Hi,
I am going to withdraw some of the amount from my USD currency investment account. I have deposited my account via bank wire from my Revolut bank account in the past. Then Revolut stopped this type of money transfer to Trading212 probably because they become a competitor to Trading212 due to their trading platform. I continued to fund my account with amounts in USD currency from my USD currency bank account that I have opened in Barclays.
I also have an ISA account, which I have deposited simply via debit card.
Now the question is, when I want to withdraw from my investment account, it shows up the debit cards that I have used in the past with the Trading212 platform, but they are in GBP currency, and I need to withdraw the amounts in USD currency. I don’t think it is going to work, even if it would, and I highly doubt that, it will probably end up in being converted into GBP with a currency exchange rate that will be higher than interbank exchange rate, which will cost me a lot of money (at least for me).
I simply want to withdraw the money to my USD currency bank account which I have already used to deposit my investment account in Trading 212 platform via bank wire.
Anyone happened to be in similar situation? I am sure there are people who have USD currency account and at some point wanted to withdraw money in USD currency. How did you guys sorted this out?
Thanks in advance.
I have talked to customer service representatives of trading212 over chat, and explain the situation in detail, after long discussions their suggestion is not different than what is at the beginning, either provide a document that will prove that that card is no longer valid for some reason like being stolen, or expired. Otherwise, the only option is to withdraw the amounts via debit card.
In my case, I found out that when I withdraw the amounts from my USD currency investment account in Trading 212 via Revolut debit card, the amounts are ending up in my USD currency bank account in Revolut. I found this by simply trying withdrawal of 3USD.
The only issue is what will happen when I try to withdraw larger amounts. It is kind of incredible that I am supposed to transfer a relatively large amount of money (at least for me) by using a debit card.
Also, what if I didn’t use revolut debit card, but a debit card from, say, barclays, and suppose I didn’t have a USD currency bank account, how was trading212 going to transfer USD amounts to barclays in that case via debit card? Was it going to be exchanged to pound with the exchange rate that Barclays provides, which is at least 1% less than the market?
It seems like I’ll be able to sort out this problem, though I can’t say it is solved yet, I’ll update as things progress.
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Did you have your Revolut card already setup in T212 from the start? or you switch to this card later?
I used my revolut debit card only minutes before my USD3 trial. I first deposited my account $3 by using revolut debit card. (And that is when I found out that if there is some amount in your Revolut USD currency account, then the debit card works like a USD currency debit card, and takes the amount from your USD currency account, not GBP account). And minutes later, requested withdrawal of $3 from trading 212. The amount ($3) ended up in my revoult USD account 2 days later.
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Just to give an update here. I withdrew the amounts successfully. To summarise;
- Used my revolut debit card to deposit a small USD currency amount into my account
- Used the same revolut debit card to withdrew in USD currency. I made two separate requests while withdrawing (excluding the withdrawal of $3), on my second withdrawal, trading 212 requested me to share my IBAN / SWIFT details with them. I sent them my USD account details via email. In less than 48 hours after they notified me that they executed the withdrawal transaction, the amounts arrived into my account.
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