How long does an IBAN transfer take?

Perplexed said:
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.
Click to expand...

Eh, we're talking about a simple electronic transfer here. Ever noticed the number of Poles, Lithuanians, Latvians, Irish etc. sending emails all over the globe? Somehow these all arrive within minutes, without any charges being incurred. :)
 
Yea, but I'm afraid that they have to be input manually.

Sorry, not making excuses but that's how the system works at the moment. It explains why sometimes it's faster than others.
 
When you go up to the counter with your information doesn't the teller input the info to the computer then print out your receipt? If so the info is in the system ready to be sent into the ether from the moment you walk away from the counter.
 
I can only speak for BOI.
The person behind the counter checks that the IBAN is valid, that there is sufficient funds in the a/c & the identity of the customer. Gets a debit on the customers a/c & transfers the funds to a central holding a/c.

Then the form gets faxed to the International Dept who process all the details & only then does the link to the foreign bank take place.

I don't know how other banks operate but that's certainly the process as I know it.

The system will speed up for everyone when they get it up & running online & personally I can hardly wait...........
 
Ulsterbank charge 51c for a IBAN transfer if you do opt for 3 day transfer and €12.70 for same day. Only IBANs received before 1.30 can be done same day. Ulser bank transfers are done by faxing their international dept with the details - its not done online within their systems.
 
backwardness ? they hold your money for up to 3 days - that's a lot of interest earned in the course of the year. Why do you think banks earn so much money? what can you do - shop around ? up to recently, there was no competition!
 
In this case the backwardness is an excuse to make money. I suppose it's up to the regulator to enforce the viability of the low-cost IBAN option.

Shop around? Why not. Maybe one of the banks will introduce this as a "perk." Doubt it though. Seems people are probably dumb enough to pay the outrageous charges for the "express" service.
 
Is the money in the German account once it says completed on your aib online banking or do you still have to allow 3-4 days for the money to arrive?
 
serotoninsid said:
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?
Click to expand...

These cross-border credit transfers are covered by two agreements. The first is an EU regulation - Regulation 2560 of December 2001. In summary, that says that a credit transfer below €12500 (€50000 from 2006 onwards) should be charged at the same rate as a similar transfer within the country.

The second is the Credeuro Convention, which specifies a standard 4-day cycle (including both start and end dates i.e. an item handed in to UB on Monday should be in the destination account in Germany on Thursday). This latter convention should be overtaken by the Payment Services Directive which was agreed in Brussels yesterday (But will not become law for some time)
 
Have done a few more of these recently - all to germany. I notice on the UB form, as the sender I can choose whether the beneficiary or myself pays the fees. The confirmation on the last one showed that the beneficiary was charged €26.
Can this be right?
The whole reason direct transfer is commonplace in germany is due to their dislike of credit cards and the charges that go with them. But credit card fee would be considerably less in comparison with the above. I'm surprised they bother shipping to ireland at all..
 
serotoninsid said:
Have done a few more of these recently - all to germany. I notice on the UB form, as the sender I can choose whether the beneficiary or myself pays the fees. The confirmation on the last one showed that the beneficiary was charged €26.
Click to expand...
Why would anybody pay €26? Doesn't the eurozone cross border electronic payment charges legislation mentioned earlier apply here and cap the charges to a relatively low level?
 
I do some work for a Swiss company, money is transferred via IBAN, I notice that there is always a €5.00 deduction from the invoiced amount by the time the money arrives into my A/C, yet there is no itemised list outlining the cause for the deduction, bank is AIB, I'll query next time I'm in there as to the reason.
 
Obviously the eurozone cross border electronic payments charges rules don't apply to Switzerland.
 
serotoninsid said:
Have done a few more of these recently - all to germany. I notice on the UB form, as the sender I can choose whether the beneficiary or myself pays the fees.
Click to expand...
My Ulster Bank staff told me NOT to check these boxes, cross them out and don't put in a Value date ( near the top of the form) Instead, clearly mark you want 2 day value 51c near the vlaue date.

Absolutely ridiculous when all this should be on the form in the first place but I have been caught out with excessive charges before and queried this so I always keep an eye out for the actual charges going through.

If you didn't request a certain date I would query the charge.

Payments made within a day are charged a hefty rate so this might explain the charge although the bank should inform you of this. Again I'm almost sure this is not spelled out on the form.
P
 
We requested our money from the Ulster Bank to be transferred into our French bank account and it still hasn't arrived - that was 8 months ago.
 
Kurly

Your posts are odd and you should either tell the full story or not make any serious allegation about a named institution.

From this post a family friend has ripped you off.

And now you have a problem with Ulster Bank taking 8 months to transfer your money.

We have no problems with people making credible complaints about a financial institution in the Republic. But you have to give the full story or no story.

Brendan
 
Brendan

Like you said, you don't know the full story. I would like to add that I am not a stupid man, and I don't make allegations about anyone or anything unless I have good reason to.

I see I have now been given a choice, I either explain my whole story allowing me to stay, or I leave the forum? Am I correct in thinking you meant this?

With all due respect Brendan I am new to forums and have only looked to them to try to get a little advice, or a little insight as to whether anybody else may have been though what I have been through. I am not here for any other reason.

However, it would seem that all I have done to you is get your "back up"??
 
Hi Kurly

If you wish to post on Askaboutmoney, you must post meaningful posts within the Posting Guidelines.

Your posts are odd. They hint at things. You seem to have given a large sum of money to a friend of yours who ran off with it, or at least won't give it back to you.

You later defame Ulster Bank, without telling the story. Is it the same story? Or is it a separate story? You seem to be extremely unlucky. Defaming anyone or any institution is in serious breach of the Guidelines. It's not about getting my back up. It's about using the site for the purposes for which it is intended.

Brendan
 
You must log in or register to reply here.
Back
Top