In the Introducing the 212 Card discussion, we just learned that EU customers that signed up in the UK entity (before the EU entity was available), cannot get the 212 card.
This is a very unfortunate turn of events of us veterans T212 EU customers.
Now it’s the 212 card but in the future there might be more issues. Note that I understand the issues arise due to regulations, not because T212 does not want to take care of its customers.
For this reason I suggest that T212 offer us EU customers registered in the UK entity a way to transfer our accounts to the EU entity. Currently the suggestion is to close the account and create a new one but this has several drawbacks:
All assets must be sold and re-purchased, which has costs (spread, FX fees)
Creates tax events in some EU countries
Requires us to stay several days uninvested
@KrisG Now that this problem exists with the 212 card, are you exploring ways to seamlessly transfer us EU customers to the EU entity?
We are exploring options to facilitate a smooth transition. But these changes will require time and careful planning since our team is currently focused on other key projects.
When closing the UK account and opening the new EU one, can we use the same email address? Do we have to wait a certain period after the account is closed to open the new EU one?
@RLX - Clients moving from the UK to the EU can keep their accounts provided the address is successfully updated.
@AnoBen - You can use the same email address for the new account. Please drop us a message via the ask form once the old account is deactivated and we’ll make sure it’s free.
due to the problems that have now become known, it is extremely important for us to know whether it still makes sense for EU citizens to invest on the UK platform.
I have built up an extensive portfolio here over the past few years, which cannot be easily transferred through sales.
Due to the loss of trust that has now occurred, Trading 212 would be well advised to issue an official statement immediately, especially as to whether we as EU citizens still have a secure future here!
Regardless of this, the implementation of a portfolio transfer from the UK platform to the EU platform should now be given top priority!!
If I understood correctly, the former UK residents and now EU residents will continue to be in the T212 UK entity (with only address modifications).
So in this case, these customers will be in the same position as the already EU residents on T212 UK entity.
Will these former UK residents loose the access to their T212 Card if they already have it or won’t have T212 Card if they didn’t already have it?
Or the former UK residents will be forced to close their accounts in T212 UK entity (with their portfolios being sold) and forced to open new accounts in the T212 Cyprus, to keep their T212 Card or get their new T212 Card?
That would be even more unfair than us simply not getting the card because we made the mistake of opening our accounts and supporting Trading212 “too early”.
That’s right.