Fund your account via Open Banking 💸

Bank transfers are now even easier!

Today, we’re excited to introduce a new way to deposit funds into your Trading212 account – instant bank transfer.

Instant bank transfer is a new type of payment, powered by open banking. It involves moving funds from one bank account to another without using a third-party payment network.

It’s easier than traditional bank transfers and your funds arrive within seconds.

What is open banking?

Open banking became UK law in 2018. It requires banks to give access to your financial data, with your consent. Its goal is to give you more transparency and control over your money.

It enables you to securely connect to your bank and authorise an instant bank transfer to your Trading 212 account.

Is it secure?

Yes. We partnered with TrueLayer, an FCA approved provider, to securely connect to your bank and process your payment.

With instant bank transfer, we authenticate the payment with your bank using a secure, read-only connection. You benefit from bank-level security and your login credentials are never shared with anyone.

How does it work?

Select Instant Bank Transfer

Choose the amount you want to deposit:

Make sure your bank account is supported. We can accept:

  • personal or joint (not business) bank accounts
  • bank account holder name must match T212 account holder name
  • we currently support UK GBP bank accounts. EUR support is coming for Germany later this year. More EU countries will be supported next year

Next step is to allow Trading 212 to access your bank details, and then select your bank.

You’ll be taken to your bank app to authorise the payment.

23 Likes

Finally we can see PSD2 in action. Was waiting on this since 2018, slow adoption across EU.

Awesome work T212, can’t wait for rest of EU to get access. :partying_face: congrats UK folks.

9 Likes

Just out of curiosity, a question for people using it. Does this have any advantages over using my UK(HSBC) debit card?

Depends how the integration is done. But in essence removes the need for storing card number/bypass the usage of card as payment object.

Should be just a push notification when top up approving(depends on integration).

Anyway can expect more and more service providers who offer PISP/AISP, aka payment service provider aka pay without card , AISP is wallet type app, which just gets read on bank account figures.

I would say this is about T212 steping into wallet territory, if the debit card and multi currency accounts are on table.

3 Likes

That might be a problem :unamused:
If is not mandatory to use my legal name when filling any form, I usually use a short version of it… because, you know, latin names can have dozens of names on it :joy:

So I might have FirstName LastName everywhere, but legally in my documents it’s like “FirstName SecondName ThirdName ForthName LastName II” :crown:

This will work, no worries.

1 Like

Absolutely amazing, you guys are legends. Don’t know how you’re pumping out constant updates and new features but I like it :).

5 Likes

:exploding_head: :clap: credit where it’s due.

1 question. does this make withdrawals easier as well? never tried withdrawing from T212 but i keep reading horror stories about it on the community, so just curious. + i’ll need to withdraw soon to buy a new laptop :grin:

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How withdrawals work won’t be affected. When processing withdrawal requests we treat funds deposited via Open Banking the same way as funds deposited via conventional bank transfers.

I think this is as instant as when you have your UK bank account linked to T212. Don’t know if it’s quicker however having your bank account linked for me is literally instant.

@George what if mainland European customers have a EUR account in the UK, can they start using open banking? More importantly will it be possible for example for German users to use their EUR bank accounts like Revolut, Monese etc when this feature launches here or it will be regional banks only?

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@saifali Once EUR is supported and/If Revolut is on the list of supported for EUR account, one should be able to use Open Banking.

Anyway from quick check on TrueLayer. It basically depends on them to provide integration with EU banks , T212 just integrates with their Data/Payment API, rest is on truelayer to provide.

Current coverage:

@Vedran here currencies don’t matter but region matters, TrueLayer does support Revolut, TransferWise, but only in UK.

By default it will try to connect you with local banks, T212 has to utilize their API and go one step further and allow cross border Open Banking integration.

Last I checked TrueLayer didn’t support Germany when we wanted to integrate them within our product, the recently started supporting Germany and are still in Public Beta, the reason why T212 is holding off for Germany now with Open Banking.

I was talking about region of consumer, if bank is supported via open banking api and consumer has account at supported bank, doesn’t matter if he is in Germany and bank is in UK, but T212 doesn’t unlock Open banking on EUR account. Maybe extra cost at TL payment plan, or just ignoring the fact that Revolut can be used for non GBP accounts as well.

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Some of the TrueLayer competitors do refunds, might have been a way for you to expedite withdrawals :wink:

Good to see some innovation use and save you guys a load on acceptance fees!