# Rabo - A question or two.



## TheBigLebows (19 Mar 2007)

I have contacted Rabo with a couple of questions but haven't got a reply yet so I thought I'd try here.

When I was sending off my application forms, I sent off my external current account statement for the money mover facility and filled in all the relevant details, but when I log in now, it does not seem to be set up for me. I click the money mover link and select my savings (or current) account and I get "There is no active Rabo Money Mover transaction for this account.". Is there a delay before this facility is available to me?

Also I used the "dublin chamber" offer for a free €20. At what stage does this get deposited as it ain't there now?


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## askalot (19 Mar 2007)

TheBigLebows said:


> Also I used the "dublin chamber" offer for a free €20. At what stage does this get deposited as it ain't there now?



I used another €20 offer ("winter blues" I think) and it was credited to my account after I made my first lodgement.


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## TheBigLebows (19 Mar 2007)

askalot said:


> I used another €20 offer ("winter blues" I think) and it was credited to my account after I made my first lodgement.


 
Cool, maybe if I figure out how to use the money mover, I'll make that 1st lodgement.


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## Milly (19 Mar 2007)

Another question about Rabo - I'm in the process of opening an account too and was just wondering how do you withdraw money from it - can you transfer online to your AiB (or whatever) current account?


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## RaboDirect (19 Mar 2007)

You can withdraw funds from your secure online RaboDirect account. You do this through the "Transfer Money" option. There's no need to pre-register third party accounts and there are no daily limits on external transfers (although you can set your own limits if you wish). 

All transactions must be electronically "signed" with your Digipass. Remember, you must first move your money from your RaboDirect Savings Account to your RaboDirect Current Account and then you can transfer it out to any domestic third party account. International payments are not possible. 

The Rabo Money Mover facility is used only for lodging money electronically into your RaboDirect Savings account. For more information please see [broken link removed]
Please note that this isn't the only way to lodge money to RaboDirect. You can also use your main bank's telephone or internet banking service or send a cheque. However, some banks place daily limits on the amount of daily external transfer from their internet banking service. The Rabo Money Mover facility gets around this. 

Hope the above is of some help.


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## TheBigLebows (20 Mar 2007)

Finally managed to get someone at Rabo and was informed that they could not set up my "money mover" because I used EBS as my external account. There's no problem with any of my other direct debits from this account. 
I wish they had told me that beforehand rather than letting me go to the trouble of making my way to the bank to request a bank statement and then having to guess why it would not work when I logged in. Surely when they recieved my EBS statement, they could have let me know at that stage. Maybe they are not so straight talking after all.  Starting to wonder whether this Rabo lark is worth the effort at all...


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## ClubMan (20 Mar 2007)

What reason did they give for not being able to integrate with the _EBS _account? To be fair it may be due to circumstances outside of their control if this is not possible (e.g. _EBS _not being participants in the main clearing system or something like that).


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## kilomike (20 Mar 2007)

ClubMan said:


> What reason did they give for not being able to integrate with the _EBS _account? To be fair it may be due to circumstances outside of their control if this is not possible (e.g. _EBS _not being participants in the main clearing system or something like that).


 
I recently requested EBS to tansfer funds, electronically, from an account in my name to an Ulsterbank account also in my name. They said they couldn't do it, and when I asked why, the teller said, "because we are not a bank"! I had to get a cheque made out to myself and walk across the road to lodge it in my Ulsterbank account.


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## Mr Magoo (20 Mar 2007)

Anyone know why Rabo have a current account? you can't write cheques and there's no ATM card.

It's only purpose seems to be to transfer money to external accounts. So to transfer money you must first transfer from Rabo saving to Rabo C/A and then from Rabo C/A to the external account - seems like they could streamline this better - or allow us to transfer directly from a saving account to external accoutn (and remove the need for a c/a)

maybe it's a legal requirement or maybe that's how they make some money if money being transferred has to wait in thier c/a for a day or so?


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## RaboDirect (21 Mar 2007)

Mr Magoo said:


> Anyone know why Rabo have a current account? you can't write cheques and there's no ATM card.
> 
> It's only purpose seems to be to transfer money to external accounts. So to transfer money you must first transfer from Rabo saving to Rabo C/A and then from Rabo C/A to the external account - seems like they could streamline this better - or allow us to transfer directly from a saving account to external accoutn (and remove the need for a c/a)
> 
> maybe it's a legal requirement or maybe that's how they make some money if money being transferred has to wait in thier c/a for a day or so?



Mr Magoo, you are correct - the Current Account is only required to facilitate external transfers. We launched our first internet bank in Belgium a number of years ago and the current account feature is a legacy from the system. Can it be streamlined? Yes. Are we considering it? We are. It's a complicated proccess to remove the current account. To be honest, we may not be able to do this until the end of the year given current workload requirements. 

RaboDirect


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## Sim2 (12 Apr 2007)

Hi, I sent a cheque to Rabodirect two weeks ago.  The money was debited from my AIB current account last week.  However, in my Rabodirect account it is down as an 'Uncleared item' for the past week.  How long before the money is 'cleared'?  Thanks.


