Where are the transfers? Such terrible delay. T212 is leaving a lot to be desired!
If this feature is not added or we don’t hear any update on this I’ll be probably switching brokers next year.
Trading 212 can change fees or their business model anytime and if I don’t have the option to transfer my positions to another broker I’ll be very very upset.
Anyway, hope we can have an update soon.
My understanding from things staff have written is that this is now being tested and will be available within the next 2-3 months.
Indeed, I already opened an account in another broker who supports transfer and I’m using it. We can’t trust a broker blindly, we must have an option to transfer positions. I have some positions in T212 that I might end up selling if transfers are not implemented.
I’m actually more interested in transferring some positions into Trading 212 than in transferring out.
Do you think this feature will allow transfers between spouses/partners rather than just accounts in your own name?
That would be very helpful, but I do not think it is yet in their road map. It is one thing I would want in order to move more of my portfolio. Each broker has its advantages. AJ Bell makes transfer between spouses very easy.
In which case if they offer it, I could transfer out to A J Bell across to my wife and back into 212. Convoluted, but would work!!!
AFAIK there is not a legal way of transferring ownership of shares regardless of you are married or not. You have to go through the normal gifting procedures, and or sell/buy, in any case it’ll move out of the tax efficient wrapper it is in.
I believe gifting/transfering them is legal and available on some other trading platforms. But not on 212. I don’t want to gift anything from an ISA but from my trading account to take advantage of my partner’s lower rate of tax on capital gains and the fact she hasn’t used her CGT allowance for this tax year.
Ah well, it’s not available here anyway so not worth worrying about currently.
It is an easy process with A J Bell.
To gift shares to a member of your family (for instance, transfer an investment to your spouse, civil partner or children), you’ll need to login to your account and send us a secure message. The message should detail the investment(s) you want transferred, and confirm the transfer is a gift. For investments transferred as a gift, stamp duty isn’t payable.
I have successfully done this with shares (outside ISA). It was quick and easy to transfer US shares to my spouse… I did not even need to fill in any stock transfer form.
Transferring stocks to other brokers or to Trading212 is important to many people.
Did you say that we could possibly expect it in quarter 4? What is the current status? Is there a beta version coming soon? What will the cost be? I would be very grateful for an update.
Doing some research I came across this FCA Policy Statement that clearly indicates that in-specie transfers will be required for all stock brokers.
Please feel free to do some reading and we can discuss the matter further.
I am sorry to read that FCA are suspending work on banning exit fees. A number of brokers have stopped charging exit frees, but AJ Bell have refused to do this and insist on continuing to charge £25 per position.
I did not spot anything saying that platforms must offer in specie transfer. Where is that stated?
I think this clause relates to OIEC funds, and not to stocks and shares. There has been a lot of controversy about funds that operate several classes, and with different fees and how some investors have been trapped in a class with particularly high fees and found difficult to transfer to cheaper class without cashing out.
Trading 212 platform does not carry any investment funds at the moment.
Regarding stock and shares, I believe Trading 212 have mentioned an intention to offer in specie transfer this quarter or in January. It is something they will want to have tested and know to work right before launching.