Bank transfer withdrawal

If I were to deposit through a bank wire (with transferwise), will I be given the option to withdraw via bank wire too?

I found this: https://helpcentre.trading212.com/hc/en-us/articles/360007081537-What-are-the-available-withdrawal-methods-

And it states something about card withdrawal being preferred.

But my situation is, I still dont know if I can successfully withdraw to any of the cards I have used. See, I deposited $2 usd with one and $1 usd with the other and then withdrew $3 usd within the same day just to see if it all worked before commiting any more money.

This was two weeks ago and I have yet to recieve the payment since it was processed to any of my cards, so thats why I don’t trust withdrawing with this method and now want to use wire transfers to deposit and withdraw with Transferwise. As I’ve seen some say Transferwise works.

I don’t want my money to be in limbo for so long and wire transfer would at least be quicker and should work without problems technically.

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Yes TransferWise does work well. I am using it since almost 2 months when I started trading on this platform and it is working very fine. From TransferWise to T212 the transfer is immediate so you don’t really need to transfer more than you need to invest at a time, you can add up anytime you wish it takes seconds. On the way around, when you withdrawal back from T212 to TransferWise it will take the normal bank process time which is usually 3-5 working days before your money is shown on your TransferWise account. :slight_smile:

Thanks man!!

I will try with a small amount first anyway, but you make me feel confident that it will work :slight_smile:

Especially because most brokers don’t work with Transferwise as far as I’ve seen.

Are you using the wire transfer with TransferWise? Why don’t you use the Card? I have been using the Debit Card they give you, do you have one? That would be the best and fastest way.

Unfortunately, the card is not available in my country yet (Mexico) ;(

I’m trying to get familiar with how Transferwise works still but I’m already stuck not knowing what to put in the address fields because the info given just says it’s London, England and I also need the postal code and the street I think :laughing:

Or at least thats what the form looks like when attempting an international transfer of USD to somewhere outside of the US (because I created my account in USD). Or maybe I could send GBP via the local transfer option and Trading212 will convert it for me? It seems to be even cheaper and doesn’t require the whole address, just the IBAN, beneficiary and reference.

An international GBP transfer also needs that full address… Just this local one seems ok but I might be doing it wrong…

If I really need to transfer USD because of my account then I might have to consider closing and reopening my account to set it to GBP for that local transfer :thinking:

Any idea?

I had the same issue with the Wire transfer right… that’s why I used the card… About the currency doesn’t really matter I guess, not sure though, why don’t you send an email to both TransferWise and T212 asking how can you transfer the money not knowing the address details and the postcode… I think it would be the best option getting the complete information from them, both TransferWise and T212 have a great customer service.

Yeah, I think I’ll do that. This looks like a really compelling option though if it works. The fees are super low :0 Not $30 to $50 usd that banks here usually charge for both sending AND recieving wire transfers.

I would finally have direct access to international stock exchanges if I get this sorted out!! :smiley:

And I might be able to get an answer for anyone with a similar issue too.

Yes! That sounds great, and yes please let me know as well honestly since I use the card I didn’t worry about the wire transfer anymore but it is always a good thing to know it. Good luck and looking forward for you to join the stock market hehe :slight_smile:

I’ve gotten some info, but not enough for me yet ;(

TransferWise told me that the full address is definetely required for any international transfer from a country/currency to another country/currency. But a local transfer could be used in this situation; you just don’t get to use their favourable exchange rates to GBP. It needs to be GBP to make such transfer to somewhere in the UK, which is the case, It can’t be any other currency.

So that’s pretty good so far, but then I found out that the GBP bank account details they give you is only for recieving GBP from the UK according to a message given along those details. This makes me think that if the transfer comes from another country or is in a different currency from GBP it might bounce.

That might be a problem if Trading212 withdraws to that account (because of their AML terms) in USD and not GBP, so I sent another email about getting to choose the currency to withdraw to bank account.

Fortunately though, it seems to be true that they will convert GBP to USD when recieving funds at no additional cost, so the whole depositing side of the equation is perfectly fine thankfully though I haven’t tried it yet because of that withdrawal issue.

I assume that if one were to have their Trading212 account in GBP that there would be no problems whatsoever :thinking:

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Good to hear I hope you will get it sorted out soon! I believe that Trading212 shall give traders the choice of which currency one wants to receive the money from, at least for the major currencies like Euro, GBP and USD.

When I first started trading on Trading212 website a couple of months ago I had the same concerns, my savings were in GBP on TransferWise therefore I firstly converted them in USD still on TransferWise and then deposited into Trading212 account.

Yeah, It would be useful ;(

Because sending GBP from my USD account is out of the question from the answer I got.

Good thing is that I might just be able to reopen my account as GBP because I dont have a portfolio anyway. I wish you could switch the account’s cash currency at any moment without having to close the account.

I just asked Transferwise to see if the sender’s details that Trading212 would get can be used by them to send funds in USD in case it counts as a different situation or something from the warning I encountered in the app.

Maybe I can also try different debit cards and see which one won’t get delayed with the refunds. I’m not using the same bank’s card cause they are most likely the ones at fault for that :confused:

This just gets more and more confusing xS

Transferwise uses different accounts for sending and recieving. They even said that the sending account is not even in my name, it’s in transferwise’s name or something.

Yeah, it feels like trying to use Transferwise without the card seems pretty likely that there’s gonna be some form of issue :’(

I don’t know which other service I could try. Revolut is not available for me either, but apparently wire transfers work with it. I’ve heard about Monese but I don’t know how that one works…

In the mean time I tried depositing and withdrawing with another card I have, hopefully it won’t get stuck like the other one. So easy to deposit but so difficult to withdraw.

OMG!!! I finally got the refund to my original card after weeks…

I didn’t even think it was going to work because of how long it took and that the only way to solve it was going to be by taking to the bank the refund letter Trading212 gave me recently.

Well, this makes me feel much safer now about using my card, it should just take little more than 2 weeks. But maybe the other one will be a little quicker we’ll see. I was worried they wouldnt even allow a ‘refund’ of an amount greater than the initial deposit, but it seems fine. I actually only lost like 3 US cents from the $3 I deposited from the spread, which is low, thankfully.

Worst scenario, they should know how to track it with the ARN if it takes absurdly long.

Hopefully Transferwise will offer their debit card here sometime anyway. I would prefer only having to wait 3 days or so.

I’ll start investing sooner than later when the USDMXN exchange rate drops a little! :laughing:

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