Raisin banks - do Raisin place your deposit in a "client/omnibus" account - or do you get your own account no. own IBAN at the relevant bank?

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podgerodge

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As per title - do Raisin place your deposit in a "client/omnibus" account - or do you get your own account no. own IBAN at the relevant bank?
 
Your get your own IBAN with Raisin bank.

Raisin Bank looks after transferring the money to the relevant bank. Hence, you don't need to know the IBAN at the relevant bank but it is an account in your own name.
 
OK thanks. So the Raisin IBAN makes it easy to transfer any deposits to Raisin for onward transmission to whatever product you decide you want. I'm not convinced as to why, as a depositor with an EU bank (e.g. Citibank, BFF etc.), after Raisin have transferred my monies onwards, why I can't be given my IBAN for that deposit though - in the event of insolvency of the bank where the funds are placed, it is that institution that the deposit guarantee will relate to - hence, it seems reasonable to know, and easy if it's an account in your own name (rather than an omnibus account where they just have you identifiable within that global account).

Secondly, you transfer the funds to Raisin in the first instance, as you say - to the Raisin IBAN. So there is a period where your funds are with Raisin bank prior to onward transmission to the relevant EU bank. What happens in the event of insolvency of Raisin, while your funds are still with it (and I get that this is short term) - would the funds at Raisin be deemed covered by the deposit guarantee that pertains to Raisin?
 
You can access the IBAN of your account at the relevant bank via the "my documents" section of the portal if you want to know it.

Money held with Raisin Bank is covered by the deposit guarantee that pertains to Raisin Bank.
 
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Thanks Lightning!

On this basis, are there really any reasons for placing funds with the likes of Bunq at 1.56% at all - versus with likes of Raisin - do people have a view as to why they'd prefer to stick directly with Bunq?

Edit..I see fixed term vs instant access
 
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Can anyone confirm that Raisin do not have a phone app?
I have recently opened an account (all through their web site), went to download phone app and couldn't find one.
It says something like it cannot be found for your region.
 
Lightning said:
You can access the IBAN of your account at the relevant bank via the "my documents" section of the portal if you want to know it.
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Hi Lightening. I have money with Younited (French) via Raisin (Dutch). When I look at the IBAN on the Deposit Confirmation documents in "my documents" it is showing the same Raisin account number (NL IBAN) on all documents. Nowhere can I see a FR IBAN.
 
Freelance said:
Nowhere can I see a FR IBAN.
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I'm not a user of any of these products. But there is increasingly the phenomenon of a "local IBAN" or "virtual IBAN" within the EU.

A "local IBAN" will indicate that an account is in country A while in reality it is managed and controlled in country B, and indeed the DGS of country B applies.

A "virtual IBAN" is where several IBANs in practice direct funds to a single account. These are more likely for business users or public bodies.


podgerodge said:
it is that institution that the deposit guarantee will relate to - hence, it seems reasonable to know, and easy if it's an account in your own name (rather than an omnibus account where they just have you identifiable within that global account).
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To me this is all a bit moot. If you are covered by a DGS in the EU up to €100k per person per institution that should be enough for you. The operational arrangements in the deposit-taking institution shouldn't really be your concern.
 
NoRegretsCoyote said:
To me this is all a bit moot. If you are covered by a DGS in the EU up to €100k per person per institution that should be enough for you. The operational arrangements in the deposit-taking institution shouldn't really be your concern.
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If you want to deposit 2 * 100,000 via raisin to two different eurpoean banks, you should theoretically be covered by the DGS so long as you don't exceed 100,000 in your raisin account as the money passes though it. It would be more reassuring if that was backed up by a separate IBAN per account.
 
Lightning said:
You can access the IBAN of your account at the relevant bank via the "my documents" section of the portal if you want to know it.
Click to expand...

Freelance said:
I have money with Younited (French) via Raisin (Dutch). When I look at the IBAN on the Deposit Confirmation documents in "my documents" it is showing the same Raisin account number (NL IBAN) on all documents. Nowhere can I see a FR IBAN.
Click to expand...

Just for clarity, can you actually see your personal IBAN with the bank in which your deposit lies?

Otherwise what evidence is there that a new account is opened for each client in their own name rather than grouping funds in accounts held in Raisin's name. In which case would raise some question about the 100k DGS.

NoRegretsCoyote said:
To me this is all a bit moot. If you are covered by a DGS in the EU up to €100k per person per institution that should be enough for you. The operational arrangements in the deposit-taking institution shouldn't really be your concern.
Click to expand...

Wouldn't the customer need to know their IBAN with the relevant bank in order to make a claim under the DGS? Perhaps Raisin would make or at least assist the claim on the customers behalf, but I'd feel safer knowing it myself.
 
Lisboa said:
Just for clarity, can you actually see your personal IBAN with the bank in which your deposit lies?
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An IBAN is just a code to route funds to an a/c. You can have accounts with multiple IBANs (but this is not relevant).

Lisboa said:
Otherwise what evidence is there that a new account is opened for each client in their own name rather than grouping funds in accounts held in Raisin's name.
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You have to take it on trust. All banks are subject to supervision and statutory audit.


Lisboa said:
Wouldn't the customer need to know their IBAN with the relevant bank in order to make a claim under the DGS?
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No. By law banks have (or should have) plans in place for what happens when they are resolved or wound up. This includes a playbook for how to reimburse guaranteed customer deposits. In practice you would probably get a notification saying “Bank X has been resolved. Your funds have been transferred to Bank Y under the same terms and conditions.”

Intermediaries such as Raisin should be involved in this procedure. Customers should not have to know IBANs for this to work.
 
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