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Post by geoffrey on Feb 25, 2019 8:24:52 GMT
Does anyone know how Twino now returns funds in Sterling -- is it via TransferWise / BACS, or is it with a SWIFT transfer? One of my family members has a smallish amount invested in Twino in GBP. When they first invested, Twino didn't have the TransferWise tie-up for sending funds, and funds had to be sent to Twino by SWIFT. The problem is that the linked account is with Lloyds, and they charge a stupid fee (like £7) to receive a SWIFT payment, so my relative wants to know how the transfer is going to be made. If they'll return funds by SWIFT, then they want to switch the linked account to Revolut to avoid the fee. If via TransferWise, then it's not necessary to do that. Anyone have any recent experience?
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invester
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Post by invester on Feb 25, 2019 9:52:00 GMT
I had this problem as well. My account is in GBP.
My initial deposit was on Transferwise as they didn't have a UK account number set up. I thought that by withdrawing, it would be like Revolut and simply go into an account there. But apparently the account number Transferwise use is not specific to yourself, and a withdraw then goes into a holding account then returned to Twino.
Since then, I made a small deposit via BACS off my UK bank account, I then asked Twino if I could change my withdrawal account to this one. Had to supply a screenshot of the bank account but my withdrawal account is now changed to that.
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Post by geoffrey on Mar 1, 2019 11:50:01 GMT
OK, thanks! Have you made a withdrawal to the GBP account, and if so, did it come in as a BACS payment (possibly via TransferWise) or as an international (SWIFT) payment in GBP? I think they would look very different, and possibly your bank may charge for the latter (like Lloyds, where they charge a ridiculous rip-off fee of £7 for a credit -- simply because they can), whereas there would be no fee for the former obviously.
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andy2001
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Post by andy2001 on Mar 13, 2019 3:41:53 GMT
My recent withdrawals have shown up as transferwise. But Twino are about to change there GBP deposit method so don't know if there will be any change for withdrawals also.
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invester
P2P Blogger
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Post by invester on Mar 13, 2019 16:24:36 GMT
OK, thanks! Have you made a withdrawal to the GBP account, and if so, did it come in as a BACS payment (possibly via TransferWise) or as an international (SWIFT) payment in GBP? I think they would look very different, and possibly your bank may charge for the latter (like Lloyds, where they charge a ridiculous rip-off fee of £7 for a credit -- simply because they can), whereas there would be no fee for the former obviously. Checked my statement and it is seems to be BACS, I haven't got charged for it.
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Post by geoffrey on Mar 16, 2019 12:13:56 GMT
Great, thanks!
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