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Post by geoffrey on Mar 31, 2021 9:04:08 GMT
I got this email form TWINO just now. Brexit bites ... As I understand it, the UK Government isn't placing regulatory restricitons on EU Financial Services serving UK customers. I wonder where this is coming from.
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ukinvestor
Member of DD Central
Posts: 116
Likes: 34
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Post by ukinvestor on Mar 31, 2021 9:29:19 GMT
Another one bites the dust... Been on the cards for a while...Mintos was the first to block UK investors...other platforms were making similar noises as Brexit loomed
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Post by geoffrey on Mar 31, 2021 9:53:24 GMT
I guess suddenly UK Citizens are all potential money launderers. Strange that the platform is allowed to invest in dodgy Russian loans and receive interest payments from Russian citizens, but can't receive investment funds from UK citizens sent via a highly regulated banking system...
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Post by geoffrey on Apr 16, 2021 9:13:55 GMT
I completely agree with you, and of course I voted Remain. Appalled by the way the Tories have handled this.
Having said that, my question was serious, and based on the fact that Revolut, Wise and PaySera all manage to serve both EU and UK customers. In fact I looked into Twino's T&Cs, and they say that investors need to have a bank current account in the EU (which any UK resident can open via a number of routes, the easiest being PaySera). There is no mention of citizenship in their T&Cs. In any case, I expect this is a new ruling from their Financial Regulator, which hasn't made it into T&Cs yet.
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ukinvestor
Member of DD Central
Posts: 116
Likes: 34
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Post by ukinvestor on Apr 18, 2021 19:51:28 GMT
Twino is one of the platforms where the account can be in £ or €, they used to accept £ deposits via the faster payment service into an UK account, withdrawals in £ are via the faster payment service, and they have an UK support number.
May be in the early days, the UK market was more important and UK investor numbers have dwindled...
May be they are worried that the £ was going up and they would have to repay £ at an ever increasing rate....
May be they are trying to nudge UK investors not to withdraw £ - 1.17 at the time and going up that were deposited at 1.10 or lower - as we won't be able to replace it...
May be I'm just too cynical...
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a0010402
Member of DD Central
Posts: 111
Likes: 64
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Post by a0010402 on Apr 5, 2022 15:10:26 GMT
Klear (www.klearlending.com) is able to serve EU citizens living in the UK (or EEA citizens to be precise) and allow them to invest. Assuming they're in possession of an EU-based bank account (or e-money institution) from which they're able to send and receive payments in Bulgarian Leva or Euros. And that they're not at the same time US citizens, residents or taxpayers. Tagging loic (klear)
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