Trading212 Cash ISA transfer out

Detail_Merchant

Detail_Merchant said:

I requested a transfer out from Trading 212 to the Principality Building Society.
I had to send a paper form to PBS, which I did on the 5th November.
Logging in to my (empty) PBS ISA, I could see a message saying that they had received the paper ISA transfer request, by the end of that week (8 Nov), but that it could take up to 15 working days (i.e. 3 weeks).
So I was very patient, but nothing happened at the Trading 212 end.

So after 3 weeks was up (actually this Monday, 2 Dec), I called PBS, and they said that their first transfer request had been rejected by T212, so they had sent a second one around the 27 Nov (from memory).
I asked PBS how they had sent the request, as I was suspicious that they might not have sent it to the correct T212 email address, but they said they had sent it via the SUN system, which seems to be a contact database managed by The Investing and Saving Alliance (aka TISA).

So also on Monday 2 Dec I sent a message to T212 in the app. Got past the 'bot, and a human sent a message asking for a 'reference' to the transfer request, and also saying 'please allow some time for a check on this'.
Of course 'some time' could mean a few minutes, or hours, or days.
I gave the PBS account number and asked if that was the kind if 'reference' they wanted.

No reply until today! (3 days later) and then suddenly they tell me to check my email, and I have an email from T212 saying to approve the transfer in the app.
I've now approved the transfer, and it says 'Processing transfer' and that it could take up to 2 weeks, depending on the other provider!

Overall, very slow, compared to the transfers in to T212, which went very quickly.

Finally got a message from Principality BS today that my transfer out cash from T212 had arrived, and in the online PBS account it shows as credited on 12 Dec.

Of course I can't say if this was T212's fault, or PBS's fault, or a bit of both, but disappointingly slow whichever.

friolento

iwant2asave said:

Update, eventually after much harassing t212 have completed the transfer.  My impression of this process is that they are intentionally delaying transfers out and relying people to assume that things are in process when they aren't...

They are not exactly fast with transfers in, either. So I think there’s nothing sinister going on. Their transfer team are just not very efficient.

You also earn a decent rate whilst your money sits with them, so you aren’t likely to lose much, if any, money whilst waiting for a transfer out