I have been very happy with T212 ISA & Investing products. I also use ii.co.uk, IG and Saxo Bank. I want to continue to use T212 but I need to trust that I can withdraw my funds. The process to put money into T212 is easy debit card, pay pal and bank transfer. But when comes to withdrawal its very different and unique to T212 ( ii, IG and Saxo don’t have this rules )
I’m based in the UK with HSBC and Revolut accounts. HSBC debit card is GBP only ( the HSBC UK only offers GBP debit card )
My T212 Investing is in USD
99% my funds have come from bank transfer. The accounts are USD from HSBC Currency account or Revolut USD. But these accounts don’t have a debit card.
I have tried to withdraw money from my account
a) T212 says “due to security reasons, we use the same method you have used for deposits in order to make the withdrawals.”
b) The system technical only lets you withdrawal back to a debit card
b.1) I don’t want to use a GBP debit card. This money came from USD accounts and needs to be kept in USD
c) When Depositing money into an account with bank transfer the T212 system gave no warning that I would not be able to withdrawal the money via a different method.
So the facts are if you put depositing into T212 via bank transfer ( in my case a bank transfer that’s USD ) you must make withdrawals out on a debit card ( a Revolut credit card will not work ). You can find all these details in the help documents after you worked out that you’re stuck. If withdrawals are made I will loss a lot of money on the FX Conversion and fees.
ii.co.uk, IG and Saxo Bank don’t have any of these problems or odd restrictions.
T212 is contradicting itself.
I tried to get support help and speak with a human on the phone but I have had no luck.
Problem is that T212 will not let me change the debit card I used 2 times on the account from HSBC to any other card. The only exception to that rule
1.1) If I get a letter from HSBC saying that the debit card has been lost or stolen
1.2) Wait for the card to expire
I tried to put money into T212 via Revolut card that was not supported
99% of my funds have come from Bank transfer. If the software UI made it clear that using a card would give me all this problem I would have never used a card on the account.
Most customer will always use a card when setting up an account and then transfer large funds later.
I have been told the following from T212. “In order to remove a payment method that is not expired, we would need a document from the bank issuer to be provided to us at cardverification@trading212.com. The document has to contain information that a card is lost/stolen/blocked/invalid, in order for us to be able to delete that method from our systems completely.”
Looks like I will have get HSBC to write me a letter for T212 to replace the HSBC debit card on file with Revolut. @GaryS have you hit any limits of the amount you can deposit?
@rizworld My suggestion is to reach us at cardverification@trading212.com instead (I wasn’t able to find your account using the email registered here). Yes, we follow the AML rules suggested in some of the other posts around, but we’re always flexible when it comes to finding a fair outcome, when possible of course.
A side note - we’re in the middle of optimizing further the process, along with the information in the Withdrawal section.
I think I might have the same problem as the gentleman here.
I live in Germany and work in Luxembourg, hence I only hold a Lux account which this country does not issue debit card but only credit card. Are the credit card fine for withdrawals?
Thanks