money transfer times between banks in Ireland?

J

jimhydecork

Guest
Hi - When I transfer money from my bank account (Postbank, in Ireland) to Paypal's Irish bank account (Bank of Amercia, Dublin), Postbank tells me (and confirms) that the transfer will happen within hours, if made before 1.30pm that day. But Paypal won't credit my account for 2 working days - I asked them via email repeatedly and they have never answered the question. Obviously they keep the money on deposit and use it before crediting my account, but are they legally required to credit my account faster? Isn't there a code of practice around this in Ireland?
 
This has been answered/discussed numerous times before. I would say that you are doing well for it to take two working days as none of the above (non assocaited banks) are directly connected to the clearing system.
 
Thanks for this. I'm knew to banking this way, and thought that, the same way Britain has improved its clearance speeds, Ireland might have done the same.
 
jimhydecork;830411Britain has improved its clearance speeds said:
They have, but it is more profitable to have large sums of money floating around in limbo for a few days creating interest for the banks rather than for their customers.
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