More money transfer options

I have two requests

  1. Trading212 insists that incoming transfers have to come from a bank account in my own name. I have vested company RSUs held in E-Trade, I would like sell those and directly wire the USD proceeds to my UK Trading212 account. I currently have to wire the proceeds to another bank (I use Revolut) and then do another SWIFT transfer from Revolut to Trading212. This is an unnecessary extra step and there’s also additional fees involved.
  2. My wife has a Trading212 account. It would be great to transfer money from one invest account to another. I realise Trading212 is not a bank and how it may be difficult to support this but maybe Trading212 can waive the 0.7% fee for deposits more than £2000 if done through a Trading212 card. Currently I have to withdraw to my bank account, transfer to her bank account and then she has to deposit in her bank account.

I’m in a similar situation with USD proceeds in an e*Trade account which currently I send to either Revolut or Wise.

I’m not sure it’s possible to send money direct to Trading 212 from e*Trade because Trading 212’s account name (& possible even the account number) are not personal to me. Instead T212 say you have to specify your account id as the payment reference.
However e*Trade wire setup doesn’t have a reference field, though it does have an “Additional account number” box ( maybe that’s it ??? )

For transfers from Wise/Revolut, which incur and additional fee, note that the reference number is set at the point you make the payment. I’ve not tested it but at least it looks possible.

If anyone knows or learns anything more about any of this please speak up!

I risk to say that transferring money from 1 broker to other broker, would be a bit restricted due to AML/CFT international legislation.

Especially that most brokers due to their nature (not being a bank) have third-party omnibus bank accounts that aggregates their customers’ funds, that don’t identify each of the clients and their money to the banks that offer the omnibus accounts to brokers. Banks aren’t able to follow the transactions internally of the omnibus accounts.

Brokers also limit accounts that can send/receive funds to/from their omnibus accounts, so there are more transparency in transactions due AML/CFT.

The potential solution? Having individual current accounts (e.g. with personal IBAN, not virtual IBAN (vIBAN)) for each customer, like the banks.

I have transferred from Revolut to Trading212 quoting the reference number. I haven’t tried from E*TRADE because Trading212 currently says fund transfers must come from a personal bank account in your name.