and then feed it into the eToro US$ account when needed. I have been doing this with Euro Account to feed my KBC Euro account. There is no cost for this I get quite similar to interBank Exchange rate (e.g  xe.com).. But if applied to US$ I believe it is even better as Revolut will pay you the interest of 0.65% in US$.

https://www.revolut.com/savings-account-vault

That is quite similar to the interest you will get when the money is sitting in one of the best interest paying current AC in £, e.g LBGs for instance and it is an instant access.

Has anyone tried to feed the eToro account from Revolut and you do not pay the fee at all from both ends  ??.

Also another question. eToro is an israeli company but have a UK licence, so our investment account (not Crypto) is covered by FSCS up to £85.000 and it is explained in this document eToro FSCS

But the document above was written in 2019. I wonder whether it is still the case that eToro investment account (not Crypto) is still covered by FSCS.

Thanks

Just want to answer my own query. I have tried that, no fee on both ends. So you coukd avid currency exchange fee, commission by feeding your eToro AC  from Revolut.