Yes, do exactly this.Open a us ‘Wise’ account and transfer from E*trade to there in USD. Then transfer to eToro from your USD wise account.
You should be able to open an E*Trade brokerage/trading account if, as I assume, your existing E*Trade account is limited for the purposes of employer stock related incentives (ESPP, stock/RSU bonuses etc.). Then when you liquidate stock in your employer's company you can trade with the proceeds and everything stays in US$. I've always found E*Trade support to be very good when I called them. However you may still have obstacles to buying ETFs, particularly those without the necessary KIID documentation for purchase by EU citizens.Hi, I have some USD denominated shares in my employer E*Trade account which I would like to invest in other (non-employer) USD denominated shares/S&P ETF etc for diversification and I'm wondering whether there is a way to avoid a double hit to FX fees. For instance, atm, I am selling the shares in Etrade and transferring the USD proceeds to MoneyCorp which I convert to euro (hit 1) and then I'm transferring euro to a Degiro account where I am re-converting to USD (hit 2).
Any thoughts?
Many thanks
Eugene
Yes but there are issues with Etrade, they require you to transfer into another denominated US account but it must be in your own name in order to avoid the big transfer out fees. Therefore setting up a currencyfair account and using their US dollar bank account wont work because that account is a generic account (but unique reference number per individual) but not in your own nameThere are several existing threads on how to get the best exchange rate in situations like this. You should be able to find them by searching.
In not sure that's true. I manage a large transfer to such an account in the past after arranging it with E*Trade support. However it was a while ago so maybe things have changed since then?Yes but there are issues with Etrade, they require you to transfer into another denominated US account but it must be in your own name in order to avoid the big transfer out fees. Therefore setting up a currencyfair account and using their US dollar bank account wont work because that account is a generic account (but unique reference number per individual) but not in your own name
i tried it with currencyfair, the problem was that etrade would send 2 small deposits to the currencyfair US dollar bank account . Then you needed to verify these deposits when they arrived in order to complete the verification process on etrade. However I think because the deposits are so small they are not picked up on currencyfair and assigned to my account, therefore I could not complete the verification because I need to know the exact amount of the 2 deposits. I have transferred money in and out of currencyfair no bother before and since so that was not the issue, just these small verification depositsOpen a us ‘Wise’ account and transfer from E*trade to there in USD. Then transfer to eToro from your USD wise account.
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