JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323 
Likes: 897
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Post by JamesFrance on Feb 7, 2014 15:54:28 GMT
Following the recent loan cancellation and return of funds, I decided to withdraw the small amount involved to test the system and put the money to work quickly. After over 24 hrs nothing seems to have arrived in my HSBC account so I am wondering how long it takes to action withdrawal requests? I think HSBC shows deposits as soon as they arrive, unlike French banks which take 24 hrs at least.
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Post by chris on Feb 7, 2014 16:07:55 GMT
Withdrawals are usually processed within 24 hours - it's still a fairly manual process thanks to our wonderful banking system and because we need to double check against GoCardless to make sure only cleared funds are being withdrawn (this can be automated but has been lower priority for us). I'll give the admin team a kick for you.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,323
Likes: 897
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Post by JamesFrance on Feb 11, 2014 17:49:41 GMT
Thankyou Chris it arrived this afternoon. Now part of an exchange on Currencyfair, looking for a Euro exchange at 120.70. As a matter of interest I arranged the bank transfer to them at 4.15 uk time and Currencyfair emailed at 5.20 to say the money had arrived in my account.
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Post by chris on Feb 11, 2014 18:46:31 GMT
Thankyou Chris it arrived this afternoon. Now part of an exchange on Currencyfair, looking for a Euro exchange at 120.70. As a matter of interest I arranged the bank transfer to them at 4.15 uk time and Currencyfair emailed at 5.20 to say the money had arrived in my account. I have spoken with the guys about this and part of the time delay is that we operate through a trust fund operated independently from the core business. This gives you extra protection as a lender but puts extra barriers in place when we want to move money around or enact withdrawals. So whilst our admin team picked up your withdrawal request on Friday it wasn't processed by our trustees until the next working day. Usually they are faster than that, but ultimately our timings shouldn't be down to luck. Given those timescales I would also be surprised if Currencyfair didn't have an automated feed through to their bank account. Our bank wouldn't let us do that as they see peer to peer lending as high risk, although some other's seem to have had more success. We're getting to the size now where they'll end up having to listen to us as they'll actually care about retaining our business. Plus we'll have a SWIFT integration down the line which will let us build the best of breed payment system, but that will take time to both build and deal with SWIFT themselves. It also comes with significant costs (our first quote was £100k per annum just for access to the system) so will require the business to grow a little bit before we can justify the costs. It may sneak into H1 but I'd expect it to be an H2 development.
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