In-specie transfer πŸ‘¨β€πŸ”¬

It was just a joke.

Their last financial report was however terrible, and they are having to increase their fees again.

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The difference here is that 212 is profitable and well funded, despite Brexit meaning they had to split their UK/EU operation.

Regardless of what bloggers say, your assets are protected through the regulations these companies have to meet in order to offer services.

FT is an actual broker so it’s cost base is higher, however it can as a result offer users access to market segments such as ASX1 on the LSE, that 212 cannot, as it in simplistic terms is reselling services offered by Interactive Broker, and IB are not the best at fully supporting stocks on international exchanges.

Back to the IS transfer, at a minimum we can transfer cash in/out, although stocks ehen available would be better to avoid time out of market.

Similarly the UK(not sure on EU) regulations need to change to make this a requirement for all brokers, and reduce the transfer times. We should be pushing the regulators for that too.

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What do you mean by that? They use DriveWealth the same way Trading 212 uses IBKR.
Since DriveWealth only supports US stocks, they are forced to integrate with LSE without them. And no wonder they still haven’t got fractional shares on UK stocks for that reason.

Trading 212 on the other hand, offers Fractional shares on every market, and they offered that long before IBKR or even Robinhood did (this was the initial reason I opened an account with Trading 212).

I’ve no idea what the cost bases for T212 and for Freetrade are, but given the fractional shares argument, I wouldn’t say T212 is less of an actual broker than FT.

I mean FT aren’t fully reliant on piggy backing on someone else to provide services in simplistic terms.

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As above, I know there was a beta programme rolling in April this year for inbound in-species transfers, when are we likely to see outbound support?

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Hey, everyone.

A quick update: the in-specie transfers remain on hold, but we’ll let you know as soon as we have any news.

@ap823, I’ll DM you once we resume the beta testing.

@randomuser11223, @TheNimbleNomad, currently, we cannot provide a timeframe for outbound transfers.

@jpnaik, ISA accounts are now available. The option to open one appears in your existing account’s menu.

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Hi Bogi

I have an ISA with another provider and am on the waiting list for a T212 account.

Would be keen to bring in my other ISA when the beta reopens

Hi @Bogi.H @Tony.V and the rest of the T212 team!

Thank you for adding this to your roadmap even if it’s currently on hold.

Are you also planning to eventually make it possible for non-ISA accounts (typically held by non-UK clients) to transfer shares to other brokers? (e.g. IBKR in particular since they seem to claim that this should be possible https://twitter.com/IBKR/status/1364961582363668487)

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It’s definitely something we will explore in the future, but in-specie transfers for ISAs will come first. :calendar:

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Hurry up!! Why is everything taking so long?

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Is there any update?

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Patience is a virtue - We all want this but rather than something rushed that can break, I’m sure we would all rather have a robust system and 212 will announce when it is ready. It’s a new feature that wasn’t there when we all signed up so it’s good they’re looking to enhance customer service.

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Can you imagine how calm and rational this dude would be when 212 releases a half baked product and loses his stocks in transfer…

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disagree with that, when I signed up, you could sell or buy with no FX fee so moving broker would have been significantly cheaper for large amounts. Now with the introduction of the FX fee and without in-specie transfer, the transferring broker in and out it’s a worse experience.

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Hi @Tony.V - I want to do an in-specie please :slight_smile:

I don’t think this is possible at present. Just so you know.

We were however given notice of the small 0.15% fx fee so that’s something, it could have been communicated / rolled out better however.

Sure, @josh3. We’ll let you know once the testing is back.

Why the delay Bogi?

:confused:

@Macro, the testing is paused due to corner-case issues with our custodian.

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