# Time taken for electronic transfers to clear



## ClubMan (1 Jun 2007)

When I transfer between my _PTSB _current account and _Rabo/NR _(either way) it usually takes 3-4 working days for the money to appear. I did a transfer from my _UB _current account to _PTSB _yesterday afternoon and the money was in my _PTSB _account this morning. Any reason this should have happened so quickly?


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## Mag2006 (1 Jun 2007)

You must have done the transfer before their cut off time for next day value date on transfers from one bank to another, that would explain why.
With AIB, if I transfer money to TSB before 5pm on the day it is in the next day, if I do it after 5pm it takes 2 working days, same for Visa bill payments. That would be the explanation, that you did the transfer before the cut off time for it to hit the account today.
Rabo direct might be that bit slower to hit, ring them to ask if you do the transfer before the cut off time with UB why does it take so long when it should be next day.


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## RaboDirect (1 Jun 2007)

ClubMan said:


> When I transfer between my _PTSB _current account and _Rabo/NR _(either way) it usually takes 3-4 working days for the money to appear. I did a transfer from my _UB _current account to _PTSB _yesterday afternoon and the money was in my _PTSB _account this morning. Any reason this should have happened so quickly?


 
Transferring money out of RaboDirect: if you make the transfer before 12.00 on a working day it should hit the beneficiary account the next day. After 12.00 takes 2 days. It is no slower with RaboDirect.


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## ClubMan (1 Jun 2007)

Thanks but...


Mag2006 said:


> You must have done the transfer before their cut off time for next day value date on transfers from one bank to another, that would explain why.


... I've done transfers first thing in the morning from _PTSB _to other destinations and they always take 3-4 working days to clear (and the online banking does say this up front). Bill payments are the same. Even a _PTSB VISA _bill payment from my _PTSB _current account takes the usual 3-4 days! I'm just curious as to why things seem to be so much quicking going *from *_UB _*to *_PTSB_? I haven't yet tried _PTSB _to _UB _for comparison purposes.


> That would be the explanation, that you did the transfer before the cut off time for it to hit the account today.


 I don't think that this is the explanation.


> Rabo direct might be that bit slower to hit, ring them to ask if you do the transfer before the cut off time with UB why does it take so long when it should be next day.


 I wasn't doing _UB _to _Rabo_.

BTW - perhaps I was mistaken about the time taken from _Rabo _(and _NR_?) to _PTSB_. The main question is why is _PTSB_ to other accounts so slow compared to _UB _to other accounts?


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## Mag2006 (1 Jun 2007)

ClubMan said:


> The main question is why is _PTSB_ to other accounts so slow compared to _UB _to other accounts?


 
Dunno, never used PTSB internet banking so only know AIB, UB & BOI internet banking. Does it not say how long a transfer takes and what their cut off times are?. It's clearly stated on AIB when you go to make a payment.
I would have though each bank has their own standard cut of time for next day transfer to all the other major banks.

Actually Clubman, edited to say that my explanation is actually totally viable due to many years experience in the banking sector so I can tell you your answer does lie in the cut off time!. You would need to clarify this with PTSB really.


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## Gulliver (1 Jun 2007)

Inter-bank transfers are made under IRECC (Irish Retail Electronic Clearing Co. Ltd.)rules.  Since Sept 05, transfers presented before a specified time (varies for each bank, but is usually early afternoon) should be shown in the account at the destination bank by 07.00 the next morning.


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## ClubMan (1 Jun 2007)

Thanks. OK - maybe _PTSB _bill payments and transfers to external accounts simply aren't electronic transfers after all and hence the delay?


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## DublinTexas (1 Jun 2007)

ClubMan said:


> Thanks. OK - maybe _PTSB _bill payments and transfers to external accounts simply aren't electronic transfers after all and hence the delay?


 
Yes, there is a monkey sitting in the PTSB payment center that reads all transactions from a printout to another monkey who than re-enters the details into another computer system in another monkey dialect....

But seriously speaking, I noticed similar behaviour.

IBAN transaction in the branch from PTSB to any account in Europe before 1100 is there the same day (the 50 cent variant not the same day variant paid for). Europe is faster than Ireland.

Open24 transaction from PTSB to UB before 1100 = money there 3 days later.

Open24 transaction from PTSB to Rabo before 1100 = money there next day, after 1100 = 2 days.

Rabo to PTSB before 1200 = money on my PTSB account after 1700 the next business day (not in the morning as rabo says). After 1200, add a day.

Open24 bill payment to my ICE card before 1700 = shows on Visa card 2 days later with value date of day after payment was made.

Open24 bill payment to other bill payments (Eirsum, ESB etc.) 5-7 days!

PTSB is unreliable for payments (both in and out) and YMMV.

I hope halifax is more reliable.. let's see if they ever open the account...


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## bond-007 (1 Jun 2007)

AIB online banking:

AIB to PTSB 2 working days
AIB to ESB Bill next day
AIB to Mbna 48 to 72 hours

All transactions done before noon.


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## ClubMan (1 Jun 2007)

Thanks for the info. Looks like _PTSB _are tardy alright...  I'll try to make sure that I do transactions early morning and see if that helps at all...


