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Raisin Bank

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  • Registered Users Posts: 31 barkerj


    Had to follow up several times on this, but finally got a (not so helpful) response from Raisin:


    Dear Mr. Barker,


    Thank you for your email. After an investigation, we have discovered that the applications for BluOr Bank were being rejected by the partner bank due to a backlog.


    Due to this backlog, we are encouraging customers to select a different savings product at this time.


    Kind regards,

    Your Raisin Bank Team



  • Registered Users Posts: 1,482 ✭✭✭Hibernicis


    Reassuring that they discovered it only “after investigation”. Doesn’t say a lot about communications with their partner banks.



  • Registered Users Posts: 3 needtoknowit


    I am a PAYE worker and have earned less than €150 in interest. How do I declare for DIRT. Would really appreciate a step by step guide. I am on myaccount on the revenue website but can seem to find where to long it. Also would I be right in saying that I have to do so by the end of the month??



  • Registered Users Posts: 707 ✭✭✭cork_south


    DIRT on Savings Held Outside Ireland

    If you have a deposit account with a financial institution outside Ireland – you must include any deposit interest you received in your tax return. You will need to enter the total interest payment before the deduction of DIRT.

    The type of tax return you must complete depends on whether you are registered for self-assessment or a Pay As You Earn (PAYE) worker.

    • If you are a PAYE taxpayer
      • You should include any DIRT on your Form 12 under ‘Irish Deposit Interest’. You can submit your Form 12 online through PAYE Services on Revenue.ie. This only applies if your taxable non-PAYE income (including income subject to DIRT) is less than €5,000.




  • Registered Users Posts: 3 needtoknowit


    Thanks Cork_South, but when I go into myaccount I do not see an eForm12 and when I go to manage tax 2023 DIRT is not an option. While I would prefer do this online I don't even see a 2023 version of the Form 12 that I can print and complete.



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  • Registered Users Posts: 707 ✭✭✭cork_south


    I'm not a tax expert but I've been told that for 2023 you'd submit the tax return in 2024.

    Please get that double checked though as I'm not 100÷ sure on the timings.

    I did get feedback from revenue on how to pay dirt where 10÷ has been withheld, eg bluor back with Riasin and I'll update this thread when I get a chance with the info they gave me where you'd only have to pay 23÷ to revenue.



  • Registered Users Posts: 31 barkerj


    I don't fill out a form 12 myself, but the paper version of the form has a section for "EU Deposit Interest", see screenshot below. 'a' is what you earned (the "less than €150" amount), 'b' is any withholding tax that was deducted from your interest (i.e. foreign "DIRT", you get a credit back on this amount so you're not double paying). There should be an equivalently worded option on the online form 12 (accessed via MyAccount on the Revenue website).

    As someone else said, you only need to declare for interest earned in 2022 at this time.



    Post edited by barkerj on


  • Registered Users Posts: 707 ✭✭✭cork_south


    In relation to bluor who withpld 10÷ tax here is how Revenue advise you can take care of that.





    If you are receiving Deposit Interest from Latvia then you do not declare this income under Irish Deposit Interest you will declare this under 'Other Foreign Income'. Any tax that was deducted on this income in Latvia shall be used to reduce any liability here in Ireland per the Double Taxation Agreement.


    Please note that if you are not remitting this income into Ireland and it remains in Latvia you do not need to declare this income in Ireland.



  • Registered Users Posts: 31 barkerj


    I'd say to just be careful if you're declaring under "other foreign income", so that it doesn't get taxed at the same rate as regular income (i.e. including income tax, PRSI and USC).



  • Registered Users Posts: 12,284 ✭✭✭✭blade1


    It feels like only the other day I invested but halfway there already.

    I'll share my experience when the time comes for withdrawing.




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  • Registered Users Posts: 2,452 ✭✭✭FGR


    I've opened my account with raisin and applied for BFF bank.

    Last week I got the application form that I printed and signed. The email said I had to post it to Germany but the website states I could scan it and upload it which I did.

    Is this alright? And if so, how long until I find out from raisin whether it's successful or a dud?

    Thanks all.



  • Registered Users Posts: 31 barkerj


    I have an account with BFF, and I only had to print/scan/upload - no posting required.



  • Registered Users Posts: 872 ✭✭✭doc22


    If you are resident and domiciled in Ireland, you will be taxed on your worldwide income.



  • Registered Users Posts: 2,452 ✭✭✭FGR


    Thanks for that!

    Were you waiting long for confirmation from BFF?



