How long does it take to open a KBC account

galwayjohn89

I sent away the application yesterday and was wondering roughly how long does it take to hear back. Not sure if I will have it set up for a holiday in a couple of weeks.

galwayjohn89

Just an update in case anyone else was wondering. Sent in application Wednesday and got a text today to say account has been opened and I should receive welcome pack shortly

198321

KBC has very little current account customers compared to other banks. I would think they bring some offer to make people switch. Instead they have fees almost for everything .. and at least AIB, BoI or Ulster have branch in every second town.

It says free mobile & internet banking .. I though great, but than fee for ATM transaction, quarterly fee , how is mobile&internet banking free if you pay quarterly fee?

BuffyBot

Well, to be fair, they only launched their current account a few weeks ago: so naturally they're going to have a very small customer base at this stage.

Free: no additional charge over and above those outlined. There is no "free" banking, which people in this country seem loathe to accept as a concept. Everything has a cost, be it upfront or built into the charging structure elsewhere.

198321

Yes, but how can new bank come on market and expect people to switch to if they are the same, or in some aspects worse (number of branches) ?

The concept of free banking does work in other european countries very well and is very common. KBC is Belgian bank and they should know that ...

If I had account there, which is FREE, there is higher chance I will take loan or credit card from same bank, and if my experience is good, mortgage.

Banks seem to try to build this relationship with students (free banking) but not with working population?

There is free banking, but it seems in Ireland people are happy to give banks what they ask for and are quiet about it. And I feel bad that KBC is no different.


Btw I don't like being with AIB due to their horrible customer service and ignorance, so I am looking for new bank, thought KBC might be just right place for me, but it seems they are not. I might send them an email to ask in what way they are better than other banks and see what they think

BuffyBot

Yes, but how can new bank come on market and expect people to switch to if they are the same, or in some aspects worse (number of branches) ?

How? Just like KBC have. They've obviously decided not to chase every Tom, Dick and Harry as a customer. They've undoubtedly developed a target demographic they're seeking - and that isn't the same as ptsb, AIB, Ulster etc. They're not in the business of full-service branch banking in every town. It's not their niche here, and I doubt it ever will be.

The concept of free banking does work in other european countries very well and is very common. KBC is Belgian bank and they should know that ...

No. "Free" banking is a misnomer. No banking is free. It may not charge fees directly and therefore be "fee" free, but the underlying infrastructure (staffing, property etc) is being relayed to the end customer eventually. KBC, I'm sure, have a depth of knowledge - enough to know that one approach does not fit all markets or economic climates.

And even fee-free banking (such as ptsb's) comes with conditions. If you fall outside them, you end up with bounced transaction fees, ATM currency conversions fees, fees for many other services.

If I had account there, which is FREE, there is higher chance I will take loan or credit card from same bank, and if my experience is good, mortgage.

Again, you're assuming they want people who wish to have fee-free banking as their target market. KBC may indeed roll out additional services in due course, but that doesn't mean they'll want every Joe Everyday signing up. They want to cherry pick those customers that suit their profile.

Banks seem to try to build this relationship with students (free banking) but not with working population?

Loss-leaders, and customer inertia. Both as old as time itself.

There is free banking, but it seems in Ireland people are happy to give banks what they ask for and are quiet about it. And I feel bad that KBC is no different.

Well, you might feel bad. I doubt KBC are. I'm sure they've studied this very, very well and decided to take a measured and quite cautious approach. Undoubtedly they've taken a very careful look at the last competitor bank that came and launched here. Sadly, Halifax, which shook things up quite signifigantly are now no more. We're not going to see that happen here, and anyone who thought KBC might do the same were bound to be sadly disappointed

198321

I wouldn't think that if banks look at something in great detail it leads to success, after all, I am sure all banks looked really hard at their mortgage business and look where it got them ..

I understand that not everybody is their target, but I wonder who is, since all they offer is basically what other banks do ..

I think there is HUGE potential to have tens of thousands people switching banking to KBC, since almost everybody I know hate their own bank. KBC current account is new and they could use it as huge advantage.

And to target only small % of market sounds stupid to me.

Anyway we will see how well they are getting on in coming months

Delta2113

"And even fee-free banking (such as ptsb's) comes with conditions. If you fall outside them, you end up with bounced transaction fees, ATM currency conversions fees, fees for many other services."

Simple - don't fall outside them.

BuffyBot

As we see from the multiple tales of woe here, that's not always possible, be it by accident or design. You have to factor in other products than current accounts also.

hfallada

KBC acknowledged their current account isn't the cheapest in the market. But they aren't looking for everyone to be their customer. I think it's amazing that a retail bank in Ireland actually wants to treat their customers like customers and not a burden on them like every other bank in Ireland.

I wouldn't mind if they were free( I have a student account anyway) if they had decent customer service. I lost my visa debit card with boi and was told it would be €8 to replace and if I wasn't happy I could "complain" but I could see where that was going. KBC looks like they are trying to offer a decent service which should be standard, but a luxury in most banks