0

Does anyone know of a FOREX trading platform, on which both GBP and EUR are traded and which allows withdrawals in a different currency from the original deposit?

(Just found out forex.com only allows withdrawals in the same currency as the original deposit, making it somewhat pointless for actually changing money)

Background: I currently live in the UK and am interested in efficient ways to transfer money to Eurozone countries, both for personal and potentially business use. SEPA transfers from UK banks are a very bad way (I found that typically, I am paying 4% on the exchange rate plus a fee of 15-25 Pounds, so more than 5% on ca. 1000 GBP transfers).

I know there are cheaper services like transferwise, charging about 0.5 %, but there is little/no control over the exchange rate, you just get the rate at the time of execution.

Snowball
  • 3
  • 1

2 Answers2

2

FX trading platforms are not used for exchanging money, they are used for trading currencies.

"I know there are cheaper services like transferwise, charging about 0.5 %, but there is little/no control over the exchange rate, you just get the rate at the time of execution."

With FX trading you don't have control of the exchange rate either, just like the share market, FX markets are determined by supply and demand of one currency over an other. So an individual does not have control over the exchange rate but will just get the rate at the time of the trade being executed.

Victor
  • 20,987
  • 6
  • 48
  • 85
1

If you wanted to spend money in another country, a specialist credit card would be the most cost-effective way. Near-spot exchange rate, zero-loading, no/low ATM fees.

Likewise a pre-paid debit card would also allow for money transfer across borders.

If this is the right situation, FOREX trading platforms are overkill to achieve a valid solution.

Chris
  • 765
  • 5
  • 8