Raisin Bank customer service

My issue is the IBAN starts with 'DE20 1234' when I think the standard is for it to be 'DE20 ABCD'....where ABCD is the letters for the bank identifier. Those characters are expected to be letters not numbers....I think.

I identified the bank as being German in the new payee section but no joy, tried removing the spaces, etc.

BOI customer service were no help
@mct1 if you get a chance sometime could you see if you Raisin IBAN has letters or numbers for the 5th, 6th, 7th and 8th characters in the code.

Thanks all for your replies by the way!
 
German IBANs don't have letters, see below from googling German IBANs,

In Germany, the IBAN consists of 22 digits. The first two digits are for the country code ("DE" for Germany) followed by a check digit comprising two characters and the national account number BBAN (basic bank account number), which is made up of the eight-digit bank sort code and the ten-digit account number. Shorter account numbers are generally left-justified and preceding zeros are added to make them up to ten digits.
 
@Toastin your IBAN should have exactly 20 numbers after the DE. If you do a copy and paste off the Raisin website that will include the spaces but misses off the last 4 digits. You have to manually remove the spaces and add the remaining digits - then it should be accepted.

I'd already added Raisin but I just did a trial of adding it again to confirm that issue. May be that will fix it for you?
 
Thanks for your help folks....@mct1 hit the nail on the head, copying the IBAN from the Raisin site and pasting directly into the IBAN field in the BOI form causes the last four digits to get left out, I never spotted this. Manually adding the last four digits solved the problem.
 
Rang their number to get help today but got a message saying the voicemailbox is full, not a good start

I've transferred money in and it's ready to go on deposit but the process is stuck.
 
Mine hit my account on the 17th of this month and the term deposit is showing up today in my dashboard however it is giving a policy start date of the 18th so 3 days from reaching my Raisin account to viewing policy documents for an idea of my turnaround times. When I was contacting them I had a quicker response from service@raisin.ie than using the messaging service however mail needs to come from your registered email used when opening the account.
 
A small gripe but one that is really bugging me, Raisin seem to intermittently mix the term 'deposit' with 'investment'. This kind of thing makes me nervous since deposits are guaranteed, investments are not :oops:

One of the main things I checked before opening an account was to make sure I was depositing money, not investing money. I think the difference is significant, they should be a bit more careful with their language.
 
Toastin said:
A small gripe but one that is really bugging me, Raisin seem to intermittently mix the term 'deposit' with 'investment'. This kind of thing makes me nervous since deposits are guaranteed, investments are not :oops:

One of the main things I checked before opening an account was to make sure I was depositing money, not investing money. I think the difference is significant, they should be a bit more careful with their language.
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oh didn’t see that and they have dropped their 2 year rate with Younited via Raisin Bank - 3.25% to 3.15%
 
i'm finding Raisin a bit painful to set up.

I'm trying to open a 3month term deposit with BFF (and Italian bank), but they've sent me a Spanish tax form. When I query it they sent me instructions on how to withdraw an application. They also wanted the original documentation signed and posted to them.

their customer service call back line is not working - mailbox is not accepting new messages.

Very frustrating
 
daheff said:
i'm finding Raisin a bit painful to set up.

I'm trying to open a 3month term deposit with BFF (and Italian bank), but they've sent me a Spanish tax form. When I query it they sent me instructions on how to withdraw an application. They also wanted the original documentation signed and posted to them.

their customer service call back line is not working - mailbox is not accepting new messages.

Very frustrating
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is the tax form because you are closing re dirt? Withdrawing the application for Younited was done online if required I found I got somewhat quicker response for service@raisin email rather than from messaging within the app but it was usually a 2 day turnaround for a response.
 
daheff said:
i'm finding Raisin a bit painful to set up.

I'm trying to open a 3month term deposit with BFF (and Italian bank), but they've sent me a Spanish tax form. When I query it they sent me instructions on how to withdraw an application. They also wanted the original documentation signed and posted to them.

their customer service call back line is not working - mailbox is not accepting new messages.

Very frustrating
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Similar to what Thomas said ...

The Raisin phone line is a disaster but I found email replies via messaging via their portal to be adequate. Raisin normally reply in a day or two.

It is easier to open accounts with certain banks than others. Some offer full online account opening (Younited, Banca Privata Leasing etc) and some require manual paper forms (BFF etc). The opening process is a lot easier and quicker with the banks that offer online account opening.
 
ThomasAquinas said:
is the tax form because you are closing re dirt? Withdrawing the application for Younited was done online if required I found I got somewhat quicker response for service@raisin email rather than from messaging within the app but it was usually a 2 day turnaround for a response.
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no. i've only just opened an account with Raisin and am trying to start this 3 month term deposit. My understanding was that as a non resident i would receive interest gross and arrange DIRT payment separately in Ireland.
 
daheff said:
no. i've only just opened an account with Raisin and am trying to start this 3 month term deposit. My understanding was that as a non resident i would receive interest gross and arrange DIRT payment separately in Ireland.
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There are different scenarios.

In some counties, non-residents are not taxed. For example, France and Italy in most cases.
In some countries, non-residents get a reduced tax rate if you fill in a form.
In some countries, non-residents get a zero rate if you fill in a form.

Hence, the form that you have been requested to fill out, will mean you will get a reduced tax rate or a zero tax rate. Either way you will need to declare the interest to the Revenue and pay the balance up to 33%.
 
daheff said:
i'm finding Raisin a bit painful to set up.

