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Old 07.12.2020, 15:18
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eToro stock broker

Hi,

I am running in circles trying to find the best (cheapest) way of transferring funds to and from eToro.

The issue is that they accept transfers to eToro in other currencies than USD, but they charge 0,5% fee and for the transfers from eToro they only do in USD, which means that my bank will charge quite high fee for converting the USD in CHF (or Eur if I send to my Portuguese account) at a very bad conversion rate.

I opened a Transferwise account, but i's not possible to withdraw funds from eToro to Transferwise.

I opened a N26 account with a free debit card. But it seems that I cannot receive USD transfers in the IBAN. If I fund eToro account with the N26 debit card, I don't know if I will be able to withdraw funds to this card.

As far as I know is not possible to withdraw funds to a Paypal account.

If I withdraw to my Swiss or Portuguese account I will pay 5USD as flat rate for withdrawing funds in eToro + expensive exchange rate + 2,5% foreign exchange fee.

If you have found a solution for this issue can you please share with us?

Thanks in advance,
Joaquim
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Old 07.12.2020, 15:59
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Re: eToro stock broker

What's the issue here? I use eToro myself for CFDs and gambling but I just consider their exchange rate and withdrawal fund part of the trading expense. They used to charge 25USD per withdrawal before...
I use PayPal and bank transfer to fund my gambling account. Try linking your N26 card to PayPal and then fund your eToro account using Paypal.
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Old 07.12.2020, 20:15
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Re: eToro stock broker

I don't have a problem with transfers to eToro. I's the withdrawals that I think are too expensive.

I am using this account for investing, so 2,5% + expensive exchange rate charged from my bank is quiet costly.

With Paypal is a little cheaper than banks, but not much.

N26 I think they do not accept transfers in USD.
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Old 07.12.2020, 21:24
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Re: eToro stock broker

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I don't have a problem with transfers to eToro. I's the withdrawals that I think are too expensive.

I am using this account for investing, so 2,5% + expensive exchange rate charged from my bank is quiet costly.

With Paypal is a little cheaper than banks, but not much.

N26 I think they do not accept transfers in USD.
Why don't you just open a US Dollar bank account? Certainly UK providers will let you do this (I have one) - I imagine a Portuguese bank would too (Swiss banks will ... at a price).

If you earn over £100K (120K CHF) you can use https://www.expat.hsbc.com/accounts/.../bank-account/. I have a GBP and a USD with them.

Or even better use a different (cheaper) investment platform such as Degiro or Interactive Brokers - both are better than eToro for most purposes. If you are a relatively new investor like myself id recommend degiro over IB.

Last edited by HickvonFrick; 07.12.2020 at 21:48.
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Old 07.12.2020, 23:00
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Re: eToro stock broker

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N26 I think they do not accept transfers in USD.
Did you try to open a USD account with them?
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