Wrong Account Name - bank transfer

[New Scottman]

Can i get some feedback on this please?

Just wondering if the account name is important? I assume a bank transfer should be completed with a correct IBAN / BIC? Does the account name matter or get checked at all? Would a wrong account name stop a payment from being received or would it draw a query from either bank (both are Irish)?

I'd say low value payments that require no manual intervention would not be queried once the IBAN is valid.

 

[Sean Gallagher]

Just curious any update on what happened. I accidentally sent money to a business correct IBAN and BIC but wrong name .

I'd say low value payments that require no manual intervention would not be queried once the IBAN is valid.

What would be regarded as a "low value payment"?

 

[ClubMan]

What would be regarded as a "low value payment"?

This perhaps?

Transferring money - credit transfer - CCPC

Find out about transferring money in Ireland and the EU, and outside the EU. Including information on fees and times for transfers.

www.ccpc.ie

1. Low value transactions, for example those below €30. However, banks can apply SCA if, for example, five transactions have taken place since the last authentication or if the sum of previously exempted payments exceed a certain threshold for example €100.

 

[Sean Gallagher]

€30 seems really low!

 

[Paul M.]

From October 2025, the payee name will be checked and the payer will be alerted as to whether or not it matches. See ‘Verification of payee service’ here: https://www.ecb.europa.eu/paym/inte...ents/html/instant_payments_regulation.en.html

 

[Sean Gallagher]

Thanks a mill!

So until October 2025, the account name doesnt matter?

Seems odd you could be using the wrong account name and this is just accepted by the banks?