Advice on selling significant amount of shares etc

I

ian866

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Right now I’ve $xxx,xxx worth of shares in Degiro as an example. If I were to sell them degiro do a conversion to euro and from what I remember the rates aren’t great.

Degiro is one example, but I also have a little bit in the likes of Etoro as well for example.

My question is, has anyone got experience in using something like Wise in order to just send the dollar amount there and do the conversion there at better rates?

How has your experience been / have you got any tips? I need to sit down and do the calculations but I’m also on edge about Wise potentially not liking a decent amount of money coming in the second I open an account too.
 
I'm not sure if degiro actually allow adding a dollar account for payout; IIRC they require payout to be to the original funding account. One possible option might be to transfer the shares to, say, IBKR, which I believe has cheap FX, and sell there, but there are a lot of moving parts there and transferring shares may incur fees on both ends.

If it's a very large amount, it might also be worth asking degiro if they'd be willing to come down on their FX margin. No idea what degiro's policy is there, but Irish banks are willing to negotiate on fees for FX of amounts in the 100k or more range.

EDIT: However, just looked at degiro's website. "The fee for Manual FX is €10 + 0.25%." That may be cheaper than Wise; iirc they don't really get down below 0.3% til you're FXing multiple millions.
 
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Transferring cash, often large amounts, is Wise's business! They're hardly going to object especially after doing the necessary regulatory know your customer and anti money laundering work when you open your account...
 
ian866 said:
Seems suspicious to open an account and instantly lodge a huge amount but I could be over thinking
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Worst case, they hold up the transfer a bit while they KYC you. But as long as you can explain where it came from, well, this is kind of their business; you won't be the first person they've seen open an account for the purpose of a large one-off transfer.
 
i used revolute to do this, i don't know if its the best way but it worked for me.

Settle trade in the original currency and send to the revolute same currency accounts, do the conversion there.
 
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