Recently I deposited money from my USD TransferWise account into my Trading 212 Invest account (USD currency, opened in the United Kingdom - where I am based) - this went through successfully and quickly.
The issue I am having is that I am unable to withdraw my money back to TransferWise (USD Trading 212 to USD TransferWise). For several weeks the customer service heros and payments team have been unable to resolve. Initially Trading 212 tried to withdraw the funds to my TransferWise UK account using an IBAN but TransferWise UK account does not accept USD (funds are rejected as its only for GBP funds, obviously!) The customer service team seem unable to understand that the withdrawal must be denominated in USD and sent to my USD TransferWise account details (using Swift/BIC).
Does anyone in the community have any similar experiences with TransferWise and know how I can rectify this matter?
I have wasted countless hours trying to resolve this matter - and would greatly appreciate any advice. To be frank, I am shocked that such a simple matter seems to be impossible to resolve. Extremely disappointing first experience.
Yes, I have spoken with TransferWise at some length. There is no issue with TransferWise and all the account information I have provided Trading 212 is correct. Also know about the wire transfer fee - thanks for the heads up though.
I believe the issue is when someone (ie Trading 212) trys to transfer funds into a TransferWise account which is not denominated in the right currency for that account, it is rejected automatically. For instance, if Trading 212 used an IBAN (i.e. UK/EU) to transfer USD it would be rejected.
After a couple of weeks of back and forth with the Trading 212 customer service team, I was told they transferred via bank wire the money using my USD TransferWise account details (i.e. Swift/BIC) but unfortunately the funds never arrived. Quite worrying and throughout all I get from the Trading 212 customer service team is contradictory information. I’m very perplexed they are so clueless with such matters.
At this point, I have no idea what to do next.
Has anyone else had such a horrible experience? I’m shocked at how horrible such a simple matter has been dealt with.
Yes, I had funds on my TW USD account (USD denomination) which I sent directly to Trading 212 (in USD) using the details provided.
I assumed the source of funds would be my USD account details but I think that is a good point to check with TW on what details were used to deposit the funds originally.
Also, if I am able to deposit funds from TW USD into Trading 212 then I should be able to withdraw them in USD - I mean that is a glitch if the funds are meant to be returned to source.
Problem in the story, T212 doesn’t accept funding via US Bank. If TW payment was accepted, logic dictates it was not using US account as source. (However needs to be verified).
If that is the case, it raises interesting concern, how to get money back.
My thinking, this is more issue to discuss with TW then T212. As T212 does as per AML/compliance.
You are right, I made a (maybe silly) assumption that the USD funds in T212 were deposited from my USD account. All I can say for certain is that I had TW USD balance which successfully funded my Trading 212 account. Do you have a link to the T212 policy on non-acceptance of funds from USD bank accounts? Thinking about it, it makes sense for AML compliance.
It may well be that TransferWise use a UK based multicurrency account to send and settle funds as opposed to transferring FX back and forth. But in that case, I would guess, the source of funds would not have my name on the account - another issue to navigate maybe as I assume when you withdraw you are required to use an account with your name on it…
I wish the customer service team were as helpful as you!!
Thanks @VEDRAN. Things are making more sense. I wish the customer service team would help troubleshoot.
I checked my TransferWise receipt for the deposit I made to T212.
It says:
TransferWise Ltd on behalf of [NAME]
Banking partner
Barclays BARX (USD)
What’s crazy is that both TransferWise and T212 use Barclays as their partner… So if you think about the funds haven’t even really left the bank let alone the UK.
As per the above thread discussion and in line with the withdrawal methods advice - I would appreciate your consideration and support to return the funds to my bank account. Not least of which because of the fact that the funds have not even left the same banking partner, Barclays - seems like there should be a smart fix for this glitch!
Please DM me to discuss. I have been trying to resolve this with the customer service team for weeks.
