# How much time? - electronic fund transfers



## GeneralZod (18 Aug 2008)

Anyone have any experience of how long it takes for an EFT from a National Irish Bank account to an Ulster Bank account to go through? 
The request was made on-line before 11AM.


----------



## TarfHead (18 Aug 2008)

*Re: How much time? - NIB to UB electronic funds transfer*



GeneralZod said:


> Anyone have any experience of how long it takes for an EFT from a National Irish Bank account to an Ulster Bank account to go through?
> The request was made on-line before 11AM.


 
I would doubt that an inter-bank transfer is same-day.


----------



## GeneralZod (18 Aug 2008)

*Re: How much time? - NIB to UB electronic funds transfer*

I don't expect it to be same day but most (all?) banks seem to have a cut-off time after which it's delayed further. e.g. Transfers out of Northern Rock.


----------



## Sarn (18 Aug 2008)

*Re: How much time? - NIB to UB electronic funds transfer*

I find most of my electronic transfers between different banks take about 4 days.


----------



## ClubMan (18 Aug 2008)

*Re: How much time? - NIB to UB electronic funds transfer*

_Halifax _seem to be quick for outgoing payments. One or two days in my experience. _PTSB _are terrible - really slow. Not sure if online bill payments or transfers are necessarily _EFTs_ though?


----------



## GeneralZod (18 Aug 2008)

*Re: How much time? - NIB to UB electronic funds transfer*

EFT seems to be a loosely defined generic term. Open to correction if it has a precise meaning in Ireland. 

Here's a few from my experience when the payment order is placed before the cut-off time.

NR to UB - 3 Business days (in the ether for 2 business days)
AIB to UB - Day after next (funds appear to be in the ether for 1 business day)
UB to RaboDirect - Day after next
RaboDirect to UB - Day after next
FA to AIB - Day after next
FA to UB - Next day (UB and FA are both part of RBOS)
UB to FA - Next day


----------



## TarfHead (18 Aug 2008)

*Re: How much time? - NIB to UB electronic funds transfer*



ClubMan said:


> _Halifax _seem to be quick for outgoing payments. One or two days in my experience. _PTSB _are terrible - really slow. Not sure if online bill payments or transfers are necessarily _EFTs_ though?



Inter-bank payments would, in general, be EFT.  EFT pre-dates browser-based banking and was re-used for payments generated via browsers.

Although banks may make a virtue of 24/7 access, behind them are batch systems running (at most) 5 days a week.  At some point in the day they have to cut-over to the next processing day.  If this cut-over time were 16:00, an inter-bank payment made 16:01 on a Friday would be included in the following Monday cut-off.

A payment made at 11:00 on a Monday should, all other things being equal, be sent out that night to the destination bank. That bank should be able to apply it to the destination account the next working day.

Except where they don't


----------



## GeneralZod (19 Aug 2008)

*Re: How much time? - NIB to UB electronic funds transfer*

NIB to UB - Next day


----------



## soy (19 Aug 2008)

NIB cut-off time is 14:00. I find them very fast and any delays are usually to do with the other end.


----------



## Brussels (19 Aug 2008)

Most Banks participate in a next day value service where online transfers made before 13:00 (check with your bank for their cutoff) will be in the account of the beneficiary on the next day. Transfers made after this cutoff time will be credited on Day 3. 
Example 
Transfer on Monday at 11.00 will be credited on Tuesday morning
Transfer on Monday at 15.00 will be credited on Wednesday morning.

Transfers to Credit Card accounts with another financial institution can take a day longer


----------



## ClubMan (19 Aug 2008)

Anything useful here?

www.howbankingworks.ie[broken link removed]


----------



## GeneralZod (20 Aug 2008)

That site doesn't narrowly define what an EFT is. Possibly following TarHead's terminology we could say "inter-bank EFT payment".

Northern Rock seem to have sped up. A payment from them placed on Monday morning arrived in my UB account this morning.


----------



## SHOWmeSAFETY (21 Aug 2008)

I'm with PTSB, transfers made before 1.30 are done the next working day- afterwards it's up to 3 working days. it's similar with my UB account also.


----------



## ClubMan (22 Aug 2008)

SHOWmeSAFETY said:


> I'm with PTSB, transfers made before 1.30 are done the next working day- afterwards it's up to 3 working days.


Why is that since after 1:30 on, say, Monday day is before 1:30 on Tuesday!?


----------

