LHV Bank not being recognised

pennyfarthing66

Has anyone else had problems with LHV personal account not being recognised by other UK banks, namely HSBC and Chase?

I have been trying for a couple of days to set this up as a new payee without success, keep getting payee account details invalid. I have double-checked the sort code and account number are correct. Have been in contact with both HSBC and Chase and customer service are unable to resolve, suggesting I go back to LHV…. I feel I'm being passed around in circles here and it isn't filling me with confidence about using this new bank.

Has anyone else had similar issues and if so, did you get them sorted?

Thanks to anyone who responds.

grumpy_codger

Well, apparently LHV participates in COP - https://www.lhv.com/about/news/lhv-uk-launches-confirmation-of-payee-to-help-tackle-app-fraud

It's not a big problem if it doesn't work - just create a new payee without COP, make a £1 payment and check if it arrives.

Shakin_Steve

What made you decide to use an Estonian bank in the first place? Just curious.

wiseonesomeofthetime

https://forums.moneysavingexpert.com/discussion/comment/81910348#Comment_81910348

Probably 3.75% in credit interest on their current account.

That's why I use them, anyhow 🤷

born_again

https://forums.moneysavingexpert.com/discussion/6658094/lhv-bank-not-being-recognised

Odds on payments are going to a internal account.

So COP will not work. Payments will still go through, but you have to risk ignoring the warning & hope that the payment details are spot on.

Shakin_Steve

https://forums.moneysavingexpert.com/discussion/comment/81910399#Comment_81910399

And do you have any problems transferring funds into the account?

pennyfarthing66

Thank you everyone for your replies, all sorted now. Just one of those technical glitches I think.

wiseonesomeofthetime

https://forums.moneysavingexpert.com/discussion/comment/81910488#Comment_81910488

None whatsoever.

One standing order deposit each month and one variable DD out for my energy bill. Flawless.

Is it's only purpose mind 😀

That way I store any energy credit, earning a few pence in interest, not the energy company.

Used to be via Chase Savings DD but their rate is only 2.25%

Is literally pence, but it's more the principle tbh

Caddyman

https://forums.moneysavingexpert.com/discussion/comment/81910348#Comment_81910348

It may well be an Estonian bank, but it's fully regulated here in the UK. I opened an account with them when they launched here in the UK with zero problems. Admittedly, I don't have any direct debits going out of the account and I don't use standing orders at all anywhere across my account portfolio. I use it as a personal spending account and it's very useful abroad matching Chase UK debit card for purchases as it uses the Mastercard rate.

I have had no problems whatsoever paying money into the account from any of my other UK bank accounts, all the others being High Street banks except for Chase UK who obviously don't have branches.

If you can cope with LHV's App and you're not one of those customers who bizarrely needs seemingly constant access to customer services like so many claim they do, then it's a great current account albeit without a cheque book, who uses cheques these days anyway (tongue in cheek!) and obviously there's no branches, it's a useful account with full UK banking protection. Current account interest rates higher than Chase and a currently at time of posting, good savings account rate too.

cmundo

Just my experience of their customer service. I was travelling abroad recently and tried to use my card at the airport, it was rejected twice as suspected fraud. I sent an email to LHV customer services on the 4th May (same day as attempted txns) and to this date I've not had a response. Needless to say I won't be using again, because if you need assistance......there ain't none!