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## allendog (2 Jun 2007)

Thanks, DubTexas, for detailing 'time-lags' for transfer transactions from PTSB (Open24).  As a PTSB/Open24 customer myself, I had experienced quite a long 'time-lag' as well, so long that I had to check every evening to make sure everything was in order.
allendog


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## DrMoriarty (3 Jun 2007)

I've also found UB transfers to go through more quickly than either BoI or NIB ones, although I've noticed that when it comes to debiting an account as opposed to crediting it, both of the latter seem to be capable of applying DDs and other debits in blithe defiance of the time/space continuum — see here.

I'm won't bother uploading another screencap, but earlier this evening, i.e. at about 9:30pm on Saturday 2 June, my BoI MasterCard account online was already displaying an entry thanking me for the receipt of my monthly balance — by DD from my BoI savings a/c on *5 *June. Nice of them, considering the necessary funds aren't there yet, and won't be until after I physically lodge them at 10am on Tuesday morning!


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## ClubMan (3 Jun 2007)

DrMoriarty said:


> I'm won't bother uploading another screencap, but earlier this evening, i.e. at about 9:30pm on Saturday 2 June, my BoI MasterCard account online was already displaying an entry thanking me for the receipt of my monthly balance — by DD from my BoI savings a/c on *5 *June. Nice of them, considering the necessary funds aren't there yet, and won't be until after I physically lodge them at 10am on Tuesday morning!


Same here. I did an online transfer from _UB _to _PTSB _on Friday morning and it appeared on _PTSB _that evening but dated 5th June. However the nominal and available balance on the account included the transferred amount so this should mean that I could withdraw it without going overdrawn.


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## DublinTexas (3 Jun 2007)

DD taken from PTSB is a nightmare. They recently changed their T&C so that your account needs to have cover for the DD at the close of the business day BEFORE the DD is due. i.e. if it's to be taken on Monday, you need to have funds in the account on Friday before close of the business day. It's not longer good enough to go to bank on Monday and pay it in. The DD might bounce if you do that.

Even funnier when it's a bank holiday, my DD which are due Tuesday (5/6) have been taken off my available balance on Friday (1/6) with a date of 05/06/2007.

An I know that because one is a large one and I got an SMS on Friday evening about a large withdraw.

Now I'm going to query if that means that interest is still calculated with the amount or without the amount and hence giving me 4 days less interest.


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## DrMoriarty (3 Jun 2007)

Presumably as part of the general _vogue _for branch-closing 'productivity' measures, NIB seems to have taken to processing account transactions outside of banking hours — in lightless bunkers filled with lower-paid/non-unionised 'battery' operatives, no doubt. Or maybe that's just my imagination running away with me again... 

I recently pulled NIB up over an €840 debit which was applied to my account (and to which I was alerted by SMS) just after 7pm one evening. It put my 'Freebank' account balance €150-odd in the red, with no way of restoring it before 10am the following morning. In any case, within another hour or two, i.e. by 9pm the same evening, I'd already been debited a €20 'referral' fee (?) and, at the end of the quarter (which happened to be only a few days later) I was hit for full current a/c fees and charges, and even a few cents in interest for the 11 hours I'd been overdrawn.

Needless to say, I got all these fees and charges refunded, but the matter remains a subject of ongoing correspondence between myself and their 'Service Recovery' Manager.

You really have to watch these bankers like a hawk, don't you?


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## roker (5 Jun 2007)

I found that an electronic transfer of my wages was taking up 5 days to reach my Ulster Bank account, and next day when I switched to the TSB.

I contacted Consumerinfo@financialregulator.ie and their reply was very helpful, they gave me a complaints procedure for the Financial Regulators, which I would encourage anyone to do, so that we can speed up this system. 
The Finacial Service Ombudsman [broken link removed]

The Irish Payment Service Organisation (IPSO) is the umbrella body for all payment services. They tell me that that the electronic clearing banks operate a next day service it could take 2 days depending on which bank you are with and if they use the same clearing bank.


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## extopia (5 Jun 2007)

PTSB are pretty slow with this kind of thing. A couple of times I've been late paying my Visa bill (TSB to TSB) because of this. They waived the charges when I complained about the ridiculous 3-4 days. 

Maybe they're sitting on the money for as long as they can get away with it. How many millions are in this kind of limbo every day, I wonder, earning money for the bank?


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## Alex (6 Jun 2007)

when i transfer money from my ub account to my first active account it takes 1 business day.


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## ClubMan (6 Jun 2007)

Yes - _UB _to _PTSB _is grand. _PTSB _to elsewhere is slow.


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## dublinli (12 Jun 2007)

extopia said:


> PTSB are pretty slow with this kind of thing. A couple of times I've been late paying my Visa bill (TSB to TSB) because of this. They waived the charges when I complained about the ridiculous 3-4 days.
> 
> Maybe they're sitting on the money for as long as they can get away with it. How many millions are in this kind of limbo every day, I wonder, earning money for the bank?


 
i think u hit the right point here which i am surprised that nobody else mentioned, in the continent u transfer money between banks within minutes if you do the transaction before cut off time, varies between countries
as one member jokingly said earlier they must be actualy printing out the receipts and then re entering them to the system


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