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## ClubMan (12 Apr 2007)

If I was you I would use the _Rabo _account secure email facility to ask _Rabo_ directly about this. And maybe check with the source bank if there is some problem.


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## Sim2 (12 Apr 2007)

Thanks Clubman, will do that


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## sherib (12 Apr 2007)

> Originally Posted by *Sim2*
> However, in my Rabodirect account it is down as an 'Uncleared item' for the past week. How long before the money is 'cleared'?


I had the same question - a cheque I posted on 2nd April was still uncleared up to today. No reply to email sent yesterday so I phoned today and got through almost immediately. A very helpful person told me it takes six days to clear a cheque so mine won't appear as a credit until 13th because Easter hols intervened. The explanation was a bit convoluted. They received it on 3rd, lodged it on the 4th but the good news is that interest will be paid from 5th so that's only two days from the date Rabo received it. I'm quite satisfied with that.


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## gebbel (12 Apr 2007)

TheBigLebows said:


> Starting to wonder whether this Rabo lark is worth the effort at all...


 
Yeah, it can be frustrating getting set up with Rabo but defo better than anything EBS have to offer in terms of savings.

You don`t need Money Mover if you can bank online with EBS and transfer funds into RABO directly. I have been doing it this way with BOI


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## ClubMan (12 Apr 2007)

gebbel said:


> Yeah, it can be frustrating getting set up with Rabo


Not in my experience. My mother just opened a _Rabo _account too and it was no big deal.


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## Sim2 (13 Apr 2007)

Hi Sherib, I didn't receive any reply to my email yet, but I've just logged into my Rabo account and my money has now been 'cleared'.


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## sherib (13 Apr 2007)

Hi Sim2,

Did you check to see the date when interest started? It's a bit fiddly - you have to click on the savings account number, then click on _Cleared cheque, _then you can see _Operation date and Value date _- the latter being the date savings are added and accruing interest_._ In my case three days after posting and two days after Rabo received the cheque which is quite good. They replied to my email today.


> RaboDirect
> _Cheques take 5 working days to clear to your account. You have been earning interest on the amount since the 5th April (day it was lodged to your account_).


_Rabo_ have a funny way of describing things. While the _Operation date_ is today 13th April and the _Value date_ is 5th April - I'd never know the 5th was the date interest started only I was told this on the phone yesterday. Maybe that's because it's a Dutch bank - I'm not complaining!


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## franmac (13 Apr 2007)

ClubMan said:


> Not in my experience. My mother just opened a _Rabo _account too and it was no big deal.


 
So have I ???? and I found the step by step instructions easy to follow.


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## cr81 (16 Apr 2007)

HI

I want to start investing a little money in bonds/stocks in the hope of making some  As i have fairly limited financial knowledge in general i thought that the RaboDirect investment account would be a good place to start as it allows you invest a minimum of €100. How do people find this account? Any tips? 

I would be relatively cautious and the rabodirect "what kind of investor are you" type test indicated that i should go for bonds over stocks.

Do you have to invest so much a month with this account? It is something which confused me when reading thedetails of the account on line?

Thanks,
CR


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## ClubMan (16 Apr 2007)

cr81 said:


> i thought that the RaboDirect investment account would be a good place to start as it allows you invest a minimum of €100. How do people find this account? Any tips?


Their charges are not the most competitive. [broken link removed] 0.75% on entry and 0.75% on exit as well as an annual management fee of 0.7%-2%. Sometimes they discount charges on their "fund of the month". In contrast the likes of [broken link removed] charge no entry or exit charges and only an annual management charge of 1% to 1.5% (reducing after 15 years) and accept regular contributions of €51 or more. Of course _Rabo's _online trading service has the advantage of convenience, they offer a wider/differnt range of funds and you can make sporadic contributions when you like. On the other hand I think that with _QL _you can stop/start/vary regular contributions at will too - just not online.


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## Sim2 (16 Apr 2007)

Hi Sherib, I don't have my digipass with me at the moment to check on the interest.

On another note, I'd just like to add that I have found this website an enourmous help in sorting out my finances. I love reading all the tips and advice.  I had a large number of debts three years ago, personal loan, credit card etc., and I have since paid these off and have a regular savings habit now.


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## cr81 (16 Apr 2007)

ClubMan said:


> Their charges are not the most competitive. [broken link removed] 0.75% on entry and 0.75% on exit as well as an annual management fee of 0.7%-2%. Sometimes they discount charges on their "fund of the month". In contrast the likes of [broken link removed] charge no entry or exit charges and only an annual management charge of 1% to 1.5% (reducing after 15 years) and accept regular contributions of €51 or more. Of course _Rabo's _online trading service has the advantage of convenience, they offer a wider/differnt range of funds and you can make sporadic contributions when you like. On the other hand I think that with _QL _you can stop/start/vary regular contributions at will too - just not online.


 
Thanks for the Quinn Life tip! I will definetly have a look. €51 minimum contribution sounds very reasonable to my poca!


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