Despite their amazing platform and pricing mode, there’s a big gotcha if you’re not American. Funding the account has proven to be difficult, expensive, or both. At the moment it seems you only have 3 options (which are actually 2 options):
- Have an existing US-bank account.
- Have a multi-currency account in your bank and send USD via a traditional wire transfer ( no Transferwise, Revolut, or any similar tool works here. Must be a traditional bank ).
- Use the CurrencyFair site.
Funding a Tastyworks international account :
If you do not have an American bank account, then as an international customer you have only two methods to fund your account. Both funding methods must be made in USD and cannot come from a third party (which excludes Transferwise, Revolut, and similar). Tastyworks does not do conversion and does not charge any conversion fee, you must send USD from your origin bank.
Sending money to US via your traditional bank could be very expensive, as we all know they’re not the friendliest in this regard. Added to this remember to add the $45 fund/withdraw Tastyworks fee that you’ll be charged when funding or withdraw money from your account.
Any deposit sent with TransferWise or Revolut will be rejected and returned, and then you’ll be hit with a $30 reversal fee to top the cake.
In a nutshell, any non-traditional banks aside from CurrencyFair are not allowed to fund your account.
That said, the CurrencyFair platform works nicely and the exchange rate is pretty tight, do you won’t get scammed out the forex differential when changing currency. Something else I noticed is that if you’re sending Euro you won’t get hit by any additional fees, as the money goes through SEPA between EU bank accounts, however if you send USD to CurrencyFair this seems to be an UK account which charges an additional $5 clearing post-brexit.