# Why the plethora of account types with Rabo Direct?



## GeneralZod (20 Dec 2006)

To have a Rabo savings account that I can make online payments from my UB current account I also have to open a current account and a Money Mover account.

The Rabo site explains the Money Mover account as follows.



> The Rabo Money Mover allows you to transfer money regularly into your RaboDirect Savings Account from your existing current account in your bank, all from within your RaboDirect online account.


Two questions:

1. Does this involve setting up a direct debit on my real UB current account?
    I'd prefer to push rather than pull payments into Rabo.

2. Shouldn't the current account that Rabo make holders set-up be able to take 
payments from a non-rabo current account? It sounds like it isn't a real current
account.

This seems unnecessarily complicated to me. With NR I can make on-line
payments directly into and out of a single account.


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## IrlJidel (20 Dec 2006)

GeneralZod said:


> To have a Rabo savings account that I can make online payments from my UB current account I also have to open a current account and a Money Mover account.
> 
> The Rabo site explains the Money Mover account as follows.
> 
> ...



The money mover is effectively a Rabo DD. One of the reasons for this I believe was to circumvent daily online max transfer limits some banks stipulate. 

You can set up a 'push' from your third-party bank account directly into your savings account. (You can push it into your Rabo current account but there's no point as interest is low.)

I find pushing money from my third-party bank acc into rabo savings acc is quicker than pulling it using rabo's money mover.



> 2. Shouldn't the current account Rabo make holders set-up be able to take
> payments from a non-rabo current account? It sounds like it isn't a real current
> account.


I think the current account is only needed when you want to transfer money out of rabo into a third-party bank account.  Their FAQ does say that DD are not available *yet. *'yet' suggests we may be able to set up DD on Rabo current accounts in the future.



> This seems unnecessarily complicated to me. With NR I can make on-line
> payments directly into and out of a single account.


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## bacchus (21 Dec 2006)

Am i getting this right....?

one can push money from UB to Rabo saving a/c directly
but to withdraw money from Rabo saving a/c, money needs to be moved first from Rabo savings a/c to Rabo Current a/c, and then push to UB.


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## RaboDirect (21 Dec 2006)

Clarification

When lodging money into your RaboDirect Savings Account you do *not *need to transfer it to your RaboDirect Current Account. 

You can lodge money into your Savings Account in the following ways:

*1. Electronically from your main bank's internet or telephone banking system.*
You will need to use the RaboDirect National Sort Code Number and your RaboDirect Savings Account number. However, most of the main banks place daily limits on the amount you can transfer to an external account. For example, AIB only allow €5,000 from their online banking service. 

*2. Through your main bank's over the counter branch service.*
Again, quote the RaboDirect National Sort Code Number and your RaboDirect Savings Account number. You do not need to use the Same Day Money Transfer System to transfer money to RaboDirect. Some branches suggest this and there is a charge for it (often €25). The electronic clearing system is now 2 days if you may payments before 12.00 (the cut off time varies across the banks). 

*3. By cheque*
You should write your RaboDirect Savings Account number and Customer Number on the back of the cheque. 

*4. Rabo Money Mover*
We created this facility for our customers because they were getting increasingly frustrated with the 'reluctance' of some of the main banks in facilitating transfers to RaboDirect. Some branches tried to insist on using the Same Day Money Transfer System which isn't necessary. The other reason was because of the low limits on electronic banking transfers that the main banks enforce on their customers. And as most of us don't have the time to spend waiting in branches we developed the Money Mover which uses the Direct Debit system (Originator Plus to be exact). 

See [broken link removed] for more details. 
It's important to bear in mind that you will start to earn interest on the date you have requested funds to be withdrawn from your nominated external bank account. You cannot actually access the funds until they have gone through the clearing sytem but you are not losing out on interest. 

*Transferring money out of RaboDirect*
You will need to transfer your money from your RaboDirect Savings Account to your RaboDirect Current Account. This process is instaneous. You can then transfer your money from the Current Account to any third party domestic bank account in the Republic. We do not facilitate international inwards or outwards payment or offer bill payment services at this time. 

If you require further information please feel free to contact the Customer Contact Centre on 1850 88 22 44 or by email at info@rabodirect.ie. 

Kind regards,
RaboDirect


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## GeneralZod (21 Dec 2006)

Thanks for the response RaboDirect and IrlJidel.

I think the current limit for on-line transfers out of Ulster Bank is €13,000 which is enough for me most of the time. Cheques can be used then. I will not bother with the money mover (direct debit) account.

I'll probably open an account with RaboDirect, in particular if Northern Rock don't respond by increasing their rates to match or better Rabo's.


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## lfcjfc (21 Dec 2006)

GeneralZod,

Have you been able to transfer money from your UB current account to NR using the new internet banking service? I tried when the new service was first introduced and was told that this feature was not available. Very inconvenient - have to resort to cheques and post for transfer. Havent tried this lately so maybe things have changed on Anytime banking.


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## bacchus (21 Dec 2006)

lfcjfc said:


> Have you been able to transfer money from your UB current account to NR using the new internet banking service?


 
No problem, i do it regularly since Nov 06

You simply need to setup a new Payee for the UB Web "Payments->Single Payments". I had to use telephone banking to setup it up though.


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## GeneralZod (21 Dec 2006)

lfcjfc said:


> GeneralZod,
> 
> Have you been able to transfer money from your UB current account to NR using the new internet banking service? I tried when the new service was first introduced and was told that this feature was not available.



I used to have trouble with transfers going into my demand (postal) account instead of the on-line account because Ulster Bank don't properly pass the reference field with the account number. Since my SSIA matured and I closed all accounts except the on-line one I haven't had any trouble.

I set-up my transfer on-line as described by bacchus not via telephone banking.

The biggest complaint I've got is that if I make a payment instruction after 11AM it takes 4 working days before the money shows up in Northern Rock. Given the previous transfer problems this wait can be heart stopping if the amount involved is large. Whenever I set-up a new transfer method I send through an experimental transfer of a few euros to make sure its working properly before sending through the main body of funds.


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## lfcjfc (21 Dec 2006)

Thanks folks - I havent tried as recently as Nov so I will try again. GeneralZod's idea of transferring a small test amount first sounds like a good idea.


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