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.