Rabobank Money Mover Facility - is it safe?

[Godfather]

I totally agree with dfg75. The international transfers are among the very latest trends and I kindly ask Rabo to investigate into how useful would be to the existing customer-set.

 

[RaboDirect]

International Transfers

Happy to get the feedback. Bear in mind that we don't offer current account banking so the demand hasn't been there for international payments. It is also likely that if we were to offer this service we would probably have to charge transaction fees to cover the cost.

 

[Godfather]

Re: International Transfers

Bear in mind that we don't offer current account banking

I find this sentence to be quite incorrect. When I applied for the savings account I got a savings account no. and a current account number. Of course the current account is restricted to the T&Cs of rabo.

 

[Nemesis]

Re: International Transfers

Bear in mind that we don't offer current account banking

I find this sentence to be quite incorrect. When I applied for the savings account I got a savings account no. and a current account number. Of course the current account is restricted to the T&Cs of rabo.

I don't believe this sentence is incorrect. Technically, RaboDirect do provide you with a current account but they do not offer current account banking (cheque book, ATM card, DD etc.). The current account is really just a feature of RaboDirect's system for transferring money out to other banks from the savings account.

 

[GeneralZod]

Re: International Transfers

The current account is really just a feature of RaboDirect's system for transferring money out to other banks from the savings account.

The bit I still don't get is why they don't just offer the interest on the "current" account, call it a savings account as it bears more resemblance to one and drop the separate savings account. I'll hazard the guess that the answer is Dutch market systems that don't localise well to Ireland.

Or maybe they eventually intend offering full current account banking once we've gotten rid of paper transactions and do everything electronically.

 

[Nemesis]

After a bit of searching, found RaboDirect's explanation for this from a post earlier this year. Looks like the intention is to streamline the system in the future.

 

[Mr Magoo]

Anyone who logs on to their online bank account using a public PC (work, cafe whatever) is just asking to be robbed. My tupence.

Yes online banking access in a cafe to be avoided with the possible exception of rabo.
At work - depends on their security, if the network is properly firewalled and updated virus sofware properly installed then it should be as safe as at home.

 

[Godfather]

Re: International Transfers

I don't believe this sentence is incorrect. Technically, RaboDirect do provide you with a current account but they do not offer current account banking (cheque book, ATM card, DD etc.). The current account is really just a feature of RaboDirect's system for transferring money out to other banks from the savings account.

Nemesis, as I wrote their "current account" is restricted to rabo's T&Cs. So this means that is a different current accounts from the ones we commonly know.

But Rabo still gives you a so-called current account when a savings account is opened.

I hope this helps...

 

[RaboDirect]

RaboDirect Current Account

As alluded to in previous posts the 'current account' we operate is used purely as a transaction account to move money out of RaboDirect. We do not offer current account services such as the provision of ATM cards, cheque books etc and nor do we plan to. We expect to remove the current account completely from our banking plaform in Q1 next year.

In the RaboDirect online application form we specifically mention that the RaboDirect is not designed to be a replacement of your main current account:

"A RaboDirect Current Account will automatically be set up for you when you become a customer. This account will allow you to transfer money from your RaboDirect Accounts. Don't worry, you won't be charged any fees for this. This account is not a replacement for your main current account and does not earn interest".

 

[Nemesis]

Re: International Transfers

Nemesis, as I wrote their "current account" is restricted to rabo's T&Cs. So this means that is a different current accounts from the ones we commonly know.

But Rabo still gives you a so-called current account when a savings account is opened.

I hope this helps...

Godfather, if you feel what RaboDirect offers can be reasonably described as "current account banking" then fair enough. I think you'll find most people would require a great many more features to describe it as such.

 

[Mr Magoo]

Re: RaboDirect Current Account

We expect to remove the current account completely from our banking plaform in Q1 next year.

This would be most welcome!
I get paid into my rabo deposit a/c so I pay practically all of my bills from rabo using standing orders. All external transfers must go via the c/a so each monthly regular payment has to have 2 standing orders - one from deposit to c/a and then one from c/a to the outside bank.
I've about 4 of these: mortgage, regular savings, spending money (bank with c/a and atm/cheques) twice a month. And then a manual monthly payment to the credit card.