Al Rayan Bank Withdrawals Slow?

colsten

johnmoney05 wrote: »

Thanks guys for your input.


But please note that my main point of the discussion for this thread is Al Rayan Bank payment was immediately or within 2 hours, why it is by the end of following business day.

Because they use Faster Payment, which is 'guaranteed' to arrive by the end of the next business day. It can take longer if they decide they have to make further checks.

When did your money arrive in the end? Did you need to call them or did things resolve themselves?

johnmoney05

adindas wrote: »

Did I say otherwise ?
I have more than a dozen of Saving account which I have done FPI/FPO.



Well, it will depend on your definition what constitute knowing something.
I have more than a dozen of them ....

To be honest, how many saving / current accounts you have is non of my business...ok? Thanks

johnmoney05

colsten wrote: »

Because they use Faster Payment, which is 'guaranteed' to arrive by the end of the next business day. It can take longer if they decide they have to make further checks.

When did your money arrive in the end? Did you need to call them or did things resolve themselves?

I called them, they couldn't explain why...well, I think that is my thread should end.



My conclusion is Al Rayan Bank withdrawal used to take couple of hours and now take 24 hours for my account. I am going to move my money to Marcus then.

Wheres_My_Cashback

adindas wrote: »

[FONT=&quot]What time did you send on Friday, Is it after 15.30?[/FONT]
[FONT=&quot]After 15.30 it will be processed on the next working day.[/FONT]
[FONT=&quot]The following day is weekend. They do not process payment during the weekend.
This is the thing I actually have experienced myself from several experiments. [/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]Keep in mind it is a saving account not current account. So instant FPI/FPO is a bonus rather than a norm.[/FONT]

Close, but no cigar for you !

Payments requested by 5:00pm on a working day will be routed to the recipient bank/building society on the same day. However, the recipient bank/building society is then responsible for applying the funds to the beneficiary account upon receipt and they may do this on the same day or later. Due to 3rd party involvement and regulatory requirements, same day delivery of payments cannot be guaranteed. If we receive your request after 5:00pm on a working day, on a weekend or on a bank holiday, your request will be automatically processed and debited from your account. The funds will then be routed to the recipient bank/building society by 9:00am the following working day.

Wheres_My_Cashback

johnmoney05 wrote: »

On 6 Dec (Friday) I requested a withdrawal from my Everyday saver account and it didn't arrive in my current account untill 9 Dec (Monday).



I did another two withdrawals this morning 9 Dec and they still didn't arrive in my current account at 9:46pm. Normally it takes only a couple of hours - did anyone else encounter this?

I've made approx 50 withdrawals since having my account and can see no rhyme or reason or pattern to their inconsistencies and variations in dealing with outgoing payments.
Most other banks are fairly consistent with their timings, but not Al Rayan.
My experience is that they can take anything from 20 minutes to 12 hours, but I've never had a payment arrive next day....yet !

adindas

johnmoney05 wrote: »

Thanks guys for your input.
But please note that my main point of the discussion for this thread is Al Rayan Bank payment was immediately or within 2 hours, why it is by the end of following business day.

I have done FPO to other current AC many times in the past it has never been instantaneous (immediately). I observed it a few times and it took a few hours to arrive to the other end.

johnmoney05 wrote: »

My conclusion is Al Rayan Bank withdrawal used to take couple of hours and now take 24 hours for my account. I am going to move my money to Marcus then.

Not in my personal experience. Other people might want to share their personal experience.

I have been using Al Rayan as one of my hub accounts since a few months ago and relying on them to feed my other accounts. I have done quite a few FPI/FPO recently, it always arrives a few hours later on the same day if I did it before 15.30 and during weekdays. I did it on Friday after 15.30 it arrived on Monday the following week.

So I do not thing anything has changed here. If you did FPI on Friday it will arrive on Monday the following week. If you did FPI in the morning during the week days, it will arrive on the same day in the afternoon. If you do it in the afternoon during the weekdays as long as you do it before 15.30 it will arrive a few hours later on the same day. This has always been the case nothing has changed.

Biggus_Dickus

Wheres_My_Cashback wrote: »

I've made approx 50 withdrawals since having my account and can see no rhyme or reason or pattern to their inconsistencies and variations in dealing with outgoing payments.
Most other banks are fairly consistent with their timings, but not Al Rayan.
My experience is that they can take anything from 20 minutes to 12 hours, but I've never had a payment arrive next day....yet !

A withdrawal on Monday morning (09.00am) from my wife’s account arrived in our NatWest current account within 5 mins.

A second withdrawal (2 mins after the first withdrawal) on Monday morning from my account arrived in our NatWest current account 3 hours later.

Two almost identically timed withdrawals (destined for the same NatWest account) but almost 3 hours difference in transfer time. I’ve no idea what causes such a discrepancy.

johnmoney05

adindas wrote: »

I have done FPO to other current AC many times in the past it has never been instantaneous (immediately). I observed it a few times and it took a few hours to arrive to the other end.



Not in my personal experience. Other people might want to share their personal experience.

I have been using Al Rayan as one of my hub accounts since a few months ago and relying on them to feed my other accounts. I have done quite a few FPI/FPO recently, it always arrives a few hours later on the same day if I did it before 15.30 and during weekdays. I did it on Friday after 15.30 it arrived on Monday the following week.

So I do not thing anything has changed here. If you did FPI on Friday it will arrive on Monday the following week. If you did FPI in the morning during the week days, it will arrive on the same day in the afternoon. If you do it in the afternoon during the weekdays as long as you do it before 15.30 it will arrive a few hours later on the same day. This has always been the case nothing has changed.

Sorry for that I didn't make my post clearly.


I made my first withdrawal at 2:30pm on 6 Dec, arrived at my current account on 9 Dec at 10am.


And I made another two withdrawals on 9 Dec at 10am and 10:20am, arrived at my current account on 10 Dec at 3pm.


I just did another payment at 10:05am and will see how it goes.


I created this post just want to find out whether it is just me or it is their common practice. And now I noticed that it is just me then. I will take up with the Bank.

colsten

Biggus_Dickus wrote: »

Two almost identically timed withdrawals (destined for the same NatWest account) but almost 3 hours difference in transfer time. I’ve no idea what causes such a discrepancy.

I would think it is due to random AML checks. Nothing to worry about. Just be prepared for delays.

colsten

johnmoney05 wrote: »

I created this post just want to find out whether it is just me or it is their common practice. And now I noticed that it is just me then. I will take up with the Bank.

But it is not just you, as you can see from several responses in this thread.