Why does it take hours for funds to clear from a linked bank account when depositing money?
Is this technical limitations? Or are there cost implications for faster transfer times?
It normally takes around 1 - 2 business hours, however if you would like an instant deposit you can use Apple Pay.
I’m not 100% on the limitations but I believe it’s because Freetrade have to clear your deposit before it hits your account
It looks like apple pay has lifetime max limit of £1k. I use other services where funds clear much faster - almost instantly.
They’ve said it’s in the pipeline. At the moment those others have to pay nearly 1% of all transfers to offer it, other brokers ask customers to pay this which might be an option.
Thanks for the info
Most of the deposit processing is automatic but they haven’t been able to automate retrieving a statement from their bank account yet.
To process deposits a Freetrade staffer needs to download the bank statement and feed that into the Freetrade systems for processing. That’s why deposits are only processed during working hours, and they’re done semi-regularly throughout the day.