Scenario: I have USD on deposit in Lightyear (LY) & want to transfer that USD to my Trading 212 (T12) account (to avail of T12's 5.1% deposit rate vs LY's 4.5%), without having to convert to EUR first & while minimising transfer fees. But I've ran into 2 issues below, both with the withdrawal from LY & the deposit to T12.
Issue1: Withdrawal from LY. LY only allows withdrawal to a local US bank account. LY Support recommend to either 1) convert my USD to my local currency (EUR) or 2) add a local US account to my LY account. Option 1 incurs a 0.35% conversion fee (something I want to avoid given the sum involved) & Option 2 isn't a go-er due to Issue 2 below.
Issue2: Deposit to T12. T12 only allows deposits from a non-US bank account. So T12 won't accept a deposit from LY (who use US local accounts).
I have a Wise USD account which has both Local & Global-Swift account details so that addresses Issue 1 above. But I'm still blocked by Issue 2 above as T12 won't accept deposits from Wise as it's BIC & Account number are detected as US local account.
What are the lowest cost options available to me here in this scenario?
For example, is anyone aware of any other bank or trading platform account available to Irish residents other than Wise that I could use as an intermediary between LY & T12 that somehow address both Issues 1 & 2 above? I.e. a company that has both a US account & a non-US account all under the one root/platform/service? Interactive Brokers, Revolut perhaps? Any tips welcome.
Issue1: Withdrawal from LY. LY only allows withdrawal to a local US bank account. LY Support recommend to either 1) convert my USD to my local currency (EUR) or 2) add a local US account to my LY account. Option 1 incurs a 0.35% conversion fee (something I want to avoid given the sum involved) & Option 2 isn't a go-er due to Issue 2 below.
Issue2: Deposit to T12. T12 only allows deposits from a non-US bank account. So T12 won't accept a deposit from LY (who use US local accounts).
I have a Wise USD account which has both Local & Global-Swift account details so that addresses Issue 1 above. But I'm still blocked by Issue 2 above as T12 won't accept deposits from Wise as it's BIC & Account number are detected as US local account.
What are the lowest cost options available to me here in this scenario?
For example, is anyone aware of any other bank or trading platform account available to Irish residents other than Wise that I could use as an intermediary between LY & T12 that somehow address both Issues 1 & 2 above? I.e. a company that has both a US account & a non-US account all under the one root/platform/service? Interactive Brokers, Revolut perhaps? Any tips welcome.