I'm trying to open a 3month term deposit with BFF (and Italian bank), but they've sent me a Spanish tax form. When I query it they sent me instructions on how to withdraw an application. They also wanted the original documentation signed and posted to them.

their customer service call back line is not working - mailbox is not accepting new messages.

Very frustrating
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I noticed that as well and assumed they had put the wrong form on the webpage.
daheff said:
i'm finding Raisin a bit painful to set up.

I'm trying to open a 3month term deposit with BFF (and Italian bank), but they've sent me a Spanish tax form. When I query it they sent me instructions on how to withdraw an application. They also wanted the original documentation signed and posted to them.

their customer service call back line is not working - mailbox is not accepting new messages.

Very frustrating
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I noticed the product information sheet has the provider listed as Banca Farmafactoring S.p.A. Sucursal en España. I was wondering if it was an error, but guess it could just be the Spanish arm of the bank offering that rate.

Having to submit an application by post is rather inconvenient though.
 
Lisboa said:
I noticed that as well and assumed they had put the wrong form on the webpage.


I noticed the product information sheet has the provider listed as Banca Farmafactoring S.p.A. Sucursal en España. I was wondering if it was an error, but guess it could just be the Spanish arm of the bank offering that rate.

Having to submit an application by post is rather inconvenient though.
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So I took another look at it. I think its very misleading how Raisin are doing it. They are saying its a 3 month term deposit with BFF, which is in Italy (BBB). However when you look at the factsheet, its not an Italian bank at all, nor is it in Italy.

Provider Banca Farmafactoring S.p.A. Sucursal en España (hereinafter „Bank“) Paseo de la Castellana, 81 – Planta 9ª 28046 Madrid

Which then explains why theres a Spanish tax form involved.
 
daheff said:
So I took another look at it. I think its very misleading how Raisin are doing it. They are saying its a 3 month term deposit with BFF, which is in Italy (BBB). However when you look at the factsheet, its not an Italian bank at all, nor is it in Italy.

Provider Banca Farmafactoring S.p.A. Sucursal en España (hereinafter „Bank“) Paseo de la Castellana, 81 – Planta 9ª 28046 Madrid

Which then explains why theres a Spanish tax form involved.
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BFF are an Italian bank.

The relevant deposit protection scheme is the Italian deposit protection scheme.

BBB is the right country rating for Italy.

BFF have a Spanish subsidiary where the deposits are placed.

What Raisin have wrong on their website is the line "Withholding tax: In Italy there's no source tax". This should read that Spanish tax applies but you can reduce this to zero by filling in a form.
 
Can I ask people who are customers of Raisin bank something here. I assume you have all done a due diligence on them. Who are they and why do you have to use them to get an interest rate with a different bank. Could this not be done directly with the banks you end up with? Are Raisin actually a 'bank'?. May sound like a a dumb question but how do you know your deposit is actually going to 'Youited' bank or whomever bank as are acting as agents for ? As much as the banks they advertise are, Are Raisin bank regulated with deposit guarantee?
I went onto the Younited bank website and all I can see that the do is lend! Nowhere can I find its a deposit bank. Maybe these are silly questions but any help appreciated.
 
Who are Raisin? Europe's largest retail deposit broker with 50 BN+ in deposits.

Can it be done directly? In the majority of cases no.

Are Raisin a Bank? Yes, they have a banking license.

Are Raisin bank regulated with deposit guarantee? The banks that you place the deposit with provide a deposit guarantee up to 100,000 EUR.

I went onto the Younited bank website and all I can see that the do is lend? The direct Younited website is lending only, the lending is funded via deposits via Raisin and other sources.
 
Tobyboy said:
Can I ask people who are customers of Raisin bank something here. I assume you have all done a due diligence on them. Who are they and why do you have to use them to get an interest rate with a different bank. Could this not be done directly with the banks you end up with? Are Raisin actually a 'bank'?. May sound like a a dumb question but how do you know your deposit is actually going to 'Youited' bank or whomever bank as are acting as agents for ? As much as the banks they advertise are, Are Raisin bank regulated with deposit guarantee?
I went onto the Younited bank website and all I can see that the do is lend! Nowhere can I find its a deposit bank. Maybe these are silly questions but any help appreciated.
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They're excellent questions. To help put your mind at ease have a look at the list on the deposit insurance website.

https://www.depositguarantee.ie/en/what-we-cover

Both banks are listed under deposit takers from other EU countries.

So they're banks that are covered by other deposit guarantee schemes. Such schemes are the same across the EU.
 
daheff said:
So I took another look at it. I think its very misleading how Raisin are doing it. They are saying its a 3 month term deposit with BFF, which is in Italy (BBB). However when you look at the factsheet, its not an Italian bank at all, nor is it in Italy.

Provider Banca Farmafactoring S.p.A. Sucursal en España (hereinafter „Bank“) Paseo de la Castellana, 81 – Planta 9ª 28046 Madrid

Which then explains why theres a Spanish tax form involved.
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From the pure frustration of trying to deal with Raisin, I've decided its not worth my sanity and i've cancelled application and withdrawn funds.

With other banking problems at the minute (SVB) Raisin having appalling and uncontactable customer service makes me very nervous to use them. ....regardless of the fact deposits are guaranteed, I'd like the comfort of being able to contact my bank and get straight answers when i need too.

Hell even when Northern Rock was having a run on it I could still call their customer service line and talk to somebody.
 
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