Deposit not processed

Hi! Just wanted to bring to your attention the same situation I pointed out when this credit card deposit fee was mentioned. I have made a SEPA deposit early Monday morning and it still has not arrived in my account. A previous try I did (in November I think) was still unprocessed after 5 working days and only got processed after discussing with live chat.

I understand the fee… however I cannot understand why processing is not happening automatically. I am sure the money has arrived in your account, but for some reason they were not tied to my account (although all the time I send the reference in the description).

Could you please check the situation?

Ping @Team212

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It’s simple: to speed up the transfer as a reference you should add your account ID. Right now that was missing, thus why the whole processing is taking longer than the expected 2-3 business days. The following article is also relevant:

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@Tony.V I will contact you in private to confirm the account ID. I did add the reference number, but I don’t know if that is correct.

Just out of curiosity, which bank/instrument you use to send funds? By SEPA, it would mean EUR currency?

@adriantc This might be useful:

@Vedran Yes… I use Monese for SEPA transfers. BTW… Monese, unlike Revolut, offers unlimited currency exchanges (within account).

@Tony.V That is what I used… I will send the statement in private. Maybe you can tell me what is wrong with it.

Never used Monese, can you verify/check how they label the sender?

For instance TW doesn’t use your personal account for sending, but send on your behalf via shared/pooled account.

Well from the statement it looks as if they send it from my personal account, but now when I checked the transfers I do from Monese to my bank (but in RON not in EUR) it seems that indeed they have a common account and add the account number in the details of the transaction.

However the reference ID is still there (together with other information).

Well I would say this might be reason for delays.

Revolut sends via personal account, funds land in same day most of the time.

If we would strictly read this, would mean that transfers like TW/Monese are not “supported”.

Now that I realize they are using a common account we may have a bigger problem. If I withdraw money, how would they know what account to use?

Yes, we came to this conclusion for TW topic as well.
I would advise to reach to Monese support and describe the situation.

I doubt T212 can change withdrawal IBAN , AML and all.

From looking at the transactions I make where I can see both ends it seems that they add my IBAN number in the details of the transaction + other info + whatever I add in the reference. However due to size constraints I guess that gets trimmed. I am pretty sure that is the issue. However the withdrawal is still an issue… I have contacted Monese support and await their response.

Well I would think T212 parser expects

Full Name

Reference number in description.

So if not fitting the criteria, requires extra manual tasks to verify.

Revolut is not option? Would make your life simpler.

I would probably revert to using Revolut as a passthrough for the money, at least until Direct Debit for SEPA is done in Trading212 which should solve this issue with Monese. The reason (besides the currency exchange) I use Monese is because I wish to keep the money I save for investment separated from those I normally use. (yeah… I know I could do that through the Vault feaure, but that would imply a lot of manual work.

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So, were you able to transfer money from monese to trading 212?

Best regards

Yes… after they implemented that feature where you declare the IBAN of the account you use to transfer it has worked 100%. I use it weekly in fact.

thanks a lot for the help!!

i want to ask you another thing if u dont mind.

I have the account in dollar currency, do you know if i can make the bank transfer in euros and then the trading 212 exchanges the currency to dollars and if so do i pay any fee for that? Or do i have to send it in dollars from monese to trading 212?

Another thing, do you choose Person or Company on Monese? Do we have to put the reference code on the transaction?

best regards!!

I would suggest sending it in euros and let Trading212 handle the currency exchange as SWIFT fees when doing dollar transfers are huge for small transfers.

As far as I know the currency exchange fee (0.15%) is only applied when buying stocks in a different currency then the account currency. @Tony.V could you confirm that?

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I use company when transfering money. In fact I setup a regular weekly payment.

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