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Interactive Investor: xe rate and transferring out USD

  • 05-02-2019 3:49pm
    #1
    OmegaRed
    Registered Users, Registered Users 2 Posts: 1,055 ✭✭✭


    Wondering has anyone had this issue and found a way around it on Interactive Investor (Formally TD Direct).

    I have sold shares in USD on the platform. In order to transfer this money to my back account, it looks like I must first convert the USD into EUR (or GBP for UK Bank Accounts). The issue here is that the Interactive Investor exchange rate is very poor and means I get significantly less money once I convert my USD to EUR (it’s about 2 to 3% less than actual exchange rates which is a good bit of money when dealing with large amounts). Obviously this is where the platform makes money.

    Separately I have a revolut account which has multiple currency accounts (including USD).

    In Interactive Investor, when setting up a new bank account to withdraw money from, I have the option of selecting currency (USD) and Destination Country (UK) but says “We are unable to process this online, please contact us on 1 800 646582.”

    Does anyone know if I call them, can I transfer USD to my UK based USD currency account on revolut?

    Thanks

    OR


Comments

  • #2
    retsillacm
    Registered Users, Registered Users 2 Posts: 4 ✭retsillacm


    Were you able to find a decent answer for this? Curious to hear what you ended up doing, as I also will be encountering a similar issue at some point in the near future. My account is USD based, but deposits are coming from an Irish bank account - so obviously am going to face the conversion on two sides: changing the Euro to dollars to purchase shares, and then vice versa when selling.

    It may simply be the cost of doing business, but curious how you handled the issue. My understanding is that IB don't allow accounts to be linked to Revolut/TransferWise/etc.? This may have changed, so I'm by no means sure of this.

    Cheers


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