Those with deposits in Raisin, Lightyear - anything to report, issues, all good, etc?

A person I know attempted to open a Raisin.ie account using a valid in-date driving licence as ID. They wouldn't accept it. Is this their policy. I can't find any information on their website.
 
I've noticed on a number of occasions recently that driving licence is no longer on the list of acceptable AML Proof of Id documents when opening an online bank account. I know this is the case when dealing with Advanzia and also AIB so it stands to reason that Raisin are also refusing driving licences.
 

Jebus.

Also, how did AIB inform you of that?

Did you actually go into a branch to make the transfer?
 
Without more specific information it's almost impossible to draw any general conclusions for such vague anecdotes. If people were scammed there are innumerable ways that this could have happened. It doesn't necessarily mean that Raisin themselves or any partner financial institutions were at fault.
 
Standard warning I would think. Any time you transfer to a new IBAN the bank is likely to ask if you're sure everything is legit.
 
I still have a "mental block" about transferring the money upon which my immediate future depends, exclusively through a computer, into a website which I trust will hold and return it in 12 months with the accrued interest - without something going sideways.

What if I wake up, log in and the computer says, "0.00 euros in this account friend".
I'm like "nuh, my life savings should be where it says 0.00".

What if I make a user error and get scammed?

What if I somehow loose the money by way of unforeseen circumstances and Raisin are like, "sorry bruh....... but you knew the risks".

.......

Then the other point of consideration is, "2.5% interest with state banks versus 4.25% interest?".
 
2.5 months and 9 pages in and you're not comfortable with the idea, then don't do it. At this stage I'm not sure anyone can add anything that's going reassure you. No point torturing yourself any further.
 
If it's your entire life savings you probably shouldn't put them all in one place.
 
Sounds like you've already decided not to. Nothing is better than peace of mind, so you should probably put the savings into an Irish bank instead. Less stress for you.
 
losttheplot said:
If it's your entire life savings you probably shouldn't put them all in one place.
Click to expand...
Well yeah but, it's still not actually that much.

Perhaps I'll just do the 12 month with AIB at 2.5%, and if y'all get your Raisin deposits back and all is well, I can consider that next year.
 
I have an account with wise.com and received my first interest payment. The 30% Belgian withholding tax was taken from the interest payment, can i reclaim this?
 
I have just read the following on the Revenue website under DIRT > 3. Who is charged DIRT?

Interest from accounts in other European Union (EU) Member States and from non-EU countries​

If you receive interest from an account in another EU Member State, you must pay the current DIRT rate on the interest income. You must include the details of this on your annual tax return. The income will be subject to a higher rate of 40% tax if it is not returned on time.

Deposit interest from non-EU countries will be taxed at the current DIRT rate if you:
  • are a standard rate taxpayer
  • and
  • have made a timely return.
If you are a higher rate taxpayer or you have not made a timely return, a DIRT rate of 40% will apply.

I pay higher rate tax, so if have I read this correctly, I will be paying DIRT at 40% from my Raisin deposits and not 33%. Can someone confirm this please?
 
I think they're saying Deposit interest from non-EU countries will be taxed at 40% for higher rate taxpayers. Raisin are EU banks only (?) so that doesn't apply.

The bullet point referring to standard rate tax payer is clearly for non-EU, the following reference to higher rate tax payer is likely a follow on clarification to that point, though unfortunately as formatted is back in the section dealing with both EU and non-EU.

Incidentally I've filled in EU interest into my form 11 and saw they do charge 33%+4%PRSI.
 
Thank you @ashambles.

I presume the 4% PRSI is due to interest being over €3,810? Are both DIRT and PRSI taxed on the gross interest or is one charged after the other?
 
Just on the issue of tax, being unregistered as tax resident (with no possibility to do so), I'm personally working off the premise that I'm not liable for DIRT on a foreign deposit interest account.

Which I'm perfectly fine with.

I mean it's not like I'm going to get audited or anything (unless they're auditing college students that live on the breadline.......... are they?)
 
I went into the bank as well to inquire.

They basically in the event you get scammed, provided you have kept the documentation showing that you tried to avail of a verified service (deposit interest account), they can perform a "charge back".

Meaning if you get phished or something, you may be eligible for reimbursement.

Means to preclude this is possibly start with a small transfer and verify it shows up in the online Raisin account (mentioned many times).

It's just dealing online versus a bricks and mortar bank, attention to detail is going to be key in avoiding issues.

.........

They also mentioned they can do a "Pay Link" from inside the bank?

Has anyone availed of this?

I was under the impression the majority of deposits would have been simply through online banking using their Raisin IBAN?

(and paylink is charged 20 per)
 
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