About Raisin Bank
A review of Raisin UK's services by trustpilot.com garnered "excellent" by 57% of 1,042 customers. All in all, it seems that Raisin has earned the trust of its clients and its partners. In June 2021, Raisin "top(s) Euro 1B invested in ETFs, thanks to lockdown," according to AltFi Digital Forum.
Can I use my Raisin Bank for international bank transfers?
Raisin does not specify a service of bank-to-bank fund transfers in the same way many banks have. Raisin Bank facilitates money transfer to the partner bank of your choice.
Raisin Bank primarily caters to the time deposit/investment marketplace all over Europe initially and has expanded into other countries.
By partnering with 112 banks in more than 30 countries, Raisin’s clients have the option to deposit their money into any of Raisin’s partner banks that they feel gives them the best deal. The first thing customers save is time and effort going through individual websites. Just by registering with Raisin, they have access to all banking products of all the banks that have partnered with Raisin. Therefore customers are empowered to deposit in over 30 markets across Europe and operate country-dedicated platforms in Germany, France, Spain, Austria, Netherlands, Ireland, and the UK. It is also present in the United States.
If you were to transfer money into a savings account with a Raisin partner bank, the first thing you do is to open a Raisin account. Raisin will inform you if you have successfully opened a savings account with them. Upon being notified, you may start transferring money from your bank to your Raisin account.
You must have your Raisin Account sort code and account number ready, both of which are found on your Raisin account dashboard when you log in. You may only transfer money from your nominated bank account, and you must do it via Faster Payments.
How long do transfers take with Raisin Bank?
Transferring money to Raisin UK usually takes less than 24 hours. Updates are done every 8 a.m., 2 p.m., and 6 p.m. during weekdays.
Are there transfer limits?
Some banks may impose limits on transfers. Inquire about this from your personal bank.
Can I use a Raisin Bank debit card when traveling abroad?
Raisin Bank does not offer a debit card.
Raisin Bank Exchange rates and fees
Raisin uses the exchange rates in the country where the receiving bank is located, upon the instructions of its customers. Euros will be deposited in a US bank as US dollars following the exchange when the deposit is made. Interest will also be dictated by the receiving bank, depending on how long the deposit is specified.
Transfer rate
Raisin does not charge its customers any fees. It expedites the time deposit on the customer's instruction to whichever Raisin-partner bank and in any country. Raisin Bank gets commissions from its partner banks, based on the number of customers Raisin has sent over, how much, and for how long. Commission rates are not disclosed.
Additional costs
Opening a savings account, making a deposit, or withdrawing money are all free of charge. However, there are fees for additional services. Requesting for a copy of a taped call comes with a GBP 40 fee. Should you re-register your account to a new owner, Raisin Bank will charge you GBP 40.
How do Raisin Bank transfer fees compare to using a money transfer provider?
Raisin Bank does not charge any transfer fee. But since Raisin Bank's money transfer service is limited to their new depositors funding their savings accounts, it would not be right to compare them with a money service provider.
Raisin Bank pros and cons
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Raisin Bank Additional Products
Currently, Raisin Bank has no other product offerings.
Summary
Raisin is 100% online banking. After a one-time registration with Raisin, one has access to all the information on interests and other services of its 112 partner banks based in more than 30 countries. Raisin expedites the deposit to any of these banks on instructions by the registered customer. Deposits are 100% protected up to EUR 100,000 for each customer and bank. You only need to register once, transfer the funds to your Raisin Account, then open and manage your term deposits with Raisin partner banks through a single Online Banking System.
