Processing time for online inter bank transfers?

Cianos

Hey,
I was wondering what the processing time for a bank transfer would be from and to different banks? Are all transfers to accounts in the same bank (ie AIB to AIB or BOI to BOI) instant, whether it's the first time transferring to that account or not? And what about the waiting time to transfer from say BOI to AIB?

Any help appreciated

daithijjj

I think each bank may differ but i do know that transfering from say a savings account to a current account or vice versa is instant.

Paying a credit card will take longer even if with the same bank as they are different departments (but i may stand to be corrected on that).

In my experience, transfering from one bank to another will take 3 to 5 working days for an electronic transfer to show on the account. For a cheque to clear it can take up to 7 working days.

**Timbuk2**

If you do it on the morning of a working day, it will appear in the account by the next working day. If you do it in the evening of a working day, it won't get processed until the next morning, and that means it won't appear into the account until the next working day (i.e. two working days if done in the evening)

Cianos

Thanks for the replies. My friend had said that AIB transfers to any other Irish bank account are pretty much instant because of the code card verification process. I know that AIB to AIB transfers are fairly instant, but I didn't think that an AIB to BOI would be for example.

BuffyBot

Code card has nothing to do with the speed of transfer: it just proves who you are.