  • Registered Users Posts: 31 barkerj


    Can't remember exactly, but don't think it was too long. Maybe 3-4 days or so. I noticed that BFF has a minimum deposit of 20k these days - it wasn't the case when I opened an account with them, so worth bearing in mind.



  • Registered Users Posts: 191 ✭✭xeresod


    Where is the application form to be signed?

    Their email says go to "Online Banking System under "My Investments" > "Open orders". Please click on "Submit application" and print the application" but I don't have "my investments" to do that!

    Have 60k sitting there going nowhere while the savings I selected is still opening in progress a week after transferring the money



  • Registered Users Posts: 12,284 ✭✭✭✭blade1


    I'd put 50k of that in trade Republic if you haven't any money with them already.



  • Registered Users Posts: 29 valarmorghulis


    Hi all,

    I am considering moving all funds to Raisin for the 4.25%, i understand it would locked for the year but I have heard a lot of issues in terms of them asking for source of funds and other admin issues so I am just trying to figure out if it's even safe in terms of customer support if anything goes wrong etc

    Thanks



  • Registered Users Posts: 1,176 ✭✭✭herbalplants


    My question is how do you all know you will get your money back??

    Previous experience was to invest in a site for bridge loans in Latvia, reputable at time from reviews. Luckily didn't invest much but never got my money back. Yes the interest was nice but I can't withdraw my cash. Now the reviews do reflect me just like many others cannot get their money back. I think it is 2 years since I tried to withdraw.

    So my question for all of you who put their hard earned cash in a pie in the sky blackhole Raisin, did any of you managed to withdraw their money with interest? Reviews on raisin are horrendous and the fact you cannot talk to anyone, such a poor customer service I am not sure how you trust it with your money.

    Living the life



  • Registered Users Posts: 12,284 ✭✭✭✭blade1


    Who says it's hard earned cash? 😁

    I won't know until 5/5/24 if I have problems getting my money but I will definitely post my experience here.

    Most of the bad reviews I've seen are from people that had to wait 7 days for their cash.

    I wouldn't blink an eyelid at that.

    I requested cash back from state savings last summer and it took 28 days to get it back.

    Imagine the meltdowns had by people if that was raisin.



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  • Registered Users Posts: 1,176 ✭✭✭herbalplants


    Thanks, do let us know how you get on in may. 😊

    Living the life



  • Registered Users Posts: 18,380 ✭✭✭✭Bass Reeves


    Are you trying to get your money back before the fixed term is over.

    Slava Ukrainii



  • Registered Users Posts: 628 ✭✭✭MakersMark


    What levels after funds are you guys putting in to Raisin?


    I'm looking to invest 50k but not sure how comfortable I am with a foreign bank.

    I know there's 100k protection, but how would you deal with a defaulting Lithuanian bank?


    I'm not risk adverse, and have money in the markets and property. Looking for a bit more diversity.



  • Registered Users Posts: 1,176 ✭✭✭herbalplants


    No, I never opened anything with Raisin.

    About the other site, nope the interest was earned but they run into liquidity issues so no withdrawals are taking place for anyone. Long queue of investors waiting for their money.

    Living the life



  • Registered Users Posts: 1,176 ✭✭✭herbalplants


    I, personally, couldn't deal ever again with a Lithuanian or Latvian bank or platform.

    Living the life



  • Registered Users Posts: 1,562 ✭✭✭Sconsey


    Sounds like you made an investment, did the small print say your money may be at risk? Investments are not protected by the guarantee schemes, deposits are. Raisin is a middle-man for deposits not investments.

    If you did deposit (not invest) in a covered bank in Latvia then you should be dealing with the operators of the bank guarantee scheme not the bank itself.



  • Registered Users Posts: 1,176 ✭✭✭herbalplants




  • Registered Users Posts: 12,284 ✭✭✭✭blade1


    And I try to avoid doing anything with Irish banks.

    I bought a car in England in 2016 and I saved €650 on cross border fees alone by paying through an Estonian company ( I think).



  • Registered Users Posts: 18,380 ✭✭✭✭Bass Reeves


    There is a significant difference between buying a trading bond( which is what you seemed to have done regarding tge bridge) and putting money on deposit with an EU bank that has guarantees from the ECB.

    The DSG is automatic as well.


    Slava Ukrainii



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  • Registered Users Posts: 29 joebert80


    Considering signing up and going with Banco Português De Gestão for a year for 4.1%.

    Has anyone signed up and deposited with this particular bank? Any issues throughout the whole process?



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