Withdraw by Bank Transfer

Trading 212 Chat
#1

Can we please be able to set-up a main benefactor for withdrawing so payments can be settled within 24hours of withdraw requests being approved?

I’m utterly perplexed by the rule T212 have that withdraws must go back to a debit card linked to the account.

I have trading accounts with other brokers which take deposits debit card and withdraws through bank transfer which are normally done the next morning if they are put in by a specified time.

Doing withdraw by bank tasfer must only be an improvement to T212 systems as Apple Pay and Google pay use virtual card numbers, dealing with merchant card processors, complexities with expiring / blocked cards

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#2

This actually protects the account. It means that if you get hacked they won’t send the money to the hacker. I actually think it is a good method.

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#3

All other brokers deal with this by setting up a beneficiary bank account, this means money can only be sent to the bank account you have registered with your account. Any change to the beneficiary bank account has to be done by request and following security and identity checks. Moreover, when you make a transfer you have to name match the T212 account to the bank account. This system is far more secure than the current system that is in place.

As far as I can see, If I was to get access to someone’s T212 account. All I need to do is make a £1 payment from a debit card to enrole it for withdraw. This can be a virtual debit card or one that is obtained from a less than lawful way

#4

There are some rules under the Anti-Money Laundering (AML) regulations to prevent people from moving money between accounts though a third party.

Also withdrawals are treated as a “refund” to the payment method.

That is not possible, if you make a £1 deposit with a card you can only withdraw £1 to that card, unless if you go through the official process through T212.

#5

It has to be a card or account in your name. Which meas that you also have the protection of your bank account.

#6

Alien,

I think their confusion about AML regulation as I said in my post I have accounts with other brokers, that are based in the UK and follow the same rules and regs as T212 and are far more established. They allow funding by card and you can only withdraw through bank transfer.

I can withdraw to any of the 4 debit cards I have used to deposit to my account.

You can use services like PayPal to do this. I suspect, it’s the traceability part of ALM that is linked to the CFD operations. it’s like the old antidote if you want to make dirty money clean go to a casino get 10k of chips and place a bet on a table then cash out with a receipt.

I think you find if you look into it, it’s trivial to get a virtual card in any name

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