How to withdraw funds to bank account and not a credit card

I have similar issue, I used multiple cards to deposit into my account, all were debit cards. My withdrawal is no problem but my investment plan in long time horizon. Where else my debit cards could expired or get lost or damaged. So I dont want to contact T212 customer service with a letter from my bank stating I had a change of debit card for so n so reason.

To avoid this I started depositing via Instant bank transfer since it came. But I can never find a option to withdrawal to my bank. Only option I have is my cards used.

I wrote few times in community post, coz at the time live chat was down but never got a reply back. (Im sure T212 is very busy) I’ll try to contact support via live chat or write an email.

I’ll suggest you do the same if no response is provided.

I agree - that’s my concern also as I’m looking for long term investing and not trading.

Hopefully future updates to the platform will fix this as it seems to be a common concern which isn’t fully addressed by the current help articles.

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I think the system default is you have to withdraw all the deposited amount to the original deposit method before you are allowed to withdraw to a different account, that’s part of the AML precaustions. However, T212 can override this, usually if you send them an email.

Yes @Alien I’m aware of it. When you make a withdrawal request via mobile app it does not give you option where to withdraw but if the same request is placed via desktop site you have option to withdraw to your cards that you have used to deposit. You dont have option to withdraw to your bank.

Ok, a further update and things did not go as planned. The option to withdraw to the debit card linked to my bank account disappeared again overnight.

So the history of events ignoring the small deposit and refund back to my debit card (which is what I need to happen) was essentially…

  • Deposited £200 by credit card
  • Bought shares
  • Sold shares
  • Withdrew £200 + profits back onto credit card

All great and fine up to this point and makes perfect sense as the funds are being returned to the original source for AML regulations. But then…

  • Deposited £1,000 via Instant Bank Transfer
  • Bought shares
  • Withdrew a small amount of excess funds back out to test the withdrawal process expecting this to go back into my bank - but the funds were refunded to my credit card instead.

So Ive had to now close all positions and withdraw everything which has all been refunded to my credit card which wasn’t the original source of funds so how this protects against money laundering is beyond me as that’s achieved completely the opposite.

Quick Summary
Added via Credit Card = £200
Added via Bank Account = £1000
Refunded to Credit Card (had no choice in the matter) = £1200
Refunded to Bank Account = £0

Will try support again now that all my funds are withdrawn to see if they can completely remove the credit card from my account.

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Folks you just need to contact support and they can sort the withdrawal to bank account for you no problem

I can see that our team is working on your case already. Expect an update within minutes.

Thanks Yasen - unfortunately I received just a long copy and paste reply with no resolution

Just that the withdrawals are automated and unless the credit card is actually cancelled and I provide proof on a letter there is nothing that can be done.

A shame as it makes the platform completely unusable for me - I can’t have all my investments refunding back to a credit card - if I move everything across that would be large sums of money refunding to a credit card if I ever want to liquidate or move.

Will submit a request to fully close my account and will have to use a different platform instead.

Will query the withdrawals process with the FCA as I’m sure it shouldn’t be sending funds added from my bank account back onto a credit card as that goes completely against the whole purpose of anti money laundering regulations.

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I will DM you to discuss your case further.

Yasen escalated my case and got it sorted. So far all seems to be resolved.

Thank you

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Bit old topic, but will hook up myself.
Let’s say you plan on long term investment, for 10 years. You deposit 1k a month for 10 years, all from credit cards which expire over the time so you get new ones etc. After 10 years if you didn’t lose any money their should be at least 120k if you want to withdraw, u less you earned some through good investments. Obviously you can’t withdraw 120k to a credit card, preference would be a bank account.
How this can be done?

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You can ask that question near the end of the 10 years, who knows what will the rules be then.

Short answer…
You cant withdraw on an expire card, once the card expires it is automatically removed from Trading212 system.

And for 10yrs…
Their will be a very different banking system… perhaps we may have stock as crypto not currency…

The £5000 is the lending limit from the card issuer, not the limit of the positive balance that you can have. If you withdraw £100,000 to the card you will have a balance of £105,000 to spend.

The main point is we should have a list with all the cards used to deposit cash so we can choose where we want to withdraw. Like other brokers have…
And we should also have the option to withdraw directly into a bank account.
I’ve made a test Friday and withdrawn 10k pounds on a credit card with £5000 lending limit.
We’ll see what happens. I only had 2 credit cards as option… Not cool !
Imagine I want to deposit those 10k to Binance next … they have 2% fee for credit card deposit, so basically I will lose £200. Just because… ?!
If I can just get the money on my bank account / debit card I can then do whatever with no fee…
Why trading212 is selecting only one or two random cards as the only options to withdraw money ?

I agree, but I was responding to a specific point about the card limit.

I have not made any recent withdrawal from T212, but on a similar note I believe T212 did mention few times in the past Bank withdrawal option is there if the deposit is made via bank transfer.

Hence last 1yrs I have been depositing via fast transfer but just noticed my withdrawal option is also limited to my old cards used to top-up my funds.

I guess you have to contact customer service if funds are needed in bank account.

From T212 said in the past, and due AML legislation, the withdrawals are allowed according to the origin of the funds.

E.g. funding 5k with credit card and 1k with bank transfers, you can only withdrawal up to 1k to your bank account although you have 6k in your T212 account or up to 5k to your credit card.

Also credit card issuers could freeze credit accounts/cards, with high and/or regular amounts transferred in, due to suspicions of money recycling or money laundering. That why using credit cards to fund investment accounts must have some attention.

But in any case, this kind of matters should be made by rising a ticket to client support and not publicly, the forum can’t solve these matters.

I suspect it is this, and unfortunately as annoying as it can be, it’s purpose is for our protection.

I have had similar annoying instances with Betfair and Fidelity.

I fixed my withdrawal options by speaking to 212 directly in my in app chat, and providing additional verification documents to remove my unwanted cards. They were very helpful and it only took a couple of days to resolve.

In my case, I used at least 5 different cards to fund Trading212 account.
But the card I used the most, the one linked with my main current account, was NOT an option when I withdrawn money last week…
I only had 2 options, 2 credit cards used recently…
I picked one of them and called my bank to let them know that over 13k pounds will come into credit card just to avoid other problems. Banks are doing a lot of funny things ‘for our protection’.
Also they been very nice and said they can transfer my funds from credit card to debit card in 10-12 working days :))
Which means I will have access to my money in aprox 3 weeks after Friday’s withdrawal.
And I was planning to have some cash available to buy the next dip in Tech/growth sector :))))
I think Trading212 should have a list of cards used for deposit, so you can choose where you want your money. Now they just present you 1 or 2 random options from the payment methods you’ve used… And I don’t find standard situation to contact customer service and ask for help in such fundamental matter. This should be easy as 1+1 . Deposit $, Withdraw $ are main functions on Trading212 platform or any platform.
I am not happy :frowning:

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