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Why are online money transfers so slow?

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  • 18-11-2015 9:42pm
    #1
    NIMAN
    Registered Users Posts: 33,594 ✭✭✭✭


    Sometimes I use 365online to move money between registered accounts.

    But the time they take to go through can be frustrating. 

    For exmple, last night at approximately 10pm I moved money for to currency 
    Fair.

    Tonight at 830pm it's still not arrived.

    Why do electronic transfers take so long? 


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    #2
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    NIMAN wrote: »
    Sometimes I use 365online to move money between registered accounts.

    But the time they take to go through can be frustrating. 

    For exmple, last night at approximately 10pm I moved money for to currency 
    Fair.

    Tonight at 830pm it's still not arrived.

    Why do electronic transfers take so long? 
    Hi Niman,

    Thank you for contacting us here on Boards.ie.

    The daily cut off time for transfers made on Banking 365 is 3.30pm for ROI and 4.30pm for UK. Therefore any transfers made after this time will be transferred as though they were made the next working day. As you made your transfer after 3.30pm, it would not transfer till the next working day.

    Please note where payments are requested on, or scheduled for a Saturday, Sunday or Bank Holiday, these payments will be processed on the next working day and will be subject to the limit for that working day.

    For more information on money transfers via Banking 365 see here.

    Hope this information helps.

    Thanks,

    Tara C


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    #3
    NIMAN
    Registered Users Posts: 33,594 ✭✭✭✭NIMAN


    Thanks for the reply, but its not really an advanced technology if online banking follows the same hours as the high street banks.

    I would have thought that electronic transfers can happen 24/7, or do all financial institutions power down their servers at night!

    Can you give me any idea of the normal time for a transfer if I make it in normal working hours?


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    #4
    Bank of Ireland: Evie
    Closed Accounts Posts: 455 ✭✭Bank of Ireland: Evie


    NIMAN wrote: »
    Thanks for the reply, but its not really an advanced technology if online banking follows the same hours as the high street banks.

    I would have thought that electronic transfers can happen 24/7, or do all financial institutions power down their servers at night!

    Can you give me any idea of the normal time for a transfer if I make it in normal working hours?
    Good Afternoon NIMAN, 

    The usual time frame for a transfer done before the cut off of 3.30pm, would be that the funds are in the payees account by the close of business of the next working day. Apologies if this has caused any inconvenience. These would be our normal processing times.

    Thanks,

    Evie  


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    #5
    NIMAN
    Registered Users Posts: 33,594 ✭✭✭✭NIMAN


    So electronic bank transfers can take 24hrs compared to 10mins of PayPal?

    Although i appreciate your replies, thats a shockingly slow service in 2015.


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    #6
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    NIMAN wrote: »
    So electronic bank transfers can take 24hrs compared to 10mins of PayPal?

    Although i appreciate your replies, thats a shockingly slow service in 2015.
    Hi NIMAN,

    To clarify transfers from one Bank of Ireland account to another are immediate. While it takes one working day for a transfer  to reach another financial institution.

    We’ll be sure to pass on your feedback.

    Thanks,

    Tara C


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    #7
    Tow
    Registered Users Posts: 7,383 ✭✭✭Tow


    NIMAN wrote: »
    So electronic bank transfers can take 24hrs compared to 10mins of PayPal?

    Although i appreciate your replies, thats a shockingly slow service in 2015.
    SEPA transfers use TARGET2 which is a modern real time system, much like PayPal. However, the bank's systems are based on 1960's batch systems, where batch jobs are run at scheduled times during the day.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



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    #8
    NIMAN
    Registered Users Posts: 33,594 ✭✭✭✭NIMAN


    Good to see banks are on the cutting edge!

    As I say,shocking in 2015. And they wonder why they have dissatisfied customers.


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    #9
    dirtyden
    Registered Users Posts: 1,734 ✭✭✭dirtyden


    I have transferred money between my BOI current and my BOI credit card account and similarly with my BOI mortgage. They are not immediate and can often take 2-3 days.

    It makes absolutely no sense to me that these do not clear immediately.


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    #10
    NIMAN
    Registered Users Posts: 33,594 ✭✭✭✭NIMAN


    Agree, if even transfers within BoI are not immediate, then they really need to look at this.

    Tara C says above that all internal to BoI transfers are immediate.


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    #11
    Stroke Politics
    Registered Users Posts: 570 ✭✭✭Stroke Politics


    The payment you make to your BOI credit card via B365 cannot go through until an overnight batch report is completed, which is totally ridiculous IMO in 2015.  The BOI credit card system has to go down for about 45 mins for them to complete the task, but due to lack of investment in critical upgrades there are no plans to improve this time frame.  Very frustrating if you are at your limit, or want to make a big purchase and have already transferred the funds via B365 from your current/savings account.....


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    #12
    NIMAN
    Registered Users Posts: 33,594 ✭✭✭✭NIMAN


    Is it the same with AIB, PTSB etc?
    Are they all as slow as each other in this country?


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    #13
    Pedorthist
    Registered Users Posts: 5 ✭Pedorthist


    That is a tweet from 2015!
    now is it almost 2021 and Bank of Ireland has still the same catastrophic online service.
    Bank of Ireland itself feels excellent with fantastic customer service but the reality is something else. 

    TSB bank is much faster, even bank transfer in an EU country is done in a few hours (also during the night hours).

    Bank of Ireland in 2021 it's your turn -improvement -improvement......


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    #14
    Bank of Ireland: Aisling
    Closed Accounts Posts: 487 ✭✭Bank of Ireland: Aisling


    Hi Pedorthist,

    Thanks for getting in touch with us here on Boards.ie.

    We're sorry to hear you feel this way, we will absolutely pass this on as feedback on your behalf.

    If you are experiencing any difficulties with your online banking or any issues with your account, please do not hesitate to reach out to us here, or to our Customer Service Team either by phone on 0818 365 365, or by Secure Message on your 365 online account (on laptop/computer) by following 'Service Desk' > 'Ask a Question'. One of mu colleagues will be more than happy to help.

    Thanks, Aisling


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