AIB and Ulster Bank

obi604

So ive been banking with AIB now for years and have my savings with AIB.
But the way things are going ive decided to open up an ulster bank account ( as its under royal bank of scotland )
ill probably open up another account somewhere else and spread my eggs between all the baskets.

now I know with AIB online banking, you can transfer to other accounts via Sort code and account number

im still waiting for my ulster bank account to be fully operational, which is why I am asking the question.

My question is can I transfer money online via the AIB website to my account in Ulster bank ( I have the sort code and account number ) ?

If so, for these kind of transfers whats the max amount of money that can be moved online ? e.g if over 5000 euro, would one have to physically go to a bank to do it ?

unclebill98

Yes you can transfer online and the limit is 20k ish per day

obi604

unclebill98 wrote: »

Yes you can transfer online and the limit is 20k ish per day

unclebill98, thanks for the reply.

yourself or anyone else see any risks with this ?

unclebill98

UB is owned by rbs which is 93% owned by the queen who's currency is sterling......

One thing to bear in mind and I'm not scare mongering is that even with the €100k bank guarantee the Irish government IMHO would not be able to pay out cause the cost to do so far out strips the eu and IMF loan.

obi604

unclebill98 wrote: »

UB is owned by rbs which is 93% owned by the queen who's currency is sterling......

One thing to bear in mind and I'm not scare mongering is that even with the €100k bank guarantee the Irish government IMHO would not be able to pay out cause the cost to do so far out strips the eu and IMF loan.

unclebill98, thanks again for reply. Not being smart but why are you making the point about the sterling ?

In regards to your 2nd paragraph, thats the reason why im putting my money in a UK owned bank as I dont trust the Irish bank guarantee.

unclebill98

Rbs is a stg bank. Some view stg as a safe bet to be during the current issues.

As for not trusting the Irish guarantee it's the exact same for UB as it is for other Irish banks. The key point I'm making is that UB are owned be rbs who in turn are owned by the British tax payer and are seen to be in a better situation than Irish banks due to the parent company being outside of the current euro problems to some degree.

obi604

unclebill98 wrote: »

Rbs is a stg bank. Some view stg as a safe bet to be during the current issues.

As for not trusting the Irish guarantee it's the exact same for UB as it is for other Irish banks. The key point I'm making is that UB are owned be rbs who in turn are owned by the British tax payer and are seen to be in a better situation than Irish banks due to the parent company being outside of the current euro problems to some degree.

ok, maybe im being thick here, but on one line you say this :

" As for not trusting the Irish guarantee it's the exact same for UB as it is for other Irish banks "

and then the next line you say :

" The key point I'm making is that UB are owned be rbs who in turn are owned by the British tax payer and are seen to be in a better situation than Irish banks due to the parent company being outside of the current euro problems to some degree."

Its just your first line seems to contradcit your 2nd line, as on the 1st line you say UB is in the same situation as the other Irish banks and then you say UB are more a less an english bank so based on this how is the situation the same for UB and the other Irish banks

unclebill98

Ok,

The guarantee is the same for all Irish banks. But if the **** hit the fan which banks would survive. I'd back the one who's parent owner is a stg based bank that's own by the British tax payer.

If the Irish government had to call on the guarantee they could not afford it anyhow so it's up the air as to the logic behind it. Which is directed at your point of all eggs in one basket statement.

Sorry about the confusion. I guess it's a case of which bank is safer for you. I'd say your making the correct choice but if your in a position where the guarantee is something you hold as a safety net then you need to be careful.

obi604

thanks again for reply uncle bill

take everything

I understood that having your money in a NI UB is no different to having it in an Irish bank (in terms of the guarantees involved).
Just from reading stuff over in askaboutmoney etc.

unclebill98

take everything wrote: »

I understood that having your money in a NI UB is no different to having it in an Irish bank (in terms of the guarantees involved).
Just from reading stuff over in askaboutmoney etc.

How so? It's a different country?

obi604

obi604 wrote: »

unclebill98, thanks for the reply.

yourself or anyone else see any risks with this ?

hi, in regard to the above, when I said risks, I meant it from the point of view of transferring large amounts of money between different banks via online banking ?

unclebill98

No risks, as long as your transfer details are correct it should go smooth enough.

UB may ring to ask where the funds came from but you should have no hassle.

rentabarman

ULster Banks is King. I have had a few acoounts with different banks and find ulster bank the best. There card reader is very handy as wellm

fred252

obi604 wrote: »

So ive been banking with AIB now for years and have my savings with AIB.
But the way things are going ive decided to open up an ulster bank account ( as its under royal bank of scotland )
ill probably open up another account somewhere else and spread my eggs between all the baskets.

now I know with AIB online banking, you can transfer to other accounts via Sort code and account number

im still waiting for my ulster bank account to be fully operational, which is why I am asking the question.

My question is can I transfer money online via the AIB website to my account in Ulster bank ( I have the sort code and account number ) ?

If so, for these kind of transfers whats the max amount of money that can be moved online ? e.g if over 5000 euro, would one have to physically go to a bank to do it ?

you shouldn't be worried about the guarantee. you should be worried about your savings being devalued if ireland leaves the euro. in that case spreading your money among banks that all fall under the irish bank regulator will not insulate you at all. you would have to move it to a UB in the north.