# AIB to BOI Transfer



## whattodo? (30 Sep 2011)

I completed a cash transfer last night from my AIB account to a BOI Account (Thursday).

I know that if I usually do a transfer before 12pm, it is in the BOI account the following day. 

Will it go in on Sat morning now or do you think it could be next mon/tuesday before it hits my BOI Account?

Thanks for any help....


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## ranger (30 Sep 2011)

Hi Whattodo,

It will more than likely hit Monday if it hasn't hit by COB today. I transfer funds monthly from BOI to Ulster and it takes 3 bloody days regardless if I do the transfer before 12. I've queried this a number of times and with both banks and I'm told by BOI that the money is gone and it's up to UB to apply to the account. UB tell me they haven't received funds from BOI yet. I was told by a reliable source in NIB that what normally happens is sending bank ie BOI will debit your account on the day and will hold the funds until day 3 and then transfer to receiving bank. So they have use of your funds for 2/3 days.

Ranger


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## whattodo? (30 Sep 2011)

Thanks Ranger,

I should have done it earlier and plus I stupidly cleared one account to put into another (meaning I have 0 in both accounts at the moment)!!.......could be a loooong weekend!!


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## ClubMan (30 Sep 2011)

I've seen similar transfers hit the destination account on the Friday night/Saturday morning but dated the following Monday which confused me a bit! 

http://www.askaboutmoney.com/showthread.php?t=63723

As did this sort of thing:

http://www.askaboutmoney.com/showthread.php?t=73712


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## Contactless (30 Sep 2011)

Good news - from January 1st 2012, under the PSD (Payments Servcies Directive) all (electronic) payments must be processed by close of next business day at the latest.  In effect, once a payment order is executed before c.o.b. on one business day, the beneficary must have value by c.o.b. on the next business day.


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## ClubMan (30 Sep 2011)

Will that also apply to personal banking and not just business banking?


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## Contactless (30 Sep 2011)

Yes, will apply to all electronic payments


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## ClubMan (30 Sep 2011)

Interesting - thanks for that.


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## julius128 (30 Sep 2011)

ranger said:


> Hi Whattodo,
> 
> It will more than likely hit Monday if it hasn't hit by COB today. I transfer funds monthly from BOI to Ulster and it takes 3 bloody days regardless if I do the transfer before 12. I've queried this a number of times and with both banks and I'm told by BOI that the money is gone and it's up to UB to apply to the account. UB tell me they haven't received funds from BOI yet. I was told by a reliable source in NIB that what normally happens is sending bank ie BOI will debit your account on the day and will hold the funds until day 3 and then transfer to receiving bank. So they have use of your funds for 2/3 days.
> 
> Ranger


If you send money before daily deadline then 
originator does transfer it same daily and destination bank receive that same day but they dont process incoming transactions untill next day or two to your account so bank benefit from interest by keeping your money for few days. Imagine what interest they earn for just keeping millions of euro of our money for couple of days, however new incoming regulation will reduce this source of income and customers will benefit from it.


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## nlgbbbblth (30 Sep 2011)

Monday = Saturday

The clearing system updates five nights a week (Monday to Friday).

Nothing happens on a Saturday or Sunday night.

Check your BOI account on Saturday morning. If it's not there then it won't be there on Monday either.


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