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Transferring a big sum of money

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  • 26-06-2015 12:53am
    #1
    Amprodude
    Registered Users Posts: 4,034 ✭✭✭


    Just wondering what is the most practical way of transferring a sum of savings from one account to a different account? What would be best advice? Draft?

    I am on the 365 monthly saver and I think I must notify bank 30 days before removing the cash or am I wrong in saying this?


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    #2
    Atlantic Dawn
    Registered Users Posts: 82,580 ✭✭✭✭Atlantic Dawn
    M


    If it's to another Irish account the best way would be online transfer.


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    #3
    Amprodude
    Registered Users Posts: 4,034 ✭✭✭Amprodude


    Atlantic Dawn wrote: »
    If it's to another Irish account the best way would be online transfer.

    BOI to PTSB account.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Hope you don't mind me asking, but roughly what size sum are you talking about? It doesn't say if you can have your withdrawn money sent to any account, or if it has to go into the account you pay in from. If it's the former, then you're laughing, just give the PTSB account details and it transfers directly, could take up to 5 days to arrive (usually 2 working days in my experience) but it'll arrive as cleared funds. If it's the latter, then just be aware that there are daily limits for online transfers, so if it's a very large amount you may need to do it in a branch. You could get a draft, but it would take about 5 working days to clear.

    Cash wouldn't have to clear, but if it's a particularly large sum you might find it awkward to withdraw it, not to mention the safety issue of walking around with a massive pile of cash on you.

    I've just looked at the BOI website and it's saying it's 7 days notice for withdrawal, but it might be different if you're on an older version of the product. There's a Talk To forum for Bank of Ireland, and if you like we could move your thread there?


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    #5
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    Amprodude wrote: »
    Just wondering what is the most practical way of transferring a sum of savings from one account to a different account? What would be best advice? Draft?

    I am on the 365 monthly saver and I think I must notify bank 30 days before removing the cash or am I wrong in saying this?

    Hi Amprodude,

    I just saw your post. If you have a Bank of Ireland 365 Online Deposit account, you will need to transfer the funds to your Bank of Ireland Current account first. You can then make a transfer to a PTSB account from your Current account.

    A 365 Monthly Saver account has 7 days notice to withdraw funds, or you can find our other Deposit Accounts notice periods here.

    To request to withdraw the funds, you can do this on BOI 365 Online. Click on the "Withdraw Funds" button next to your Deposit account name on the 365 Home Page. I hope this helps you.

    We're here on Boards on our Talk to Forum if you need help with any other query.

    Thanks,
    Sarah


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