Raisin Bank: transfer from non-reference bank account

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mct1

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A family member transferred a sum to his Raisin account this morning before reading that transfers are only accepted from the "reference account" that he would have named on registration (but forgot abou). The transfer was from a different account in his name. Does anyone know what will happen to this money? Return to sender? Might it be accepted? Raisn phone message box is full so he emailed them but says they always take several days to reply. Meanwhile he is understandably worried.
 
mct1 said:
A family member transferred a sum to his Raisin account this morning before reading that transfers are only accepted from the "reference account" that he would have named on registration (but forgot abou). The transfer was from a different account in his name. Does anyone know what will happen to this money? Return to sender? Might it be accepted? Raisn phone message box is full so he emailed them but says they always take several days to reply. Meanwhile he is understandably worried.
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Can't speak about Raisin specifically, but I had that issue before with an online brokerage account, I didn't use the nominated account for a bank transfer. It was rejected by the broker, and the money was returned to the account I had sent it from. This took several days, but all worked out in the end. Fingers crossed the same thing happens for your family member.
 
Thanks @nest egg . It does seem like that's what ought to happen so he'll just have to wait and see. He's submitted a Change of Reference Account Form now, which may or may not help. I'm starting to regret ever mentioning Raisin Bank to him!
 
I did the same, reference account is AIB, I transferred from Revolut. Money arrived in Raisin without issue. That was a few months ago, haven't tried it since. They do restrict the transfer from Raisin to other accounts presumably to prevent transfers to someone else if your account was compromised.


This is from the FAQ:
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losttheplot said:
I did the same, reference account is AIB, I transferred from Revolut. Money arrived in Raisin without issue. That was a few months ago, haven't tried it since. They do restrict the transfer from Raisin to other accounts presumably to prevent transfers to someone else if your account was compromised.


This is from the FAQ:
View attachment 7080
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Yes, that makes perfect sense. And he has just texted to say the money has arrived in his Raisin account (that was quick!) so it looks like all is well. I'll remind him to use that same Irish account when transferring back out.

It's useful to be aware of all this as I've just opened an account myself.
 
mct1 said:
Yes, that makes perfect sense. And he has just texted to say the money has arrived in his Raisin account (that was quick!) so it looks like all is well. I'll remind him to use that same Irish account when transferring back out.

It's useful to be aware of all this as I've just opened an account myself.
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I think transferring out you don't even get an option to choose a different account.
I had to sweat it for a day too wondering where the money was too. Glad it's sorted.
 
In most banks, "reference account" controls are normally way stricter on the withdrawal side than the deposit side.

I deposited money into my Trade Republic account without specifying a reference account, Trade Republic automatically updated the reference account in settings based on the IBAN that I had used for the deposit.
 
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mct1 said:
A family member transferred a sum to his Raisin account this morning before reading that transfers are only accepted from the "reference account" that he would have named on registration (but forgot abou). The transfer was from a different account in his name. Does anyone know what will happen to this money? Return to sender? Might it be accepted? Raisn phone message box is full so he emailed them but says they always take several days to reply. Meanwhile he is understandably worried.
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Call them

The customer service team at Raisin Bank is happy to respond to any questions and comments you might have and can be reached by email at [email protected] or by phone at +353 1 68 62 65 1 (Call-back service).
 
Just to follow this up....despite our initial concerns, the money transfer from my family member all went smoothly in the end, and his deposit account is now open. So, as of today, is mine. It's just a shame that Raisin are frustratingly difficult to get hold of. It would seem that their answer phone mailbox is permanently full so you can't request a callback. Email or online message is your only chance.

However, their deposit account opening system does appear to work quickly and efficiently, which I suppose is the main thing. I've had thoughts about opening a second Raisin deposit account myself but maybe I'll wait until I hear from others how easy it was to retrieve their matured deposits.
 
Have had no issues when deposit matures so far I've stuck with banks that allow online account opening. There are some that require the application to be posted.
 
mct1 said:
Just to follow this up....despite our initial concerns, the money transfer from my family member all went smoothly in the end, and his deposit account is now open. So, as of today, is mine. It's just a shame that Raisin are frustratingly difficult to get hold of. It would seem that their answer phone mailbox is permanently full so you can't request a callback. Email or online message is your only chance.

However, their deposit account opening system does appear to work quickly and efficiently, which I suppose is the main thing. I've had thoughts about opening a second Raisin deposit account myself but maybe I'll wait until I hear from others how easy it was to retrieve their matured deposits.
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The deposit maturity process was smooth for me too. Funds were available in my Raisin account on maturity date as expected.
 
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