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Post by petebutt43 on Jun 30, 2019 15:12:30 GMT
If the email sent is correct you should okay. As it only said "UK residents" But if you try to invest on their website it says citizen also. So one of the claims is wrong. I emailed Mintos about this. Here is there response. "Thank you for your message. The ban applies only to UK residents. If you have a current residence permit in a different country, please send it to us and we can activate investments for you again. Let us know if you have any other questions." I've done that but still can't invest.They'd better get a a grip or all my protfolio will be sold!!
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benaj
Member of DD Central
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Post by benaj on Jun 30, 2019 15:35:25 GMT
If the email sent is correct you should okay. As it only said "UK residents" But if you try to invest on their website it says citizen also. So one of the claims is wrong. I emailed Mintos about this. Here is there response. "Thank you for your message. The ban applies only to UK residents. If you have a current residence permit in a different country, please send it to us and we can activate investments for you again. Let us know if you have any other questions." I definitely give this a try.
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Post by hoonercat on Jun 30, 2019 17:53:18 GMT
Odd, I received an email from Mintos on the same day that the ban started (though I missed the email) stating that it affects UK citizens, no mention of residency. While I am a UK citizen, I am not a UK resident. Seems to be a lot of confusion within Mintos over this. Here is a copy of the first email they sent. "Mintos is currently developing a new business model for the UK market. As a result, we've decided to temporarily stop new investments in loans from the UK residents starting from 27.06.2019. How does this affect you? You won’t be able to make new investments in loans on Mintos. You will continue receiving repayments from borrowers according to payment schedule for your existing loans. You will be able to access your account, sell your loans on the Secondary Market, and withdraw your money from Mintos at any time. We will update you immediately once we've worked out the best possible way to offer our services to you and other UK residents. We appreciate you as an investor, and we apologize for the inconvenience. If you have any questions, feel free to contact our Investor Service team at support@mintos.com. Kind regards, Your Mintos team " Exactly the same wording except they have replaced the word 'residents' with 'citizens'. I've now got 20% of my Euro portfolio doing nothing, so have requested to withdraw it. Oddly, my Transferwise account doesn't appear in the list of accounts for withdrawals so I'll have to go through a longer process I assume. Another annoying thing is that I have invested in both Ruble and Tenge which were supposed to be long-term due to the high currency conversion rate, and I'm starting to see a build-up of funds sitting there doing nothing.
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Post by petebutt43 on Jul 1, 2019 10:59:57 GMT
Just been re-authorised. Provide proof of residence and Bob's your Heinkel!
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Post by justdabbling on Jul 2, 2019 8:41:28 GMT
May I ask why you are withdrawing now from Mintos? Do you not want to wait to see what might be proposed? There really has been no explanation for this sudden block to UK investors I am not prepared to leave money uninvested on any platform, so will be investing it elsewhere, hopefully on a UK platform although it is hard to get a decent return for the risk. I note you said you are withdrawing everyday. Having never withdrawn from Mintos I don’t know what happens with the currency exchange, ie whether there is a minimum charge or a straight percentage, and I have just 250 Euro uninvested. Do you find it worth withdrawing amounts this small? If you are able to let me know how the transfer costs are calculated that would be much appreciated.
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benaj
Member of DD Central
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Post by benaj on Jul 2, 2019 11:05:46 GMT
Just been re-authorised. Provide proof of residence and Bob's your Heinkel! Nice one, Mintos.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Jul 2, 2019 11:40:25 GMT
I am not prepared to leave money uninvested on any platform, so will be investing it elsewhere, hopefully on a UK platform although it is hard to get a decent return for the risk. I note you said you are withdrawing everyday. Having never withdrawn from Mintos I don’t know what happens with the currency exchange, ie whether there is a minimum charge or a straight percentage, and I have just 250 Euro uninvested. Do you find it worth withdrawing amounts this small? If you are able to let me know how the transfer costs are calculated that would be much appreciated. I am withdrawing Euros to a Transferwise Euro bank account with a Germen Iban No. then can convert to pounds and send to a UK bank for a reasonable cost, so I don't know how Mintos deals with sterling withdrawals. When I opened the Transferwise bank account I made a small deposit to Mintos which means I can withdraw to that account or my French bank account.
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stevio
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Post by stevio on Jul 2, 2019 12:14:22 GMT
I note you said you are withdrawing everyday. Having never withdrawn from Mintos I don’t know what happens with the currency exchange, ie whether there is a minimum charge or a straight percentage, and I have just 250 Euro uninvested. Do you find it worth withdrawing amounts this small? If you are able to let me know how the transfer costs are calculated that would be much appreciated. I am withdrawing Euros to a Transferwise Euro bank account with a Germen Iban No. then can convert to pounds and send to a UK bank for a reasonable cost, so I don't know how Mintos deals with sterling withdrawals. When I opened the Transferwise bank account I made a small deposit to Mintos which means I can withdraw to that account or my French bank account. Revolut is effectively no cost in exchange, but 5k limit per month
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Post by ajf1985x on Jul 2, 2019 17:06:17 GMT
My first reaction when I read the news was that it would kill liquidity in GBP loans, however I managed to sell all my GBP holdings and withdraw in 24 hours.
I am keeping my EUR loans for now, even though I am sat with uninvested funds
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andy2001
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Post by andy2001 on Jul 4, 2019 2:47:01 GMT
Well my loan investment status has been re enabled After updating them with my current resident status in the Philippines. And giving them documentary evidence of this.
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Post by justdabbling on Jul 4, 2019 8:08:49 GMT
I am withdrawing Euros to a Transferwise Euro bank account with a Germen Iban No. then can convert to pounds and send to a UK bank for a reasonable cost, so I don't know how Mintos deals with sterling withdrawals. When I opened the Transferwise bank account I made a small deposit to Mintos which means I can withdraw to that account or my French bank account. Revolut is effectively no cost in exchange, but 5k limit per month Thank you both for the information.
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invester
P2P Blogger
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Post by invester on Jul 4, 2019 10:55:12 GMT
Does anyone know if there is a timeframe for when UK investors will be able to resume lending?
Or have an alternative platform that isn't a total gamble? I can only think of Twino and perhaps the EUR version of Wisealpha that are reasonably well thought of.
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stevio
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Post by stevio on Jul 4, 2019 11:11:25 GMT
Does anyone know if there is a timeframe for when UK investors will be able to resume lending? Or have an alternative platform that isn't a total gamble? I can only think of Twino and perhaps the EUR version of Wisealpha that are reasonably well thought of. Not that I know of, been meaning to phone Mintos but not had the time, maybe someone could and report back
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mrk
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Post by mrk on Jul 5, 2019 8:44:28 GMT
Got an update email today, but no time frame
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ptr120
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Post by ptr120 on Jul 5, 2019 15:50:08 GMT
I've asked the question about how long but haven't had an update.
If you are looking for a home for EUR funds DoFinance are offering 1% cashback on funds invested in loans for at least 6 months from Monday.
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