spiral
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Post by spiral on Dec 7, 2018 17:42:56 GMT
Is anyone else awaiting receipt of a withdrawal to arrive today?
I put in a request yesterday but it has not yet arrived at my bank.
Normally it arrives before their 4pm target but on checking my statement, I have just realised that you can't see whether it has been processed or not because it just states "Next Day Money Withdrawal request", RS don't add a confirmation when processed.
Obviously I realise it could be my bank but was just wondering if anyone else hasn't received their expected withdrawal today.
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star dust
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Post by star dust on Dec 7, 2018 18:10:01 GMT
Is anyone else awaiting receipt of a withdrawal to arrive today?
I put in a request yesterday but it has not yet arrived at my bank.
Normally it arrives before their 4pm target but on checking my statement, I have just realised that you can't see whether it has been processed or not because it just states "Next Day Money Withdrawal request", RS don't add a confirmation when processed.
Obviously I realise it could be my bank but was just wondering if anyone else hasn't received their expected withdrawal today.
Just checked, not got mine either, although I thought their target was now 6 p.m. Something I can't now check as I have nothing to withdraw.
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Post by multiaccountmanager on Dec 7, 2018 18:21:55 GMT
Yes I am waiting for 10K total on different accounts. Very embarassing as it is needed for a foreign exchange deal.
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Post by multiaccountmanager on Dec 7, 2018 18:22:47 GMT
Hope it is not that they have run out of money.
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benaj
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Post by benaj on Dec 7, 2018 18:28:25 GMT
Yesterday (6th), I received withdrawal made on the 5th.
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spiral
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Post by spiral on Dec 7, 2018 18:30:29 GMT
Just checked, not got mine either, although I thought their target was now 6 p.m. Something I can't now check as I have nothing to withdraw. Why do you think its 6pm?
I always thought 7pm but before creating this thread, I checked their FAQ and it states
"Withdraw from your Holding Account
To withdraw funds from RateSetter to your designated bank account, log-in to 'Your Account' and click the "Withdraw"link on the left hand menu. You can set your account to automatically transfer funds from your RateSetter Holding Account to your bank account. You can change this at any time. This can be set to be done once per week or once per month. You can select to have ALL of your current balance withdrawn, or a fixed amount each time. Note that withdrawal requests are always processed on the next working day. You can withdraw available funds from your "Holding Account" at any time using the methods in the table below."
Which doesn't mention any cut out time.
Incidently, how could you have checked the cut out time if you had funds? I assume that the withdrawal states the same thing whether you are before or after the cut off, if one exists.
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spiral
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Post by spiral on Dec 7, 2018 18:46:20 GMT
Mine's just arrived.
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star dust
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Post by star dust on Dec 7, 2018 18:49:16 GMT
When you actually start the withdrawing of funds it says you will receive this by xx date before 6 p.m. in bold at the bottom of some other text. You get this screen before hitting the confirm withdrawal. I think it says the time is before 6p.m on that screen (the date is always the following day or if Friday/weekend it would be the following Monday) but I've not bothered with any screen shots and can't start the process again to see as I don't currently have any funds on account to withdraw. IIRC it always used to say a time of 4p.m but this had changed - maybe I'm misremembering the time. Mine was a manual withdrawal yesterday afternoon as the weekly one hadn't taken effect, and as I'd had a bunch of loans paying back during the week I did a manual withdrawal instead in case I forgot to check later on that the auto one had actually been effected.
In any event it was after both 4 and 6 pm today when I checked whether any funds had been received.
In Edit: And so has mine after all that . Slightly late at sometime between my first post at 18:10 and 18:50.
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Post by Badly Drawn Stickman on Dec 7, 2018 19:01:40 GMT
Well I do have funds that could be withdrawn.
All I got when I did a test was this....
We will verify your bank details and transfer the funds to you within 1 working day. The funds should be in your account on Monday 10 December 2018 provided that your bank supports Faster Payments.
Which looks fairly familiar, pretty sure that's what I get every time.
Edit, I did have a withdrawal from Lendy today which was 'late' compared to the usual morning payment. So maybe a bank issue?
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Post by multiaccountmanager on Dec 8, 2018 11:50:46 GMT
I received my funds at about 18:30. Usually the funds are there in the afternoon but I note the earlier comment that the "cut off" has ben changed from 4pm to 6pm.
So in future I wont rely on Ratesetter to get funds to me for FX deals.
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spiral
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Post by spiral on Dec 8, 2018 17:55:58 GMT
I received my funds at about 18:30. Usually the funds are there in the afternoon but I note the earlier comment that the "cut off" has ben changed from 4pm to 6pm. So in future I wont rely on Ratesetter to get funds to me for FX deals. I think you are misunderstanding the cut off.
Funds should still be in your account for 4pm. That is what RS state.
The discussion regarding cut-off surrounds what is the latest time the night before you can make your request in order that you receive the funds for 4pm the following day. I can't find where RS state this but always believed it to be 7pm although they state
"Note that withdrawal requests are always processed on the next working day" which seems to imply any time up to 2359 Sunday to Thursday.
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robski
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Post by robski on Dec 10, 2018 9:59:47 GMT
RS can only send the cash via faster payments they have no idea how long your bank will take to process it.
Its normally instant but its either 2 or 4 hours most quote as the timescale it can "normally" take to process.
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star dust
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Post by star dust on Dec 10, 2018 18:06:20 GMT
I received my funds at about 18:30. Usually the funds are there in the afternoon but I note the earlier comment that the "cut off" has ben changed from 4pm to 6pm. So in future I wont rely on Ratesetter to get funds to me for FX deals. I think you are misunderstanding the cut off.
Funds should still be in your account for 4pm. That is what RS state.
The discussion regarding cut-off surrounds what is the latest time the night before you can make your request in order that you receive the funds for 4pm the following day. I can't find where RS state this but always believed it to be 7pm although they state
"Note that withdrawal requests are always processed on the next working day" which seems to imply any time up to 2359 Sunday to Thursday.
Just to clarify this, as I think there's a bit of talking at cross purposes about cut-off's.
The cut-off for getting a withdrawal into your account on the next working day is I believe just before midnight. I'm not 100% certain because the closest I remember doing it was around 23:00 hrs.
The cut-off for the funds to be in your bank account the next working day (if it supports faster payments) is 18:00 hrs. As someone else has commented this is not necessarily within RS's control and could take longer, but is the usual time-frame. As I had something to withdraw today I attempted to do so and this was confirmed in the screen-shot below, memory working alright it seems. Thanks also to a forum member for confirming this yesterday as well .
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spiral
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Post by spiral on Dec 11, 2018 9:03:14 GMT
Just checked this myself.
This morning it reads the same as star dust so some time over the last few days, they are now sending withdrawals later in the day than previous.
Apologies to all for the confusion.
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Stonk
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Post by Stonk on Dec 11, 2018 9:22:23 GMT
Just to add my tuppence-worth ...
Whenever I have withdrawn I'm almost certain that it has said "by 6pm" for as long as I can remember. For me, at least, nothing has changed recently.
As far as I can tell, withdrawals have always arrived by 14:00.
You can request a withdrawal anytime before midnight and it is processed the next working day. Indeed, I frequently withdraw at 23:55 and it works the same as withdrawing 23 hours 50 minutes earlier.
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