|
|
Post by perpetualtraveler on Jun 16, 2017 7:15:13 GMT
Finally today the money was wired after initiating 3 weeks ago. Regardless of the extra regulatory burden (which I think is not entirely needed, as far as I know FCA requires you do regular updates on KYC/AML related information but not EVERY time you make a withdrawal), this period of time is not reasonable and the communication was terrible too. Lesson from my perspective: if you are an international investor, don't use Lendy.
|
|
|
|
Post by roedvin on Jun 16, 2017 11:06:13 GMT
This is all due to the fact that you are overseas or have an overseas bank account and there are more regulations and requirements to be satisfied. Negative! Paymants abroad are done by Transferwise, and they receive the money on their UK account. They simply hold the money back at Lendy. Don't ask me why. @perpet....... After withdrawal you should send them a reminder every day. Then it takes "only" 5 days before they become busy. Awful!
|
|
toffeeboy
Member of DD Central
Posts: 538 
Likes: 385
Member is Online
|
Post by toffeeboy on Jun 20, 2017 16:16:41 GMT
This is all due to the fact that you are overseas or have an overseas bank account and there are more regulations and requirements to be satisfied. Negative! Paymants abroad are done by Transferwise, and they receive the money on their UK account. They simply hold the money back at Lendy. Don't ask me why. @perpet....... After withdrawal you should send them a reminder every day. Then it takes "only" 5 days before they become busy. Awful! How do you know that they hold the money back at Lendy, do you have inside knowledge of this?
|
|
|
|
Post by roedvin on Jun 20, 2017 16:26:34 GMT
I don't need an inside view, I just need my eyes and my brain. When I make a withdrawal on monday and Transferwise receives the money on friday after some reminders, than I call it "hold back". Banking transfer within UK only takes some seconds and as soon as TW receives the money, they become busy immediately.
|
|
toffeeboy
Member of DD Central
Posts: 538
Likes: 385
Member is Online
|
Post by toffeeboy on Jun 20, 2017 17:06:54 GMT
I don't need an inside view, I just need my eyes and my brain. When I make a withdrawal on monday and Transferwise receives the money on friday after some reminders, than I call it "hold back". Banking transfer within UK only takes some seconds and as soon as TW receives the money, they become busy immediately. so you don't actually know they are holding it back you are assuming it is part of their system to hold it back based on your experience from within another business then. I assumed that with you stating they were holding it back that you must have seen their internal workings.
Business transfers do tend to take longer through the banking systems so I assume you regularly use transferwise to send business money, I have never done it myself but I would assume that there are stringent money laundering rules and regulations that have to be met when it comes to money from a business compared to sending money privately.
|
|
