Depositing funds

First payment I sent back in September I got over excited and fat fingered the ref :woman_facepalming:
They’ll sort it :+1:

3 Likes

:joy:

Your expression of ‘fat fingered the ref’ gave me a good laugh this morning - thanks Emma & nice to know this is not just me being a dunce

2 Likes

A few questions:

  1. Why is there such a delay in crediting Faster Payments payments to one’s account? Can’t you have something event-driven that does this almost instantly?
  2. Why don’t you adopt a model similar to TransferWise’s, where you add a small fee for payment card/Apple Pay/Google Pay top-ups? I would be more than happy if you did this - assuming you had (1) sorted.
  3. How hard would it be to have individual UK account numbers (like TransferWise Borderless), rather than having to rely on the payment reference field?
1 Like

Pretty sure they’d need a banking license to issue account numbers which would make a meaningful difference

How to Transferwise get round the ban on card surcharging?

I realise I’m writing in a somewhat depreciated thread, but I’m curious if there is anything we can do to increase deposit speed in the future? Today I tried to deposit money and in the time im waiting I’ve missed a ten percent jump in what I wanted to buy.

By year end, deposits will be near instant :zap:

Over the coming months, we’ll also remove the dependency on FTP for all our deposits. This also comes with the added benefit of significantly improving the time it takes to see a deposit. Once a deposit is registered in our platform it will take seconds rather than minutes to appear in your account.

3 Likes

They already introduced Apple Pay, but there was a £1,000 deposit limited which obviously disappeared straight away on my first usage.

Are they uncapping it? I was under the impression they only wanted it as an easy way for people to start using it before switching to their normal transfer method?

I’ve now missed a 12 % jump in kier group since the time I deposited. So frustrating.

Correct. I believe it was/is more of a top up method to ease onboarding of new users which makes sense.

Freetrade is still a startup so need to manage prohibitive costs which a £1000 cap does. As always, I’m sure Freetrade constantly have these things under review.

1 quarter left till instant deposits so if I can make a suggestion, it’d be to keep some dry powder :boom: in your Freetrade account in the form of cash (or liquid cash-like equivalents) which is what many investors conventionally do.

1 Like

Yes that’s something I’m starting to realise, thanks for the replies and the tip :slight_smile:

1 Like