Betfair WITHDRAWALS | Confused !!!

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The Silk Run
Posts: 901
Joined: Mon May 14, 2018 12:53 am
Location: United Kingdom

Hi Hi community

I am really, and rather confused about Betfair withdrawals and hope one of you beautiful people can explain to me, please.

I make regular daily withdrawals from Betfair, FAST transactions with recipient HSBC, and have so for several years. However, today they categorised a withdrawal to STANDARD [clearance 2 Aug 2020]. The agent who was extremely helpful, but lost me in translation quoting windows of withdrawals, and that I had made to many withdrawals during a three day window, resulting in my withdrawals to be categorised as STANDARD.

Without becoming disrespectful can someone explain to to me the Betfair FAST withdrawal criteria in processing payments. I am ESOL. Student of Peoples Republic of China !!!

Stay safe
Minnie LAI
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The Silk Run
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Joined: Mon May 14, 2018 12:53 am
Location: United Kingdom

Seeking Plain English explanation please. Without being disrespectful.

Stay safe
Minnie LAI
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ANGELS15
Posts: 844
Joined: Wed Mar 22, 2017 9:57 am

The Silk Run wrote:
Sun Jul 26, 2020 8:49 pm
Hi Hi community

I am really, and rather confused about Betfair withdrawals and hope one of you beautiful people can explain to me, please.

I make regular daily withdrawals from Betfair, FAST transactions with recipient HSBC, and have so for several years. However, today they categorised a withdrawal to STANDARD [clearance 2 Aug 2020]. The agent who was extremely helpful, but lost me in translation quoting windows of withdrawals, and that I had made to many withdrawals during a three day window, resulting in my withdrawals to be categorised as STANDARD.

Without becoming disrespectful can someone explain to to me the Betfair FAST withdrawal criteria in processing payments. I am ESOL. Student of Peoples Republic of China !!!

Stay safe
Minnie LAI
As I understand it you are allowed 2 instant Betfair withdrawals in a 24 hr period. in other words the money goes back to your account immediately or at least within 2 hours. If you make more than 2 withdrawals in 24 hrs then the 3rd and other withdrawals take 3- 5 working days to reach your account. Hope this helps.
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Think they also have a limit on the amount that go through as fast witdrawals, think it may be £500, anything above that takes a few days.
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The Silk Run
Posts: 901
Joined: Mon May 14, 2018 12:53 am
Location: United Kingdom

Hi Hi SB

Without giving away to much darling. It was GBP 30.00, which is my daily living allowance, of which I withdraw daily to support my student grant.

Stay safe
Minnie LAI
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Tuco
Posts: 727
Joined: Wed Apr 15, 2009 1:43 pm

spreadbetting wrote:
Sun Jul 26, 2020 10:04 pm
Think they also have a limit on the amount that go through as fast witdrawals, think it may be £500, anything above that takes a few days.
I use INSTANT/FAST withdrawals and can confirm this £500 limit is not the case for me.
Last edited by Tuco on Sun Jul 26, 2020 10:51 pm, edited 1 time in total.
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The Silk Run
Posts: 901
Joined: Mon May 14, 2018 12:53 am
Location: United Kingdom

Hi HI Tuco

I believe sic their is a soft / loose agreement with National, International banking institutions, and others including PayPal to administer these transactions. My agreement is with HSBC and Betfair, and their provider[s].

Stay safe
Minnie LAI
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The Silk Run
Posts: 901
Joined: Mon May 14, 2018 12:53 am
Location: United Kingdom

ANGELS15 wrote:
Sun Jul 26, 2020 9:15 pm
The Silk Run wrote:
Sun Jul 26, 2020 8:49 pm
Hi Hi community

I am really, and rather confused about Betfair withdrawals and hope one of you beautiful people can explain to me, please.

I make regular daily withdrawals from Betfair, FAST transactions with recipient HSBC, and have so for several years. However, today they categorised a withdrawal to STANDARD [clearance 2 Aug 2020]. The agent who was extremely helpful, but lost me in translation quoting windows of withdrawals, and that I had made to many withdrawals during a three day window, resulting in my withdrawals to be categorised as STANDARD.

