On the Orca app, the fee for a basic order is £1 for each £1,000 of trade👌 In addition, Stamp Duty is charged for UK companies. You can see the exact percentage (usually it's 0.5%) and amount of Stamp Duty on the order creation screen. This fee is charged to all users by default since all UK residents are required to pay this tax, which goes to the HMRC🏃♂️
Usually, the top-up process can take up to one hour⌛️ It depends on your bank, the load and the day you usually deposit (on some days banks could process the payments a bit longer than usual)💸 In case the payment does not arrive within the reasonable timeframe, please contact our customer support and we will check it for you👌
At Orca we are building a sustainable business and want to give more to the client without strong costs on user's part. As we strive to create the best investment product you will ever use, we need to charge our clients a small commission. Also, zero commissions doesn't mean zero cost for you. So, we are honest with our clients and we do not want to cheat them on hidden fees. You can try and decide whether it's worth paying for it or not.
On the Orca app, you can top up your account by anything from £1 to £20,000 per day. As for withdrawal, there are no limits set.
Orca fulfils payments via TrueLayer, a regulated provider that guarantees fast and secure bank transfers. To protect you, we use the Open Banking system, a UK-regulated program whose legal framework is delimited by European directive PSD2 on digital payment services. This makes data and transactions faster and more secure for UK residents. You can check the full list of participating banks here - https://truelayer.zendesk.com/hc/en-us/articles/360016020194-Which-banks-and-PSPs-are-supported-in-the-Payments-API-in-the-UK-.
You probably deal with unsettled cash at the moment. Unsettled cash is the money due to be delivered after a transaction has been settled. Before that, the funds cannot yet be used. This is the process by which a stock becomes the property of a user or investor, for example, after the sale of an asset. When using the T+2 settlement scheme, the security or cash deliverance will be fulfilled on the second day following the order. This means it takes about three days (trade date plus two days - T+2) to be processed. So you just have to wait a little bit.
That depends on the option you chose. Two options are available for Orca’s users: Standard withdrawal: This is a basic withdrawal via BACS — the funds will be delivered in 3-5 days. Faster payment: With this option, the funds will be delivered in 2-24 hours. The fee for this transaction is £5. The exact time of funds being sent is determined by the cut-off time of our partner. All withdrawals are sent in bulk at 3pm on business days.
You can make contributions to your Orca General Investment Account through your Nominated Bank Account.
The Orca GIA is a long-term investment. You can withdraw cash from your GIA at any time. You can either withdraw the full balance held in your GIA, or withdraw part of the balance. There are no charges for withdrawing cash from your Orca GIA.
Our ISA charges are explained in the Orca Terms of Business and illustrated in schedule 1 of this Key Features Document.
The Orca ISA is a long-term investment. You can withdraw cash from your ISA at any time. You can either withdraw the full balance held in your ISA or withdraw part of the balance. There are no charges for withdrawing cash from your Orca ISA. Withdrawing from your ISA could lead to loss of tax free benefits.
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