Sofort - Unsupported

Hello,

I am trying to make a deposit to a online broker for share dealing and it offers Sofort or bacs, with the later being a 3 day delay.

If you try to use Sofort, it tells me Monzo is an unsupported bank. Can anything be done about this?

Apologies if covered else where, I did a search and there was an old thread from 2017, but nothing more current…

Cheers

Hi @steveduk :wave:

I’m afraid the supported countries for SOFORT are:

  • Germany
  • Austria
  • Switzerland
  • Poland
  • Italy
  • Spain
  • Belgium
  • The Netherlands

so we aren’t able to support this payment scheme at the moment!

I know BACS is a bit of a hassle so I’m really sorry about that :disappointed: It might be worth asking them directly if they can accept Faster Payment bank transfers?

Source: https://help.mollie.com/hc/en-us/articles/115000310169-How-does-SOFORT-banking-work-

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Not sure it’s that’s true as I was able to use it with my alternative first direct account…

Really? That surprises me…
I know Transferwise supports SOFORT, but never tried it. Could be another route.

Sofort is now owned by Klarna who a lot of UK businesses use so sofort maybe getting used via Klarnas system in the UK

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indeed, i did read Klarna somewhere…

Hey @HughWells apologies if my response seem rude, not my intention!

The broker is degiro.co.uk and they seem to use sofort for deposits and do accept BACS and advise against faster payments…

Copy and paste:

You can use the following details to transfer funds to your investment account:

|Name of beneficiary|Stichting DEGIRO|
| — | — |
|Sort Code|23-10-48|
|Account number|75631100|
|IBAN|GB06DEUT40508175631100|
|BIC|DEUTGB2L|
|Bank name|Deutsche Bank|

Important: Please transfer funds from the same nominated bank account you have registered with DEGIRO: My monzo details were here, but removed then!.

If you transfer funds manually to the account of Stichting DEGIRO, it will typically take 2-3 working days before the money will be credited and you are able to start trading. To avoid additional delays, please do not transfers funds via Faster Payment. Transfers received via Faster Payment are often received without sufficient information to allocate the funds to your account automatically and additional information may be required. All payments received via Faster Payment will be processed within the standard 2-3 working day period. Additionally, do not transfer using a third party payment service (such as TransferWise, Revolut, or Monese). Any transfer sent from a third party account will be returned to the account it was sent from.

I did do a bacs and it made it there, but i was looking for a way to short cut the 3 days (and they do seem to wait that long) . I tried to use sofort in monzo and it said no, so tried first direct, and it went across fine, but then they said unallocated balance as it didnt match my account details…

If its not doable well so be it…

Cheers
Stephen

I would suggest a Faster Payment with your account ID (or whatever they suggest) would be the best way to do it :+1:
I see they advise against it but if you contact them I’m sure they’ll be able to get it sorted :raised_hands:

Do they even want your money?! :smile:

They are making it difficult, but low cost broker, who are automating everything it seems!

Thanks for all the input everyone!