I had the same issue with the app, but it worked fine when setting it up on my desktop.
links to your bank account using “Open Banking”, and allows for direct transfers without having to enter an account number or reference.
And most importantly, as the name suggests, money arrives instantly!
Just tried open banking transfer for the first time, very smooth and of course, instant!
To whom is this “instant transfer” available? I don’t see it anywhere on my account. I have no idea what “open banking” is. It that UK-only?
Ok, answering myself: Fund your account via Open Banking 💸
we currently support UK GBP bank accounts. EUR support is coming for Germany later this year. More EU countries will be supported next year
So no luck for me as I am based in Czech Republic. Looking forward to it for now.
Hopefully SEPA transfers stay free…
I doubt Finland is top of the list for open banking support
Quick question though @George…
I initially tried to link to my main bank account (before resorting to a different one), it said the names do not match… during the TrueLayer connection process it shows a name on the bank account in the format “[LastName] [FirstLetterOfMiddleName][FirstLetterOfFirstName]” - I presume this is obviously where the discrepancy is.
Other than getting my bank account name changed, is there any other way to rectify i.e. on trading212 account side?
Hi @George . I am also having Instant Bank Transfer issues.
I’m always trying to connect, but i get ‘name not matching’ errors??? Which I don’t understand as my name on 212 is the same as my bank.
Could you help, as I have submitted a request through the app, but n luck after 3 days.
Thank you so much.
I just tried instant bank transfer for the first time. Initially the setup with my bank failed and I had an error message from Truelayer. I tried again and it worked. Not as easy as the debit card method I have been using, but pretty fast and nifty nonetheless.
Just to add on, will this be as smooth as AutoInvest is now. Right now AutoInvest is set and forget, but if there’s an extra step of topping up free funds before AutoInvest can occur will it sort itself out or will the user have to intervene?
Will withdrawals now come by instant banking as the primary method and be therefore faster than previously?
As of now, all withdrawals to bank accounts are sent via regular bank transfers. We will most likely switch to withdrawals via open banking during 2021.
What a shockingly large amount that they charge! I guess I should be glad for my investments in V and MA.
I appreciate the transparency from the T212 team as always! I understand that the fees can get unsustainable with billions in volume. @George can you please tell us which users will be most affected by this change? Those using Debit/Credit cards? How do most users top up their account?
Also wouldn’t it be wiser/nicer to tax the most expensive methods only and find a way to accomodate more free funding methods? Methods like iDEAL are very cheap and synonymous to bank transfers. iDEAL coming in at €0.01 or less per transaction with a Tier 1 provider or EUR 0.1-0.2 with Adyen, all inclusive.
SEPA, Direct Debits (BACS/SEPA) and Open Banking are dirt cheap, so they’ll forever stay free!
This is exactly our goal. That’s why Open Banking Deposits remain free and once introduced Direct Debit will also be free. Unfortunately, we’re far away from the price you refer for iDeal.
Very understandable, I will switch to instant bank transfers then! Feel bad, never realised how expensive the other methods were, I just chose for convenience!
Having done some experiment I can report that deposit by instant banking is easier from a phone than from the desktop. From the desktop the bank wants to send a OTP to my phone. So in any case I need to use the phone.
The process is not too troublesome. However, henceforth I will only be able to make instant deposits when my phone is to hand.
This may throw some sand in the works of anyone who wishes to manage their spouse’s account (with his/her permission, of course) and wants to transfer money in from spouse’s bank account. Will need to have spouse’s phone to hand.
Just to add that this won’t work unless it’s done via joint bank account.