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Review of the iFAST Global Bank, Fixed Term Deposit:

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Unreasonable Transfer Limits and Delays

Unreasonable Transfer Limits and Delays iFAST Global Bank has frustrating transfer limits. The daily limit starts at just £5,000, and even if you have £50,000 deposited, the maximum daily transfer is only £25,000. This is the first major issue. While higher transfer limits can be requested, the approval process is a nightmare. When I applied for a large transfer, I was asked to submit a pile of documents. I understand that compliance and anti-money laundering checks are necessary, but as a customer, I trusted iFAST enough to deposit a significant amount of money. When I needed to withdraw, instead of trusting their customer and sending the money first—while handling the checks later—they delayed my transfer for two full days for review before finally processing it. At the time, I urgently needed to deposit funds into IBKR to short NVIDIA. Because they didn't process my transfer immediately, the delay caused my funds to arrive late, and I missed my opportunity to profit. This experience was extremely frustrating. Reviewed on: 2nd February 2025

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