Using Revolut to avoid commission charges / USD Share dealing


#1

Hi all

Has anyone tried using Revolut to trade USD stocks?

I recently signed up with ii.co.uk (interactive investor - formally known as TD) as they provide the ability to hold USD so you can buy and sell USD stocks (e.g. Facebook) without constantly incurring significant FX charges when converting from USD to GBP and back.

I had the idea of transferring money to Revolut in GBP, converting to USD then sending the money to ii.co.uk as they provide an IBAN and BIC for USD transfers. When I contacted their support they did suggest that i’d need a USD account in my own name for this to work - so i’m not sure a Revolut transfer will actually go through. I just sent them $10 to test… and i should find out by Tuesday if the account received it.

Has anyone tried this before?

The reason I went down this route is that last week I bought some Facebook shares on Hargreaves Lansdown and got destroyed with a 1.5% conversion charge.

On another note - it would be good if Revolut could provide a service like Robinhood - free share dealing.


#2

I would be surprised if it works. Outgoing USD transfers don’t appear as been sent from an account in one’s name.


#3

What about transfers in the reverse direction? I receive USD dividends in my Interactive Investor dealing account and would like to transfer them out to my Revolut dollar account. The II screen where I can set up the account to which USD will be sent pre-populates the beneficiary name field with my name and leaves me to fill in BIC, IBAN and Beneficiary Reference number. However, Revolut says that beneficiary name on my USD account with them is “Revolut Ltd”. Will this still work, provided BIC, IBAN and Beneficiary Reference number are correct?