Endowus snail slow withdrawal of cash

Anyone experience this issue of snail slow withdrawal of cash from portfolio in Endowus? i am particularly experiencing this issues with Endowus, not once but twice.

I dont have this issues with Stashaway or Syfe.

The cash i wanted to withdraw is already holding in UOB Kayhian (already exclude the redemption time X days taken for selling partial portfolios) and reflected in the dashboard, the Endowus Client Experience Analyst said its "5 Business working days". But i am at the end of 2nd weeks, nothing happened. It seems likely to drag on to the 3rd weeks since Endowus support email is also not responding to my follow-up email.

The overall cash investment experience is bad. Probably long term is to pull out all the cash into other robo-advisor that can do this fluidly.

Endowus

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Endowus

05 Jun 2021

Thank you for your feedback, and we apologise that you experienced a slower than usual withdrawal of redemption proceeds for your Cash Smart.

Our double ledger system (where your assets are custodised in your own name and our broker UOB Kay Hian has a separate record of every transaction) does require more steps and checks in place for each transaction. The majorty of withdrawals are completed within our stated timing, but there have been occasions where additional verifications were required for withdrawals between us and our broker causing a delay.

We do recognise the need for timely withdrawals especially for cash management solutions, and we are working hard to improve our operational processes with our custodian. Client feedback is very important to us in order to improve our client experience - please also send any feedback to [email protected] so that we can do better for you.

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CH

04 Jun 2021

I have this weird experience with endowus. their response time is directly related to the amount of money i invested. it was fast. but after i liquidate some funds, their response became slower. so much so that there are still outstanding emails they have not respond. when i start to invest more money, their service level goes up again.

if speed is a concern, yes, perhaps other robos are better. buy/sell ETFs are faster too compared to UTs.

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