Raisin is a bank and is licensed/regulated as such. And is protected under the DGS. The following is the regulatory streamline from its website.Raisin isn't a bank, so it is the individual bank e.g. Younited that you need to be concerned about in terms of guarantees etc
I had similar concerns. My research led me to conclude that it was safe for a substantial deposit (€100k in my case) on the basis that both Raisin (where my money would rest while in transit to the destination bank) and the destination bank e.g. Younited who will hold the deposit on an ongoing basis are covered by their respective National Deposit Guarantee Schemes. If anything goes wrong my capital is secure. I also concluded however that given the possibility of something going wrong, and the time it might take for the issues to be resolved, I wouldn't use it for funds that might be needed at short notice (which isn't an issue in Raisin's case as they are predominantly medium term deposits anyway). I know that the cases where the DGS was called upon in Ireland were resolved and compensation was issued pretty quickly, but I'd always be wary of these things getting dragged to the High Court. So while your capital is safe, you might want to consider whether or not you could manage if there was a delay in withdrawing your funds. You will of course need to do your own research and satisfy yourself.A friend recommended Raisin to me, but as I am unfamiliar with it, I feel a bit apprehensive. Would you consider placing a large sum of money in Raisin, provided it does not exceed the €100,000 deposit guarantee limit in each bank?
I am not familiar with the details of the process of all the various National Deposit Guarantee Schemes, but in Ireland, one of two things happened in the case of businesses that got themselves in to trouble (1) The Central Bank arranged for another institution to take over the covered business and so customers were not inconvenienced, they simply felt with a different institution (2) The Deposit Guarantee Scheme issued a cheque to all covered holders in respect of all covered deposits. For example, in the case of a number of Credit Unions the cheques were issued in a matter of days, see here: https://www.depositguarantee.ie/en/newsIf it was to go out of business, the deposits would still be safe in the partner banks I guess, so you'd just have to deal directly with the partner bank?
What's that got to do with this thread?Raisin now saying they didn't get a transfer if €20,000 eventhough it was detailed in raisins transaction history. They are now looking for proof of transfer. They also are asking to upload a form already uploaded.
Quite relevant to let prospective savers know Raisin unreasonably query the receipt of substantial transfers they have already receivedWhat's that got to do with this thread?
@Pmc365 - do you mind me asking how you transferred the funds? I opened an account with Raisin and they supplied me with only a BIC code. To transfer funds from my bank, I need the IBAN also. Their website states it can be found in one's account but I can't see it. It's rather worrying that Raisin is denying your transfer of €20,000. I hope this is resolved for you soon.Raisin now saying they didn't get a transfer if €20,000 eventhough it was detailed in raisins transaction history. They are now looking for proof of transfer. They also are asking to upload a form already uploaded.
@gipimann. I agree. The process is, as you point out, "out of sync" with the registration and communication. It's all sorted now. Just trying to understand what the implied 'Issuer Risk' means and how it affects the Deposit Guarantee. Just when you think you have one problem sorted, another takes its place!Cooler_box, my experience with Raisin was that you can't see the IBAN until they have completed their ID checks. The emails received from them are very unclear, as they seem to be sent "out of sync" with the actual process
Update: I just learnt that for some banks Raisin provides a seperate IBAN (at least Banc Progetto) and for others not (at least Renault en Nordax)This thread might also be relevant: https://www.askaboutmoney.com/threa...ount-no-own-iban-at-the-relevant-bank.231427/
You don't get a seperate IBAN for your deposit. Would be nicer (safer feeling) if you did get a seperate IBAN
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?