Al Rayan Everyday Saver Issue 3 - Surprise !

The_Fat_Controller

Limit is £20,000 per day for personal customers, £250,000 per day for business customers.

Steve_xx

Oasis1 said:

Malchester said:

Daliah said:

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days

Same here. Won't use them again after I requested a transfer online early one Friday afternoon and by Monday evening it hadn't come through. I rang them and they said it needed releasing but were not going to tell me that, it was up to me to chase it up. Also you cannot close an account except in writing. They ask for lots of personal details (like net wealth). When I queried it they said they were required to ask that question by law - a lie. And they insisted on me having a phone conversation before I opened the account. So no matter what the interest rate I will never use them again

Thanks for sharing your experience. That makes it a no for me as I want an account I can easily withdraw from whenver I need it!

They are no different to other banks regarding withdrawals.  Certainly, with most banks,  if you make a withdrawal to a new payee of say more than £1000, then in my experience it is likely to be held/stopped and you will generally have to contact them.  Santander are a nightmare when trying to move large amounts to new payees. Chase Bank also don't  like movements of large amounts of money to new payess. Last month I forced Chase to pay me some compensation when for five days some money disappeared from my account and did not appear in the designated account.

Bigwheels1111

Steve_xx said:

Oasis1 said:

Malchester said:

Daliah said:

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days

Same here. Won't use them again after I requested a transfer online early one Friday afternoon and by Monday evening it hadn't come through. I rang them and they said it needed releasing but were not going to tell me that, it was up to me to chase it up. Also you cannot close an account except in writing. They ask for lots of personal details (like net wealth). When I queried it they said they were required to ask that question by law - a lie. And they insisted on me having a phone conversation before I opened the account. So no matter what the interest rate I will never use them again

Thanks for sharing your experience. That makes it a no for me as I want an account I can easily withdraw from whenver I need it!

They are no different to other banks regarding withdrawals.  Certainly, with most banks,  if you make a withdrawal to a new payee of say more than £1000, then in my experience it is likely to be held/stopped and you will generally have to contact them.  Santander are a nightmare when trying to move large amounts to new payees. Chase Bank also don't  like movements of large amounts of money to new payess. Last month I forced Chase to pay me some compensation when for five days some money disappeared from my account and did not appear in the designated account.

I hope Chase dont cause me issues, moved 5K yesterday and 25K today from Chase savings to my FD account.

Need to move 2 more payments  over the next 2 days.

Rollinghome

Bigwheels1111 said:

Opened mine today, 2 more days and my Chase savings account will be almost empty and this one fully funded.

Anyone know the Withdrawl  limit for Al Ryan.

Thanks in advance.

They told me it was £20k online and £10k if you phoned.

Wheres_My_Cashback

Bigwheels1111 said:

Opened mine today, 2 more days and my Chase savings account will be almost empty and this one fully funded.

Anyone know the Withdrawl  limit for Al Ryan.

Thanks in advance.

20K.

Need to remember that Al Rayan are effectively a Mon-Fri 9-5 bank so no withdrawals late at night or over a weekend/P hol.

Rollinghome

Steve_xx said:

Santander are a nightmare when trying to move large amounts to new payees.

My experience is similar, but not only for new payees.  I moved a large sum from NS&I  to Santander (the nominated banks) in chunks and then on to a savings account.  All six moves caused my account to be locked and took up to 2+ hours on the phone each time to get it unlocked after giving them all the same answers.

Was only with covid that the serious problems really started. (Though they did fail to make a CHAPS for me payment years ago.)  Have been with them since they arrived in the UK and took over Abbey National, but now trust them only with my utility DDs and pay me the cashback.

Blackbriar_040

Was very tempted by this account, was hoping for a quick/easy sign up process, similar to Chase, 10 mins account opened!! but they require 2 forms of I.D!

They request sending your original documents or certificated copy’s!

Too much hassle, not risking sending my passport or driving license through the post!

Bigwheels1111

Blackbriar_040 said:

Was very tempted by this account, was hoping for a quick/easy sign up process, similar to Chase, 10 mins account opened!! but they require 2 forms of I.D!

They request sending your original documents or certificated copy’s!

Too much hassle, not risking sending my passport or driving license through the post!

That does sound like to much hassle.
I thought you could take a picture in the app, did you try calling them ?.

I tried to open the account last night, but got to section 4 of 5 and stopped working.
Called at 9.00am today and account was up and running by 9.10am.
By 9.20am was in credit buy the standard £1 test payment.
Buy 10.00am 30k balance.
Now need to wait until tomorrow for Chase to allow more money to be sent.

crumpet_man

jimexbox said:

Malchester said:

Daliah said:

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days

Same here. Won't use them again after I requested a transfer online early one Friday afternoon and by Monday evening it hadn't come through. I rang them and they said it needed releasing but were not going to tell me that, it was up to me to chase it up. Also you cannot close an account except in writing. They ask for lots of personal details (like net wealth). When I queried it they said they were required to ask that question by law - a lie. And they insisted on me having a phone conversation before I opened the account. So no matter what the interest rate I will never use them again

That's put me right off if thats a normal experience. Net wealth?? I've never been asked that ever. 

I wouldn't worry about the net wealth question, it's multiple choice and the lowest one is "less than £500k"

I don't think that is particularly intrusive.

The_Fat_Controller

Moved more from Chase to Al Rayan today via Nationwide.

All the payees set up and used previously, so less likely to be flagged as unusual.

£25000 from Chase to NW at 0927, by the time I logged out of Chase and into NW the funds had arrived.

Sent the same amount in 3 transfers from NW to Al Rayan, between 0928 and 0929.

Not credited instantly at Al Rayan.

Checked every few minutes and funds arrived at 0948.

Slightly quicker than yesterday but as usual with Al Rayan, nothing "external" seems to be instantaneous.

I can live with that.