Funding the Euro Account

I would love to break into the Euro Bonds market but I don’t own a bank account that trades in Euros.
I had thought that potentially I could use my Glint Card which holds my money in the form of Gold and then when I spend the money it turns it into whatever currency I need when I need it, the issue I have is I can’t do a bank transfer using this method, it has to be direct debit, are there any plans in the near future to allow us to direct debit to deposit euros into the investment account?

An easy way would be to use transferwise I guess. You can have free accounts in GBP, EUR, USD, etc and transfer between these easily. You can also get a debit card that pays from the best account automatically.
That said, there were plans for WA to offer currency conversion, not sure why that isn’t there yet…

Hi @Ollie99 @nlopes ,

In short yes, there are plans in place.

As mentioned in our investor update (extract below) we are planning on launching a next generation cash processing platform once we have the permissions we need from the FCA. Once we have both the permissions and platform in place we will be able to look at FX options for clients.

Currently you do need a bank account in the currency you want to invest in, we do not accept payments from anywhere we can’t send funds back to e.g. Transferwise. This is because if you want to withdraw funds it’s important that we can send them back to an account so you can access them and our current payment provider does not offer FX.

Lizzie

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I fund from revolut for free. You can open an account for free and usually get a free card so that found be an option for you

Hi @pm84280, we prefer and advise clients not to use Revolut to fund their accounts. Our payments provider currently doesn’t recognise them as a bank and although they can accept incoming funds from Revolut they cannot be withdrawn to a Revolut account. Making sure you have access to your funds should you need them is very important. -Lizzie

Hi Lizzie,

Do you treat Monzo in the same manner also?

Monzo is fine. Same principle though, to deposit in GBP you need a GBP bank account, to deposit in EUR you need a EUR bank account.

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Transferwise do have EUR accounts that can receive funds i.e. have account numbers, SWIFT and IBAN codes. What would be the problem with that?

Hey Freddie, I would guess that it’s because it’s not a proper bank. I can double check with our payments provider as to the ins and outs of why on a case like this, however they 100% do not accept Transferwise. Leave it with me. -Lizzie