Before doing transfers, please make sure that you do not have unintentional auto-investment setup in Mintos. You can do that by going to Auto Invest section. Normally, at the beginning it is empty so not anything to worry about.
Now you are ready to invest and choose Deposit/Withdraw/FX menu and select Deposit.
In the next step you are allowed to choose the currency. I have chosen EUR as the main currency I will operate in Mintos. There are other currencies available, however, personally I would not recommend doing that.
- Vast majority of the loans in Mintos are issued in EUR
- Due to other currency fluctuations you might lose your investment value. Usually loans in other currencies have higher interest returns, giving false impression that they are more attractive
- The most options available to deposit are under EUR
You have the following options
1. Using Trustly
2. Using regular bank transfer
3. Using Transferwise account
Transferwise allows you to send money internationally and is one of the most popular currency exchange brokers in the world.
4. Using Revolut account
1. Firstly, you will need to register to Revolut account.
2. Secondly, you will need to do the verification for your account (passport or driver’s licence needed).
3. Thirdly, do the transfer of the needed sum from your regular bank account to the Revolut account.
5. Choosing local currency to deposit and convert to EUR in Mintos FX
In my case there is available my local DKK currency for deposits. However, I would need to use Mintos exchange to convert it to EUR and there is a fee of 5 EUR for that.
How did I do it?
Let us have a quick glance at the price level comparison for transfer of 1000 EUR.
Option 1 – 7568.76 DKK (Trustly)
Option 2 – 7491,20 DKK (Bank transfer – including fee of 20 DKK) – Cheapest
Option 3 – 7491.36 DKK (Transferwise)
Option 4 – Was not considering Revolut at the time (should be similar to Options 2, 3 and 5)
Option 5 – 7494.52 DKK (including fee 5 EUR – via Mintos currency exchange)
I have chosen a bank transfer but I strongly recommend to check what is the cheapest for you. Every EUR counts.
Firstly, I chose EUR and clicked on Bank transfer to see the details for the transfer.
Next up, I needed to login in my bank account and fill an international money transfer.
I am using DanskeBank and funny enough it was not possible to Paste some of the details to fields of transfer form. Luckily, I could paste account number and the BIC code, rest I filled manually. Make sure to write your investor number in the given message field.
Time for deposit to arrive
Normally, it should not be more than 1-2 business days. This depends on what type of deposit option you have chosen.