How long does an IBAN transfer take?

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serotoninsid

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I filled out & signed the forms for a euro transfer from my current account to an account in germany in Ulster bank early yesterday morning. Theres no sign of it on my online banking transaction details as of a few minutes ago. Surely these transfers are very quick?
 
delgirl said:
I send one to France last Monday morning and it arrived that afternoon.
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This was my expectation. I thought that was the whole idea of IBAN?

Just checked my account online and its still not processed - which will mean I wont get the goods next week when I need them.:(
 
There are 2 types of IBAN transfers, one is express and if received early in the day can be in the recepient account by close of business that same day, the other which is cheaper can take 3 days.
 
gauloise said:
There are 2 types of IBAN transfers, one is express and if received early in the day can be in the recepient account by close of business that same day, the other which is cheaper can take 3 days.
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Thats good to know gauloise. The guy behind the counter didnt seem to be too sure about the whole thing - which surprised me as I would have thought its got to be a fairly common transaction these days.
 
I don't know which bank you use but BOI have a section on their form that you can tick if you want express delivery and Bank of Scotland will guarantee same day delivery (without forms just a fax) if processed before 11.00am!
 
gauloise said:
I don't know which bank you use ...
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Ulster Bank
gauloise said:
BOI have a section on their form that you can tick if you want express delivery and Bank of Scotland will guarantee same day delivery (without forms just a fax) if processed before 11.00am!
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I double checked UB's foreign transfer form after your last post and there was no mention of express or standard delivery. The guy did fax the form through while I was there.
I suppose theres a possibility the transfers gone through but their online banking system isnt right up to date with it..
 
With the Bank of Ireland, normal transfers cost 28cts and take up to 3 working days. For 25 euro, you can get same day service.
 
BOS charge 12.50 for same day but if you have online business banking you can do this for a few cents. Interestingly my old bank BOI never charged me the express fee and I was doing IBAN's on a weekly basis.
 
I filled up the form at the bank on Tues. 8th. Funds were received on the other side on the 17th. 9 days - not great...
 
Sounds to me like the banks are delaying the cheap transfer (which they are obliged to offer) in order to sell the "premium" product. It's been a couple of years since I did an IBAN but it cost only cents and happened very fast at the time.
 
AIB have a very good service, which you can use from your on-line banking, with 4 options, Paylink Euro (Standard and Urgent) and Paylink (Standard and Urgent)

The Standard Paylink Euro costs nothing, except standard transaction fees, which are free if you qualify for transaction-free banking, and can take 3-4 days, but can be executed from your own on-line banking, once you have IBAN and BIC/SWIFT details.(You also need the newly issued code-card)

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extopia said:
Sounds to me like the banks are delaying the cheap transfer (which they are obliged to offer) in order to sell the "premium" product. It's been a couple of years since I did an IBAN but it cost only cents and happened very fast at the time.
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Yes, I was coming to the same conclusions.
 
Hi,
In the next few weeks, I'll be in a position of selling copies of a book which I've written/self-published. To keep personal and business (publishing/printing costs and income from sale of books) separate, I'm considering of opening a new bank account (probably current a/c).
If somebody overseas (or using online banking) wishes to purchase copies, I'd ask for funds (currency value and postage/packing) to be transferred using the IBAN process. Would that be effective, or is there a better way of receiving funds electronically?

Thanks,
Allendog (novice author/self-publisher):)
 
Originally Posted by extopia
Sounds to me like the banks are delaying the cheap transfer (which they are obliged to offer) in order to sell the "premium" product. It's been a couple of years since I did an IBAN but it cost only cents and happened very fast at the time.
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serotoninsid said:
Yes, I was coming to the same conclusions.
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I don't know about that.

I did an IBAN transfer, standard Paylink Euro transfer, to Germany last Sunday evening, and it was in the German a/c the next day, Monday.

This was through AIB, using my on-line banking and code-card, and the transaction showed "complete" by Monday evening.

AIB says you should allow 3-4 working days for this transaction, but mine went through as described above.
 
allendog said:
Hi,
Would that be effective, or is there some better way of receiving money electronically? I couldn't decide whether to use my personal name or the publisher name for the account.
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I think the amounts will be too small to make IBAN transfers practical, unless your book is very expensive. :)

Why don't you look into setting up a Paypal or similar account?
 
Bank of Ireland are adding international payments to their online banking soon. I know this doesn't help now but some info for future reference!!
 
How soon is soon ?

Supposed to be in November

Originally Posted by extopia
Sounds to me like the banks are delaying the cheap transfer (which they are obliged to offer) in order to sell the "premium" product. It's been a couple of years since I did an IBAN but it cost only cents and happened very fast at the time.

Afraid the answer to this one is just sheer volume. Did you ever notice the number of Poles, Lithuanians, Latvians etc transferring weekly to their home countries ? Or the number of Irish making payments for their holiday/investment properties ? System gets a bit clogged up.
With BOI there's no charge whatsoever if you have the BIC & IBAN & addresses & it's going in Euro to Eurozone & assession countries. Paying the charge just puts you to the top of the queue. If it's a quieter day queue is shorter.
 
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