I get what you mean. It’s part and parcel why I don’t have my ISA with 212.
It’s quite a slow process to transfer, the government guidance is 6 weeks to transfer cash in an ISA, or 12 weeks for stocks and shares. In this day and age, both are too long.
Given the low costs of 212, and the fact I don’t think any broker has an ‘automated’ process for this, how would we propose this be implemented? A set fee of £5-10 per stock perhaps to facilitate manually? I’m not sure how much the financial risk would be for this or if this would be sufficient to cover irregular work, but I t’s certainly something the UK regulators need to push for(ease of transfer).
Good point and you’re right, it was there in the terms when I signed up but although I overlooked it before, now that I know, I’m wondering when @team212 will introduce this as a feature. My friends tell me some of their competitors (e.g. Freetrade, Etoro) offer in-specie ISA transfers.
Glad you get what I mean (I was hoping I got my point across clearly!)… just out of interest, who is your ISA with in that case? and more interestingly, if T212 offered in-specie ISA transfers would you consider an ISA with T212 in the future?
Your friends should check their sources. Zero commission brokers in the UK don’t offer in-specie transfers (I hope Trading 212 will be the first to offer it). Freetrade and eToro also don’t support in-specie transfers, with eToro you can’t have an ISA at all.
Freetrade support them in - as long as everything you want to transfer is available already in their universe. They do not offer in-specie out at all.
Sure 212 won’t mind but I was offered a spot to test their in-specie transfer pre-covid and Freetrade put the breaks on it and refused to co-operate. 212 have since shelved development whilst they work on other features / scaling.
Take a look at this post last year from T212 saying in spec transfers should be available last year. We have been waiting a long time for this… Also the road map always seems to be a secret and we are never told what is coming next (probably since they kept saying things that never happened so now they keep quiet)
When it comes to new features, the situation is dynamic as priorities might change (e.g. scalability improvements in the last months). We strive to give you updates in the respective feature request topics as long as such are available.
Nevertheless, we appreciate the interest and we will discuss further the options.
@Bogi.H I’ve been following the threas on this topic in the user forums since Q3 2020 was the ETA. First of all, thank you for finally reinstating the ability to create community accounts, I’ve been locked out for way to long! I just wanted to re-emphasise how much this feature means for consumer choice and credibility of Trading212, an otherwise great platform.
Please do let us know how we can accelerate this process or otherwise pay a fee to perform such a transfer as a one-time occurrence.
Looking forward to your reply and wish you all the best!