Has anyone had issues removing money from Trade Republic?

D

deskter

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Hello, I'm new to Trade Republic and have some safety concerns I'd like to address.

Background
I've done some research on Trade Republic's safety measures, particularly regarding the Deposit Guarantee Scheme (DGS) and the use of escrow accounts. I live in Ireland and noticed that my given IBAN in Trade Republic resembles that of Citibank. This led me to understand that Irish residents might have their funds sent to Citibank, consequently falling under the regulation of the Irish Central Bank.

Recently, I transferred a total of 12k to Trade Republic in multiple transactions, using Revolut as the intermediary. However, after a 7k transfer, Revolut restricted my account and prompted me to contact them via chat. During the conversation, I had to confirm several prompts to assure Revolut that I wasn't acting under coercion or using remote control software. While I appreciate Revolut's security measures, the warnings they provided, such as "your activity is very similar to recent scams experienced by other customers," left me feeling extremely uneasy and anxious.

Question
Has anyone encountered difficulties withdrawing funds from Trade Republic? My concern is that I might later discover that the funds displayed on the TR app are actually difficult, or impossible, to transfer.

Furthermore, I've encountered feedback suggesting that the customer service provided by TR is severely lacking, which only adds to the stress of using their services.
 
deskter said:
Hello, I'm new to Trade Republic and have some safety concerns I'd like to address.

Background
I've done some research on Trade Republic's safety measures, particularly regarding the Deposit Guarantee Scheme (DGS) and the use of escrow accounts. I live in Ireland and noticed that my given IBAN in Trade Republic resembles that of Citibank. This led me to understand that Irish residents might have their funds sent to Citibank, consequently falling under the regulation of the Irish Central Bank.

Recently, I transferred a total of 12k to Trade Republic in multiple transactions, using Revolut as the intermediary. However, after a 7k transfer, Revolut restricted my account and prompted me to contact them via chat. During the conversation, I had to confirm several prompts to assure Revolut that I wasn't acting under coercion or using remote control software. While I appreciate Revolut's security measures, the warnings they provided, such as "your activity is very similar to recent scams experienced by other customers," left me feeling extremely uneasy and anxious.

Question
Has anyone encountered difficulties withdrawing funds from Trade Republic? My concern is that I might later discover that the funds displayed on the TR app are actually difficult, or impossible, to transfer.

Furthermore, I've encountered feedback suggesting that the customer service provided by TR is severely lacking, which only adds to the stress of using their services.
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There has been extensive discussion about the protection of trade republic in other threads for example

Trade Republic paying 4% on deposits up to €50,000

https://www.rte.ie/news/business/2023/0104/1344769-trade-republic-to-offer-2-interest-on-cash-balances/ You don't need to trade - you can just open an account. They are brokers, but benefit from the €100k deposit guarantee. Brendan
www.askaboutmoney.com

While I can only speak for my own experiences, I have not yet had trouble withdrawing funds from TR.

There is a lot of threads concerning poor customer service and delays in transfers on the forum however.

The temporary block on your revolut transfers: is it possible that it wasn't to do with the receiving party but rather a pattern of making many small transfers adding to a large enough total in a short amount of time that raised suspicion for them?
 
Thx for replying. Yes, I agree with you that Revolut was focusing on the pattern of making small transfers rather than considering Trade Republic as the question in check. However I am not experienced with transferring money and I am trying to reassure myself by asking others in here if any problems happened to them while using the TR app. The Revolut experience just left me scared.
 
If the money is uninvested in TR, you could put your mind at ease by transferring some of it back. I usually test a "connection" by transferring 5eur both ways.
 
theObserver said:
If the money is uninvested in TR, you could put your mind at ease by transferring some of it back. I usually test a "connection" by transferring 5eur both ways.
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That's a good habit anyway. I never transfer anything without first doing a 1 Euro test transfer. This also ensures all the data is entered correctly.
 
Oh, I have done that. I have initially transferred 60€ in, and then 5€ out. And it worked. My concern is not so much about “if it works” technically speaking, more so concerned of being lured in with the 4% interest rate and then when the pile of money is big, it stops working because they are fake, that all was planned to work in small amounts to make you believe it’s real, then they have your 50k there locked and you can’t take it out anymore. Sorry for overthinking about it, but it’s my sweat money and as much info I can get from people I feel better informed how things work.
 
I wouldn't worry about TR being a scam. They are regulated and legit (this doesn't mean you can't get scammed but not by TR itself). The reason I closed my TR account is their diabolically bad customer service (lots about this on AAM). I asked them a straightforward question and after 3 weeks received an irrelevant and incoherent reply seemingly written by an AI bot. IMO
their lack of commitment to customer assistance makes them inherently risky.
 
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Update: I have made a reverse transfer of 7k from Trade Republic to Revolut, and it took 24h. Service seems to be working the same for 5eur and 7k.
 
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