So is this working if you send money from another bank to PTSB? Eg a business account to your current account with PTSB or is it only to accounts in your own namePTSB went live on Friday.
It only works if the bank you are sending the money from is capable of sending SEPA Instant payments (no Irish banks are, but the likes of Revolut, N26 etc. are). All PTSB accounts with an IBAN should be reachable for instant payments now.So is this working if you send money from another bank to PTSB? Eg a business account to your current account with PTSB or is it only to accounts in your own name
It only works if the bank you are sending the money from is capable of sending SEPA Instant payments (no Irish banks are, but the likes of Revolut, N26 etc. are). All PTSB accounts with an IBAN should be reachable for instant payments now
Oddly, that’s not the case. PTSB say that only what they refer to as “PTSB Payment Accounts” are capable of receiving SEPA Instant. Other accounts, such as regular saver, cannot receive SEPA Instant, despite them having an IBAN. Details below:All PTSB accounts with an IBAN should be reachable for instant payments now.
Incoming SEPA Instant Credit Transfers now live for PTSB's payment accounts
Published on 24 January 2025
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PTSB accounts can now receive SEPA Instant Credit Transfers.
For PTSB payment account (Current Account, Demand Deposit Account and Credit Card Account) customers this means that when a SEPA Instant Credit Transfer is received, the payment will be paid to your account within 10 seconds 24/7 365 days a year.
For any other accounts, we will process the payment to your account on the same or next business day subject to cut-off times.
Later this year, PTSB customers will also be able to send outgoing SEPA Instant Credit Transfers.
For more information on SEPA Instant Credit Transfers and how they apply to your accounts, see our FAQ page and our Business Days and Cut off times page.
https://www.ptsb.ie/about-us/notice...ransfers-now-live-for-ptsbs-payment-accounts/
I did two transfers from BUNQ to AIB during during the week just gone. Both transfers from the same source account and to the same destination account. One arrived instantly, the other took over 24 hours. I queried this with BUNQ and was given a generic cut and paster response which left me no wiser.AIB have instant Sepa now. I just sent money from Bunq to AIB and it arrived instantly.
What is a SEPA Instant Credit Transfer (SEPA Instant payment) and will I be able to receive this type of payment into my account?
A SEPA Instant payment enables funds to be transferred from one payment account to another in euro within 10 seconds, 24 hours a day, 365 days of the year. SEPA Instant payments enable you to send and receive money in euro immediately (within 10 seconds of the payment being made), every day of the year including bank holidays and weekends. There are a few exceptions to this, such as times when the system might be unavailable due to planned maintenance, which we will let you know about in advance.
From 9 January 2025, you will be able to receive SEPA Instant payments into your payment account, for example your current account.
Later in 2025, you will be able to send a SEPA Instant payment from your payment account. We will let you know (for example, in our Bank of Ireland App and on our website) closer to the time, when SEPA Instant payments are available to you.
SEPA Instant payments will not apply to certain account types such as Loans, Mortgages, Deposits (other than Personal or Business Demand Deposit Accounts opened before 18 October 2022), Currency or Credit Card accounts. However, you will still be able to send and/or receive money using the existing payment options for these accounts
https://personalbanking.bankofireland.com/bank/sepa/questions-about-sepa-payments/
What payment accounts are covered by SEPA Instant Credit Transfers?
All our Republic of Ireland payment accounts have this feature.
The following AIB ROI payment accounts can receive SEPA Instant Credit Transfers.
https://aib.ie/terms-and-conditions-updates/q-and-a
- Personal Demand Deposit Account
- Demand Deposit Account
- Online Saver Account
- Youth Savings Account
- Basic Bank Account
- Advantage Account
- Student Account
- Student Plus Account
- Graduate Account
- Business Start Up Account
- Business Current Account (incl. Young Farmer Account)
- Personal Bank Account
- Masterplan Account
- Junior / Student Saver
- AIB Corporate, Business and Purchasing Cards
- AIB All Personal / Student Credit Cards
- AIB (NI) Euro Current Account
I'm not confusing anything. Fully accept that these are different problems. I mentioned IBAN discrimination, however unrelated, as an example of something that should not have been an issue and that required consumer's having to fight for what was mandated. The point is that we don't an effective champion for consumer interest, especially in the financial sector. By the way, the Irish retail banks are also private sector, notwithstanding the fact that we have to bail them out due to their incompetence.Some are confusing this with IBAN discrimination, which is a private sector problem whereby utility companies and employers for instance will not make/accept payments from foreign IBANs of customers/employee. That is a separate and distinct problem to instant payments implementation.
I had an IBAN discrimination issue with a financial services firm (on of the health insurers I think). Contacted CBI, than had someone from the firm calling me later that day to take my nonIrish IBAN for the direct debitI would say the CBI will take a more keen interest in ensuring compliance with the Instant Payments Regulation than IBAN discrimination because this is a clear financial services law obligation
Slowly and with a distinct lack of enthusiasm, I'd expect.so it will be interesting to see how that is handled by the CBI.
Why not test it and post the results.One omission in the tables above is whether An Post's payment account offering is also capable of receiving instant payments yet.