I did 2 transfers from my UK HSBC currency account to Trading 212, both are received, which is great.
Issue is, 1st one went in without any additional fees. 2nd one was $25 short, which is odd as I paid the fees at source in both cases.
I am aware Trading 212 does not charge for transfers and trust that statement. When I took it up with HSBC, they are telling me they have not taken anything apart from what I pay at source.
Has anyone else experienced this, and could it be that Trading 212’s bank charges a fee, which does not mean Trading 212 does ?
I just checked the transaction in question - it’s a fee applied by your bank. When transferring funds in-between bank accounts with different currencies, then in most of the cases a “shared fee” is applied between the sender and the recipient. I can see that we have covered what your bank requested from us, and I suppose that the rest of the “shared fee” was directly deducted by your bank.
@b3699 Hit a dead end with HSBC, they claim full amount was sent to T212. This leaves me with one conclusion, Barclays Bank are deducting a fee before forwarding deposit to T212.
This however still does not explain why a previous $10 transfer went in fine. I guess they may have a threshold for charges on currency accounts.
When sending wires, especially for large amounts and cross-border, some banks use an intermediary, who may also deduct their own fee. Perhaps this is what may have happened to you. HSBC had their own wire fee, but some intermediary bank used by HSBC also added its fee.
I would have expected no additional fees between UK banks.
Barclays actually does have a ÂŁ25 ( not $25 as in my case) fee for receiving currency funds.
I am from India and there was a deduction of 28.1 USD in transfer and I was continuously following up with T212 from 4 days and till now there is no proper response, except a single line “we don’t charge anything.” Is this the single line which you are trained to tell the customers. I asked for a transaction detail check regarding which you will be having the details and access, but you wont check that. Simply you keep on pasting the template answer saying “we don’t charge anything.” In my case, I checked thrice with my bank and as I strongly believe that I don’t get any transaction related details from T212, I got the swift transaction details from my bank and shared those details with you guys and you know, after sending those clear details what is the reply from your executive, its obvious anyone can guess “we don’t charge anything.” I request you to please dont give any generic template answers and listen to what customer says and check the transaction details first. Now I understand what credibility is. Please go through my emails if you want more details. But what you are saying, as per my experience, its completely false.
@thisisshree Well, I just went through your emails and I cannot really say that a generic reply was provided. Our team explained the case clearly: no fee was charged on our end.
I went even further, and I’ve checked the transaction in question with Barclays - our team will send you a transaction document to confirm the amount received on our end and that no fee was applied. The sum received is the sum we have allocated to your account.
The last attached file which you have sent is unclear, however, my suggestion is:
consider the exchange rate when transferring funds in a different currency;
confirm the case back with your bank - they’ll be able to share more details about the fees applied on their side.
Again this is a generic reply. Please talk with data like I am doing. Please find attached screenshot from my bank. They clearly said that it is deducted by beneficiary bank.
More importantly, this is not cross currency. It’s USD to USD.
If you are charging, I don’t have issue, but be transparent and update your website like how WEBULL and Vested.co is transparently saying that they will charge.
Perhaps I can help. I have know this to happen to me with some international payments. The answer may be that neither Barclays nor Trading 212 charged any fee, but that Barclays caused the transfer to use an intermediary bank who did charge a fee. This is what Barclays are warning can happen in this paragraph of their letter
Even in the email sent by your payment provider is stated that there is an intermediary bank that processed your transaction and obviously applied the fee. It is not something that actually depends on us, nor is it a fee on our side.
The document which we have sent you is confirming all the above.
I don’t agree with Tony’s below rely but I agree with you Richard. But even if Barclays caused the transfer to use intermediary bank, for the customer, he need not know all the parties included in a particular deal/transaction. If a customer has to bear all parties, then why should T212 say that we don’t charge anything. From customer point, customer only knows sending bank and receiving T212. He need not know or care about Barclays as well.
Mate, I don’t really understand what you are saying. T212 is clearly showing you they have not charged you anything for the transfer. It is the bank that you have used that caused you the fee. In that case it is completely on you. Nothing T212 can do, nor have they done anything wrong. Next time pay more attention to the banks you are using to transfer money + Read the thin lines in transaction documents
@bgFlame, My question is simple, whether Barclays and T212 work together or they don’t? I got multiple replies from T212, saying that even if Barclays charges anything, T212 would bear them and T212 wont pass it to the customers. Regarding, Barclays intermediary banks and their relationship, customers don’t have to care when T212 said no charges to customer for fund deposit. I will confirm with my bank, if they have sent to intermediary bank. But @Tony.V, could you please confirm, if for sending money through India, Barclays needs money through intermediary banks only ? If so, its issue on T212 end, if not, my bank end.
I can ignore this issue, but knowing and clarifying things would avoid future issues and it might help other customers.
Tony clearly stated that T212 has taken no fee in this transaction. What more do you want them to do? Barclays or the intermediary bank took your money. There is not much T212 can do here. How do you want T212 to cover fees imposed by other entities. From my understanding they received a certain amount of money and they put it into your account. Do you expect them to give you more money that they have received on their end?
