Trade Republic is one of the neobanks that has grown most strongly in recent months. Which is why it is normal that many of its users are not familiar with the details of its operations. In this article we tell you why you may encounter an extra charge for having recharged your card through methods such as Google or Apple Pay.
There are more and more 100% digital banking entities that we have in our country. During the last few months, one of those that has grown at the fastest rate has been Trade Republic, a neobank that offers us a wide range of functions that are very interesting for its users, linked to the saving now the investment.
Although its application has been developed to be as intuitive as possible, it is normal that some of its users have some doubts when operating with it and using it on a daily basis. One of the most common is when we want to add balance to our card so that, in the end, we can use it in any of the shops that we frequent on a daily basis. And if we want to add money to our account through options such as Apple Pay or Google Pay, we face a 1% commission. Because?
A 1% commission at Trade Republic
Trade Republic, As with the rest of the neobanks, it offers us different ways to be able to add money to our account so that it can be used immediately: credit or debit card, Apple Pay / Google Pay and bank transfer. In the first two cases, both through Apple Pay / Google Pay and through card payment, we find a commission of 1%, as we can see in the following screenshots.
The same does not happen if we choose make a bank transfer. In this case, the cost of said transfer will depend on the issuing bank, but in the vast majority of cases it will be free, except if we opt for an urgent transfer. In which case, they do usually have an associated cost.
Immediate provision
Although in the app, Trade Republic does not offer information about the reason for this 1%, we do find a response to this commission in its Web page. According to the neobank, when we deposit money into our account via card, it is not immediately available in Trade Republic, but rather it takes a few days for the transfer to become effective.
Nevertheless, Trade Republicwith the aim of making our money available immediately, is responsible for advance money to the user. With the 1% charged on each transaction, it covers the additional costs associated with each top-up before the money is received by Trade Republic.
Therefore, this amount is added as the advance that Trade Republic is making in each transaction and that helps users have immediate liquidity in their accounts, even when the money that we are wanting to change banks has not yet been received by the receiving bank. In this case, the neobank we are mentioning.
