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SEPA payment to Spain with Ulster Bank

  • 27-05-2016 11:26pm
    #1
    fritzelly
    Registered Users, Registered Users 2 Posts: 17,581 ✭✭✭✭


    As I understand it SEPA payments are supposed to be free and arrive next day if you pay before 3pm or something.

    But when transferring some money to Spain in the Ulster Bank a few days ago I was told it takes about 4 days and if I want it quicker then there's a 51c charge. (I had the BIC/IBAN number)

    Checked out the Ulster Bank website and that charge is for non SEPA countries.

    Is this just a teller mistake or is SEPA not fully implemented yet?


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,685 ✭✭✭GerardKeating


    fritzelly wrote: »
    As I understand it SEPA payments are supposed to be free and arrive next day if you pay before 3pm or something.

    But when transferring some money to Spain in the Ulster Bank a few days ago I was told it takes about 4 days and if I want it quicker then there's a 51c charge. (I had the BIC/IBAN number)

    Checked out the Ulster Bank website and that charge is for non SEPA countries.

    Is this just a teller mistake or is SEPA not fully implemented yet?

    SEPA is fully implemented for EURO zone Countries.

    SEPA is not "free", the rule is that foreign transfers are the same price as domestic tranfers, so if they charge 51c to tranfers to an local account, they can charge the same for international transfers.


  • #3
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking

    dudara


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    fritzelly wrote: »
    As I understand it SEPA payments are supposed to be free and arrive next day if you pay before 3pm or something.

    But when transferring some money to Spain in the Ulster Bank a few days ago I was told it takes about 4 days and if I want it quicker then there's a 51c charge. (I had the BIC/IBAN number)

    Checked out the Ulster Bank website and that charge is for non SEPA countries.

    Is this just a teller mistake or is SEPA not fully implemented yet?

    Yes, SEPA means next day payments to accounts in other SEPA countries provided your bank has implemented SEPA which the vast majority have.

    Ulster Bank have still not fully implemented SEPA. Its shocking and difficult to understand how they are getting away with it. I think Ulster Bank are still doing the transfer via SWIFT.


  • #5
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #6
    fritzelly
    Registered Users, Registered Users 2 Posts: 17,581 ✭✭✭✭fritzelly


    Good to know, thanks


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  • #7
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    Fred Swanson wrote: »
    This post has been deleted.

    Someone, who is an Ulster Bank customer, should make a complaint to the Central Bank of Ireland about Ulster Banks SEPA policy.


  • #8
    Legislator
    Registered Users, Registered Users 2 Posts: 139 ✭✭Legislator


    Fred Swanson wrote: »
    This post has been deleted.

    By law UB are obliged to have funds in the beneficiary bank on the next working day provided the transfer is completed by UB's cut-off time. And also the beneficiary are obliged to post the funds to the beneficiary account on the day it's receives the funds.


  • #9
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    Legislator wrote: »
    By law UB are obliged to have funds in the beneficiary bank on the next working day provided the transfer is completed by UB's cut-off time. And also the beneficiary are obliged to post the funds to the beneficiary account on the day it's receives the funds.

    Agreed. Problem is Ulster Bank don't comply with the law in this regard.


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