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Post by esthere on Oct 16, 2015 19:23:11 GMT
Goodevening,
I want to share my expericence with saving Stream.
At first I was very excited by the hight rate they offer. I did sign in and invest money trusting them. I end up now very disappointed.
Here are the facts.
I deposited 500£ on my accont on September.
For several weeks, I keep getting mails from saving Stream telling me they didn’t get my moeny.
I’ve even sent to them every proof from my bank account that I actually did send them this money.
But they keep ignoring it and continue to pretend I owe them money…
I know of someone who did get more money (several hundreds £) on his saving Stream account that he actually send. That is good for him. But it might show how ill organised they are and I personnally experienced it in a less fortunate way.
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Post by esthere on Oct 16, 2015 19:42:36 GMT
Goodevening,
Saving Stream publicly answered to me "We are not prepared to cover losses due to FX changes or transfer fees applied by your bank." So in anticipation, I want to add that this is completely irrelevant.
Here are the facts:
on September the 30th, I sent 676.87 euros which were at that time exactly equivalent to £500.
On October the 2nd, this same amount was exactly equivalent to £499.89£. (On October the 1st, it was exactly equivalent to £500.54.)
My bank does not apply any transfer fees to transfer to Europe and indeed I’m not contesting any other deposit that I’ve made with this bank.
(one can see www.boursorama.com/bourse/cours/graphiques/historique.phtml?TradeSessionExpired=1&origin=3&symbole=1xGBPVS for the FX change)
I did send proof from my bank that I did indeed deposit the amount I'm saying. Saving Stream just keep answering irrelevantly.
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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Post by Liz on Oct 16, 2015 20:42:48 GMT
I don't have a clue what you are on about.
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webwiz
Posts: 1,133
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Post by webwiz on Oct 16, 2015 21:35:33 GMT
Have you made a nominal deposit, so creating a BACS deficit, and bought a loan Part? Is the problem that your bank transfer was not exactly £500 due to exchange fluctuations or do you have a BACS deficit of the full £500 (if you did make the nominal deposit)?
Please detail each and every thing you did.
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Post by Deleted on Oct 16, 2015 23:12:01 GMT
Goodevening,
Saving Stream publicly answered to me "We are not prepared to cover losses due to FX changes or transfer fees applied by your bank." So in anticipation, I want to add that this is completely irrelevant.
Here are the facts:
on September the 30th, I sent 676.87 euros which were at that time exactly equivalent to £500.
On October the 2nd, this same amount was exactly equivalent to £499.89£. (On October the 1st, it was exactly equivalent to £500.54.)
My bank does not apply any transfer fees to transfer to Europe and indeed I’m not contesting any other deposit that I’ve made with this bank.
(one can see www.boursorama.com/bourse/cours/graphiques/historique.phtml?TradeSessionExpired=1&origin=3&symbole=1xGBPVS for the FX change)
I did send proof from my bank that I did indeed deposit the amount I'm saying. Saving Stream just keep answering irrelevantly.
You should first understand what are the facts. In your message n. 1 you say: "I keep getting mails from saving Stream telling me they didn’t get my moeny." In your message n. 2 you say: Saving Stream publicly answered to me "We are not prepared to cover losses due to FX changes or transfer fees applied by your bank." (so this imply they have actually received your money). If they received the bank transfer with some fees, then try to understand that most banks in EU work with intermediate banks and these actually apply fees even if the original bank don't (so your bank will tell you: 'we don't apply fees' but actually the intermediate they use do apply fees!!!). SavingStream gains on lending money, certainly not from bank fees...
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jimbob
Member of DD Central
Posts: 317 
Likes: 74
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Post by jimbob on Oct 17, 2015 8:12:07 GMT
There is NO probability that Savingstream would have recieved your cash at 'spot' rate. There is always at least a 2.5% charge on these sorts of FX deals. If you've put £500 in on your account and invested this and they've received only ~ £495 then yes, you owe them 5£ perhaps.
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Post by highlandtiger on Oct 17, 2015 8:19:51 GMT
This person has been shouting about this in various places online, but it seems that SS have replied here (see comments) www.peasontoast.co.uk/saving-stream-high-interest-rates/As you can see, this person has little knowledge of how international bank transfers work. Perhaps if they had used transferwise, (a company I have used in the past), they would have not only been able to transfer the full amount of £500, they would have done it cheaper than many banks. I think they need to chalk this one up to experience, and do a little more homework on international or inter currency transfers and the charges that are incurred. Dear Esther Elbaz, We credited your account with £484.41 which is the GBP value received from you in our UK client bank account. We are not prepared to reimburse your FX charges or transfer fees applied by your bank. Please contact us direct if you have further queries. Kind regards, Customer Services Team Saving Stream |
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arbster
Member of DD Central
Posts: 810
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Post by arbster on Oct 17, 2015 9:11:19 GMT
I think what we have here is an unsophisticated investor taking their ignorance to a public forum, instead of doing more research and addressing it properly through SS's (excellent) customer service. While people here may be trying to help I fear it just encourages people who try to use public attention to get out of their own responsibilities, and therefore suggest we ignore this one.
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Post by savingstream on Oct 17, 2015 10:22:34 GMT
Dear All,
Without commenting too much on specific investors accounts, we received a sum less than the investor insists. This was a transaction fee and paid by the investor without her realising it. We have tried to explain to her many times that this is the case but as you can see, it is quite difficult to correspond with such a person in a calm and logical manner. There is very little we can do about that other than direct the investor to use Transferwise in the future as recommended by over 1000 overseas SS investors.
Hopefully, the moderators can draw a line under this now?
BTW - many thanks for sticking up for SS. Appreciated.
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Post by esthere on Oct 17, 2015 15:16:07 GMT
Goodevening,
I read the replies left on my first thread. If I did minsunderstand something I will sincerely apologize and go correct everything I posted on the other place. So far I hadn't been given any explanation other that one which didn't seem to apply to me.
It's the first deposit I've made whith which I have trouble. Someone said "that most banks in EU work with intermediate banks and these actually apply fees even if the original bank don't ("
I indeed didn't know that and that's good to know but as I said with all the deposits I've made so far no fees were even taken. So do the banks change their intermediate banks ? I saw no other explanation in the other thread that could apply to me.
I'm really not writting now in a spirit of contestation. But I truly would appreciate your time and help if you explained to me what can have happened and what is wrong with what I've believed so far.
Thank you.
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Post by mrclondon on Oct 17, 2015 15:51:31 GMT
esthere the mods decided to lock this thread as the responses made during today provided a complete explanation of the circumstances to which you referred. In summary .... transferring euros to a GBP account WILL involve a currency exchange fee, that was deducted from the amount you sent by the banking system and is nothing at all to do with Saving Stream (although the exact amount of the deduction will depend in part on which bank SS uses). SS has correctly recommended that you use TransferWise to make Euro transfers into UK accounts which will a) give a better exchange rate and b) allows you to specify the exact GBP amount to be received ... the euro charged then includes all fees.
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