Without becoming disrespectful can someone explain to to me the Betfair FAST withdrawal criteria in processing payments. I am ESOL. Student of Peoples Republic of China !!!

Stay safe
Minnie LAI
As I understand it you are allowed 2 instant Betfair withdrawals in a 24 hr period. in other words the money goes back to your account immediately or at least within 2 hours. If you make more than 2 withdrawals in 24 hrs then the 3rd and other withdrawals take 3- 5 working days to reach your account. Hope this helps.
You have now explained clearly what the Betfair agent quoted. Of which I now have a far better understanding. And, I note you have previously provided support with Q&A, in my regard.

Thank you
Minnie LAI
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ANGELS15
Posts: 844
Joined: Wed Mar 22, 2017 9:57 am

The Silk Run wrote:
Sun Jul 26, 2020 10:45 pm
ANGELS15 wrote:
Sun Jul 26, 2020 9:15 pm
The Silk Run wrote:
Sun Jul 26, 2020 8:49 pm
Hi Hi community

I am really, and rather confused about Betfair withdrawals and hope one of you beautiful people can explain to me, please.

I make regular daily withdrawals from Betfair, FAST transactions with recipient HSBC, and have so for several years. However, today they categorised a withdrawal to STANDARD [clearance 2 Aug 2020]. The agent who was extremely helpful, but lost me in translation quoting windows of withdrawals, and that I had made to many withdrawals during a three day window, resulting in my withdrawals to be categorised as STANDARD.

Without becoming disrespectful can someone explain to to me the Betfair FAST withdrawal criteria in processing payments. I am ESOL. Student of Peoples Republic of China !!!

Stay safe
Minnie LAI
As I understand it you are allowed 2 instant Betfair withdrawals in a 24 hr period. in other words the money goes back to your account immediately or at least within 2 hours. If you make more than 2 withdrawals in 24 hrs then the 3rd and other withdrawals take 3- 5 working days to reach your account. Hope this helps.
You have now explained clearly what the Betfair agent quoted. Of which I now have a far better understanding. And, I note you have previously provided support with Q&A, in my regard.

Thank you
Minnie LAI
Your'e very welcome.
eightbo
Posts: 2154
Joined: Sun May 17, 2015 8:19 pm
Location: Malta / Australia

Tuco wrote:
Sun Jul 26, 2020 10:19 pm
spreadbetting wrote:
Sun Jul 26, 2020 10:04 pm
Think they also have a limit on the amount that go through as fast witdrawals, think it may be £500, anything above that takes a few days.
I use INSTANT/FAST withdrawals and can confirm this £500 limit is not the case for me.
I believe OP is not talking about the same thing as us when we reference fast/instant withdrawals

to clarify for fast withdrawals, you can withdraw up to and including £500.00 from a total of 2 withdrawals to Nationwide/Barclays accounts (not sure if others are avail. now but back when I asked these were the only 2 quoted to me). It works off a 24hr window in any timezone but OP was informed of a 3-day withdrawal period, and a 7-day closing period for the withdrawal to be processed, where they usually quote 2-5 days for a standard withdrawal. That suggests to me they may be using a dif. system for the bank associated with OPs account probs due to international factor.

I have not heard of fast withdrawal amount being adjusted, however, I haven't heard of anyone negotiating it either, so it may be possible.
Tuco if you end up confirming your amounts are different, could you reply with the specifics, cheers.
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ANGELS15
Posts: 844
Joined: Wed Mar 22, 2017 9:57 am

Out of interest I received an email a few days ago from Coral. They are introducing this faster payment system and they stated that the banks currently signed up for it are:

Barclays
HSBC
Santander
Lloyds
Nationwide
TSB
RBS
Natwest
AIB Group
Allied Irish Bank
Bank of Ireland
Ulster Bank

with more expected to follow.
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Tuco
Posts: 727
Joined: Wed Apr 15, 2009 1:43 pm

Tuco if you end up confirming your amounts are different, could you reply with the specifics, cheers.
Overnight I withdrew a 4 figure sum to my PayPal account without any problem and then I sent it from PayPal to my bank account instantly.
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