Portfolio transfers

How many days are people seeing transfers take, or is it like a moving goalpost depending on complexity?

From 212s perspective this tiered strategy works in thier favour.

If it was opened up for everyone straight away, you could bet a decent amount of money that transfer in requests would be through the roof and it would likely overwhelm the transfers team

While I recognise it’s a bit disheartening for the goalposts to be pushed back, it makes perfect business sense for 212 to work in this way.

Disclaimer: I don’t work for 212 and these are my casual observations

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Yes it does make sense but they could have just put some symbolic fee(like 10£ for position) so they don’t get flooded with people trying to move their 2 shares of gme and amc

Terrible idea. Brokers including T212 want their customers to consolidate all their positions with them and hence don’t charge transfer in fees.

Putting a fee on incoming holdings when other firms don’t will mean customers moving to other brokers.

Best to let T212 roll out (free) portfolio transfers at their own speed - both for them and their customers

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That’s a question for in-specie transfers that Trading 212 have neither confirmed or denied. I suppose you’ll have to wait till June to find out. ( Assuming there isn’t a further delay )

There are SO many requests for IBKR to be supported. @Moderator and @Staff, I think it’s only fair you provide a response. Can we expect support soon? Is it being worked on? Is it on a T212 side or IBKR side? We deserve an explanation and not just radio silence.

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Why do we deserve an explanation that they are not yet offering something they have never offered before? :man_shrugging:

Looking forward to 100% rollout and the potential addition of extra brokers added to the transfer list so I can then consider moving positions without cashing out.

Keep adding new services / features with competitive fees :ok_hand:

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Trading 212 is overwhelmed with transfer-in requests - the numbers are staggering. It’s in our best interest to process them as quickly as possible, so we’ve dedicated substantial resources to the task.

However, portfolio transfers are a tedious, manual process that sometimes involves extensive back-and-forth communication between the two brokers and the client.

That’s why we’re rolling it out more slowly than we initially planned.

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Ivan,

Thanks for the reply.
How far are you with support for IBKR?

We don’t plan to support portfolio transfers with IBKR in the near future. We’ll let you know if that changes, and we have an ETA.

That’s some strong communication.
But after all this time, I won’t say I’m surprised.

Hello, what about XTB? Will you support transfer to XTB? Thank you.

Probably best to double hop at this point. I can’t see it being high priority because it will all be outflows for 212, can’t see many transferring in from ibkr.

They will add it at some point they just have too much on their hands right now we are still at 40% rollout and it hasn’t moved in a month which I believe will make em rollout the date again. They will do it all just not sure when

This means even with 100% rollout it won’t be possible to transfer from and to IBKR?

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Few mentions of transfers from Fineco comes up in any threads I have searched on. This is about the only post I thought worth following. I was hoping to read more who have/had the same problem, time is ticking and a daunting excercise. Have you had any update on this?

That actually sounds encouraging for users here, even though a task for admin. I have tried a few other platforms, this T212 appears to come across a lot higher in my viewpoint.

The rollout hasn’t moved a single percentage point since end of march

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Mine is taking a long time. Over HMRC’s 30 days guidance as I write.

It looks as though T212 contacted the current provider straight away but they haven’t acted on it. I’ve had to give them the hurry up and details from T212. Hopefully it now picks up pace.

The one disappointment from T212 perspective is that it hadn’t been chased up before I contacted them (34th working day). Hopefully T212 will be more proactive in getting this over the line now.

Terrible news, and not a good look.