Withdrawal

Help šŸ‘‹
#1

Hi I have tried contacting customer service and I am not getting any response.
Just saying it will take up to 3 days to get in touch with someone

I have withdrawn money on the 12th of feb and the money has still not reached my account. A few days has passed and still nothing. Not even a confirmation that it has been withdrawn has been sent to my email.

Where has my money gone?

#2

3-5 working days. Google would have answered this. If that time has passed, the in-app chat will be the right place.

#3

The 12th was a Friday so itā€™s only been one full working day (Monday)

#4

So it takes up to 5 days for the money to come into the account?

#5

Yes. So Iā€™d expect it this Friday latest (maybe early Monday).

#6

Sometimes sooner, Iā€™ve found my bank seems to be processing it within 3 days

#8

3 days starting and including the day you withdraw?

#9

If it was in the afternoon I tend to not count that as a business day. I withdrew some money today and im expecting it will arrive Friday.

1 Like
#10

I get what you meanā€¦I think i withdrew on friday afternoon ā€¦So i guess technically the 3-5 days starts tomorrowā€¦I canā€™t really say iā€™m expecting it tomorrow considering but iā€™m open to surprises.

1 Like
#11

My money arrived this morning just for reference

#12

thatā€™s shockingly slow. There really is zero excuse for it taking 3 days, never mind 5. Freetrade needs to benchmark itself against competitors who can do a same day transfer.
I opened an account with Freetrade a few days ago and itā€™s just been a really bad first impression:

  1. clearly thereā€™s a really poor customer service operation going on, they are taking way too long to reply

  2. money takes a long time to appear in the account

  3. I requested my first withdrawal and got some nonsense message about having to deposit Ā£1 to verify my bank account. So I made the bank transfer using the references which Freetrade gave me, and itā€™s still not in my account two days later.

  4. As a minimum, all other competitor platforms show a buy and sell price when you research a stock. Freetrade donā€™t, they just show a price and you have no idea if that is buy or sell. We need to know what the spread is!!!

An amateurish company.

#13

Customer service is growing to cope with the demand. Once theyā€™ve caught up you can expect quicker response times. Often same day.

Money takes 2-4 hours to appear in the account

Itā€™s not nonsense to have to verify your bank account. Itā€™s regulations and security

Agree that the price information can be improved and the team have it on their 2021 roadmap

Itā€™s not an amateurish company, itā€™s a start up. Itā€™s broken crowdfunding records and is only going to get better

3 Likes
#14

I really hope so, maybe ā€˜amateurishā€™ was a bit harsh, but to become a serious competitor Freetrade needs to:

  • speed up customer service replies
  • speed up the 3-5 day withdrawal and narrow it down to 1-2 days
  • show buy and sell prices on the Discover tab
  • ideally get up to the same level as Interactive Investor and Hargreaves in the long run where when you buy/sell you know instantly what the price is, and you have a 15 second countdown.
    Iā€™d actually be willing to pay Ā£1-Ā£5 commission on every trade if that helped them improve the above, theyā€™d still be the cheapest out there.
1 Like
#15

Iā€™ve now tried to process a Ā£4,000 top-up, it took me in to my linked bank account to approve, then back to the Freetrade app where itā€™s just endlessly stuck on the message ā€œprocessing your top up, this may take a minuteā€. Is Freetrade closed on Sundays for top-ups?

#16

They donā€™t process them on weekends it will go through Monday morning

1 Like
#17
#18

They use BACS I think, which takes 3 days so its got nothing to do with Freetrade. thatā€™s just the standard for money transfers in the UK.