Invest & ISA - Account Funding Conditions Update

Last September i was able to transfer from my revolut account to Trading212 Acount in CHF without any fees. I will test this on februaruy again. I hope untill then there will be a posstility to fund the autoinvest from the base account on trading 212ā€¦

1 Like

Clever you! I forgot that Revolut can do bank transfers too, so you can use it as an intermediate and profit from their banking network! But I heard several reports that revolut blocks brokers. At least my Revolut CC still worked this week, but transfers might be different.

I am beginning to feel like a mafia laundry employee, might just as well rename me to Marty Byrde!

EDIT: But nope, Revolut would charge 6 CHF for each transfer. Thatā€™s not really better, unless you move large amounts seldomly instead of the small auto-invest chunks

1 Like

Hi Tony,

We all appreciate T212 efforts.

But question stands, how do you plan to provide rest of EU open banking? Via some other TPP?

As TrueLayer has only Spain/France/Italy/Germany on the EU list. Leaving majority of ā€œlesserā€ EU out of pictureā€¦

Hi Vedran, theyā€™re not leaving them out of the picture. They will expand in stages. I believe they prioritise countries based on the level of open banking adoption.

One more thing, we confirmed that it will be possible to accept open banking payments in EUR from Revolut regardless of the country of residence.

5 Likes

Thatā€™s great news from investors all over EU and EEA! Even outside where Revolut is supported!

Canā€™t wait to use it once you make it live for DE! @George

1 Like

Great news! At least we have alternative until all countries are added.

Cheers

1 Like

What about local currencies? I have chosen to have my Invest account in CZK instead of EUR just because of fee free credit card deposits and convenience.

And now I am out of luck because I can only use expensive SWIFT for CZK and adoption of Revolut transfers in EUR does not solve my issue.

How are you going to deal with local currencies? I would open my account in EUR knowing this then as SEPA payments are free in Czech Republic and most if not all EU countries.

People who have opened their Invest accounts in CHF, RON, CZK, PLN etc. no longer have fee free option to deposit even though T212 does not charge any fee for bank transfers, SWIFT is very expensive for us to deposit money with.

6 Likes

When will you finally let us to Autoinvest with account funds? Is there a financial reasons behind your decision off keeping this feature under the carpet?

Can you put information on this new fee through in-app Notifications? I get a ton of junk emails from Tradidn212 about Daily Statement, Contract Statement and Account Funded and missed the email about fees sent during Christmas. UK government usually does the same thing - announce the bad news over holiday hoping as few people notice/react as possible :slight_smile:
I have no doubt you will catch many people who have set up pie auto deposit unawares. Would be good if you also sent people a separate Notification+email once they cross the Ā£2000 threshold.

Regarding Open Bankingā€¦ Are you a regulated provider for open banking? I canā€™t find Trading 212 on the listā€¦

Are you accessing user account through ā€˜Payment initiation servicesā€™ or ā€˜Account information servicesā€™? Iā€™d like to know what information Trading212 or Truelayer gather/process from user bank accounts, how it is protected and whether it is used for marketing purposes (offering better deals gleamed from user account specifics, forwarding/selling user account specifics to third parties).

Yes and no. As I donā€™t use Revolut.
And it is not my plan to have to use it just because my country (Belgium) might be supported later in the year :wink:

I opened a RON account because Iā€™m paid in RON. I now have no free deposit methods - Revolut charges the equivalent of 5.2 EUR for Swift transfers. My local banks also charge similar fees.

Waiting/hoping for a new free deposit methodā€¦

2 Likes

And gbp from revolut is still 5.2 euro?

@woldur

Why transfer GPB when he has RON account? The money will be converted from GBP to RON by the bank.

@Investor212
Because revolut offers gbp account and best rate on the market

Local bank RON -> Revolut (free) -> Revotut RON -> GBP exchange (free or fee) -> Revolut to Barclays (free) -> Barclays GBP -> RON exchange (big spread) -> RON i T212 account

SWIFT: Local bank RON -> Barclays RON (fee) -> RON i T212 account

SEPA: Local bank RON -> Local bank RON exchange to EUR (big spread) -> Barclays (free or fee) -> Barclays EUR -> RON exchange (big spread) -> RON i T212 account

4 Likes

Since there is no update from T212 team on fee free deposit method for local currencies, I am forced today to deposit money with different broker after using solely T212 for 6+ months. This is a big disappointment for me. I understand it takes time to implement new deposit method so only an update/roadmap from T212 would have been sufficient for me to consider holding onto the money until I can deposit it to my T212 account.

@George @Team212

6 Likes

Hello, so for my understanding, if I do a normal SEPA transfer from Spain to your GB IBAN it will be no intermediary bank fees? I thought brexit removed SEPA from uk

It depends of your bank. I do SEPA transfers from Spain using Santander and they are free.

I mean, as equal as pre-brexit?

Anyone know if the app shows how much of the Ā£2,000 free-deposit limit a client has left? Iā€™m struggling to find it. If not, that would be a handy addition.

2 Likes