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Post by mark23 on Oct 27, 2018 14:47:24 GMT
As you maybe know, Fundingsecure also directs its offer to foreign investors, due to the fact that I already have an account and I didnt want to open a new account, I decided to check whether there is the possibility to withdraw funds to an international bank account. Ive changed my account number to international bank account number starting with IBAN number. When you change bank account number it is required to sent confirmation of your address, which I did. The next day, I received an email from FS saying that they will not process the withdraw request and it is necessary to send to them confirmation that I am owner of the provided bank account number. I did it, and again a surprise. They refused to make a withdraw to the given account number saying that they cannot send funds to bank account that doesn't match the one that funds have been received from.And they asked me to change a bank account number to the one I used to deposit funds.
I replied that they received confirmation of the address and confirmation that I am the legal owner of the international bank account number provided in withdraw request and I asked for a reference to the “terms and conditions” stating that withdraw can be only process to bank account matching the one that funds have been received from.
After two days I received a response that withdraw will be processed,although in the evening it turns out,that withdraw was made via the Trasferwise in Euro to my account in pound Sterlings.
Is it a time to withdraw the funds?
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arby
Member of DD Central
Posts: 910
Likes: 959
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Post by arby on Oct 27, 2018 16:14:43 GMT
As you maybe know, Fundingsecure also directs its offer to foreign investors, due to the fact that I already have an account and I didnt want to open a new account, I decided to check whether there is the possibility to withdraw funds to an international bank account. Ive changed my account number to international bank account number starting with IBAN number. When you change bank account number it is required to sent confirmation of your address, which I did. The next day, I received an email from FS saying that they will not process the withdraw request and it is necessary to send to them confirmation that I am owner of the provided bank account number. I did it, and again a surprise. They refused to make a withdraw to the given account number saying that they cannot send funds to bank account that doesn't match the one that funds have been received from.And they asked me to change a bank account number to the one I used to deposit funds. I replied that they received confirmation of the address and confirmation that I am the legal owner of the international bank account number provided in withdraw request and I asked for a reference to the “terms and conditions” stating that withdraw can be only process to bank account matching the one that funds have been received from. After two days I received a response that withdraw will be processed,although in the evening it turns out,that withdraw was made via the Trasferwise in Euro to my account in pound Sterlings. Is it a time to withdraw the funds? While I understand it's incredibly frustrating when we have to jump through hoops like this, but arguing for weaker security is a strange one. Sometimes I think a manual check before final processing is a good stage in this increasingly automated world.
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technik
Member of DD Central
Posts: 72
Likes: 80
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Post by technik on Oct 27, 2018 17:00:05 GMT
As you maybe know, Fundingsecure also directs its offer to foreign investors, due to the fact that I already have an account and I didnt want to open a new account, I decided to check whether there is the possibility to withdraw funds to an international bank account. Ive changed my account number to international bank account number starting with IBAN number. When you change bank account number it is required to sent confirmation of your address, which I did. The next day, I received an email from FS saying that they will not process the withdraw request and it is necessary to send to them confirmation that I am owner of the provided bank account number. I did it, and again a surprise. They refused to make a withdraw to the given account number saying that they cannot send funds to bank account that doesn't match the one that funds have been received from.And they asked me to change a bank account number to the one I used to deposit funds. I replied that they received confirmation of the address and confirmation that I am the legal owner of the international bank account number provided in withdraw request and I asked for a reference to the “terms and conditions” stating that withdraw can be only process to bank account matching the one that funds have been received from. After two days I received a response that withdraw will be processed,although in the evening it turns out,that withdraw was made via the Trasferwise in Euro to my account in pound Sterlings. Is it a time to withdraw the funds? Not really sure what your last line means? And also hard to say what currencies your accounts are in? Receiving account in GBP but you received EUR...and hence got charged some fees? In terms of the checks, anti-money laundering is becoming every more extensive across all sectors and with good reason. This is likely why there was a lot to jump through to enable you to proceed. I'm surprised they even allowed it having already said they can't - strangely that is my biggest issue with anything you have mentioned here, their contradictory stance and action!
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Post by mark23 on Oct 27, 2018 20:26:16 GMT
in term of check, it was ok as anit money loundering checks a everywhere, and it is a common in P2P platforms that you can only withdraw funds to bank accounts that match the one your funds have been received from.It wast just frustracting to jump through these hoops to find out that they've echanged GBP to EUR to sent to GBP account. I assume they wasnt prepared for such scenario and was suprised that they did it , having already said that they can't. It was a try and sucesully completed, I've asked them whether they are going to update terms and conditions and iam lookign forward for response from them
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technik
Member of DD Central
Posts: 72
Likes: 80
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Post by technik on Oct 29, 2018 16:07:56 GMT
So your international account is in GBP? And your original funding account also in GBP? Just trying to clarify as it might help the next person in your situation. Seems very odd why the were converting anything to EUR just for the sake of it.
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