Is there a possibility to allow AMEX cards as one of the payment source?
@myths We’ll look into it & get back to you with a possible ETA once the details are ironed out.
Thanks for looking into it. Much appreciated
@myths I think we’ll have this live in Q2 of this year.
Awesome mate you guys really rock on your deliveries
Was wondering since PayPal is up , Is this next on the cards ?
We discussed the pros and cons, and we decided not to add it for now.
I’m not 100 % sure but I think any deposits with an amex would be counted as a cash withdrawal. Which would more than negate any points or cashback offer due to the amount of fees you would pay. Not sure you even get points or cashback with cash withdraws anyway. Would also be expensive for T212 as amex are notorious for high merchant fees.
I wouldn’t recommend using credit cards since there might be a fee for deposits. Also when withdrawing out, you might run to a few issues. You can only withdraw to the account you deposited.
Hmm I confirmed there is no fees on my side from AMex. Trading 212 might be charged not sure if that’s the reason to not include it.
as per my understanding withdrawal can be done to any account though we need to get in touch with the customer support of t212 ? Using PayPal with Amex this can actually be achieved its however just a hack and involves more steps, as I need to then transfer it from cfd to invest account
For real? How did you confirm it if you don’t mind me asking.
@myths I’ve actually spoken to them - Basically when you withdraw cash, it automatically goes to the account which you used to deposit. If you deposited with a debit and credit card - it will randomly choose an account. If you want it on your debit, you then have to get the credit card removed from your account which is a long process of evidence etc… Not worth the hassle in my opinion. (And you’re not guaranteed the credit card will be removed…)
AMEX doesn’t count these transactions as withdrawals, and it will not affect anything on your or their side. As for withdrawals, it’s the case with every payment method… it’s easier and cheaper for T212 to return funds the same way they came from. Plus you can always ask them to transfer elsewhere in support.
@Tony.V would uoh mind sharing the cons? For a long time they only credit card I had was an American Express… hope to use it soon
Well ask the Amex Customer service by dashboard chat
This is the answer
There is no as such charge from our end so, the trading company might charge the same i request you to please contact them for the better picture.
I wont withdraw for many years as i invest via my ISA , But last time i asked the customer support on T212 , They said that i can change the withdrawal method though i didnt go in detail asking whats the process so i’d rather confirm first.
I would be weary though using credit card for trading, Last resort in times when stock prices are going down and i am out of money . Again this might be termed as really stupid thing to do for most of the folks.
So @Tony.V , Just to confirm few things since you have already mentioned Amex is not going to come in.
- I can still use Amex via Paypal get the money to my CFD and then to my ISA ?
- Though i am not going to withdraw for ages, But if i happen to withdraw and want to change the source whats the process ?
@myths To your questions:
- Yes, you can.
- It depends - due to AML precautions there are certain procedures which we follow. If you have a particular request, be sure to contact our team.
Hello @Tony.V ,
has this changed since March? I don’t seem to be able to fund my Trading 212 CFD account through Paypal using AMEX.
If I choose Paypal as the funding method, then I’m prompted to enter my card details and AMEX is not an option here.
That is a Paypal restriction, there is nothing T212 can do about it.
can you confirm that this method is no longer feasible, then?
Yeah, afraid so. Would also like to use my Amex if I could lol.
I see. Shame…! Thanks for replying.