What electronic transfer system do you use?

NIMAN

Wondering what antiquated system you use?

I transferred money via electronic bank transfer, using 365 online, on Saturday morning from my NI account.

Got an email from the recipient in the UK at 6pm today to say the money still isn't in their account.

Not the 1St time either, happens often with me as I make a fee transfers to other UK accounts.

grogi

NIMAN wrote: »

Wondering what antiquated system you use?

I transferred money via electronic bank transfer, using 365 online, on Saturday morning from my NI account.

Got an email from the recipient in the UK at 6pm today to say the money still isn't in their account.

Not the 1St time either, happens often with me as I make a fee transfers to other UK accounts.

SEPA transfer takes a business day... It got processed today, will reach the recipient tomorrow... 

NIMAN

grogi wrote: »

SEPA transfer takes a business day... It got processed today, will reach the recipient tomorrow... 

Not all banks use this though, do they?

I have spoke to co-workers who said they can transfer money that appears in recipients accounts in minutes rather than days.

grogi

NIMAN wrote: »

grogi wrote: »

SEPA transfer takes a business day... It got processed today, will reach the recipient tomorrow... 

Not all banks use this though, do they?

I have spoke to co-workers who said they can transfer money that appears in recipients accounts in minutes rather than days.

Never happened to me in Ireland - and I was sending from NIB, KBC, BOI and UsterBank... However the payment reaches the recipient immediately if the account is in the same bank; I am not sure if ROI and NI branches would be considered the same bank, rather not...

NIMAN

This is NI to an English bank, so UK to UK.

Allinall

NIMAN wrote: »

Wondering what antiquated system you use?

I transferred money via electronic bank transfer, using 365 online, on Saturday morning from my NI account.

Got an email from the recipient in the UK at 6pm today to say the money still isn't in their account.

Not the 1St time either, happens often with me as I make a fee transfers to other UK accounts.

If the recipients account is BOI it will be instantaneous , otherwise one business day.

Ivefoundgod

NIMAN wrote: »

grogi wrote: »

SEPA transfer takes a business day... It got processed today, will reach the recipient tomorrow... 

Not all banks use this though, do they?

I have spoke to co-workers who said they can transfer money that appears in recipients accounts in minutes rather than days.

Every bank within the EU uses this system, hence the name Single Euro Payments Area. Its been in place for the last few years, plenty of advertising about it at the time of its introduction if I remember correctly. As Grogi says SEPA transfers are generally 1 working day. BoI to BoI is instant, AIB to AIB etc etc. There are further improvements due to the SEPA system which may enable same day or instant EU transfers.

jimmycrackcorm

NIMAN wrote:

Got an email from the recipient in the UK at 6pm today to say the money still isn't in their account.

Writing in a financial institution I can tell you that generally transactions are done through a nightly batch process.

Because there may be issues to follow up, they don't run then at the weekend.

It's not like sending an email because both internal and external systems have to be kept in sync.

Petty much every bank is like this though there may be an odd exception. They basically have just computerized the methods they traditionally used to do. It would be a huge undertaking to get them all change to something more instant.

NIMAN

Fair enough I suppose, but overall a bit pathetic in this day and age.

Nervous Wreck

Wasn't long ago that same transfer would take 3-5 working days. Can't fcuking please some people.

NIMAN

I stand by my statement, in an age when data can be transferred in milliseconds, the fact that it takes 24hrs to move money is pathetic.

They want to take a look at PayPal. See if they could learn a thing or two.

grogi

NIMAN wrote: »

I stand by my statement, in an age when data can be transferred in milliseconds, the fact that it takes 24hrs to move money is pathetic.

They want to take a look at PayPal. See if they could learn a thing or two.

Is the PayPal balance protected by deposits protection schemes?

Is there some kind of cost associated with receiving PayPal transactions?

How fast can you spent that money? And how sure are you it will stay there?



PayPal is a godsend in Us. But I hate being paid with PayPal in Europe, SEPA is my preferred way...

Darren Hawkins

Most UK banks are members of Faster Payments.

You can check the sort code on the Fatser Payments website.

Using faster payments means payments usually arrive within 2 hours. That's UK to UK and in GBP.

I'm not sure if Bank of Ireland NI are members of Faster Payments. If they are then the Sterling payment to any UK bank also participating in FPS should receive the credit within 2 hours - usually within 15 mins. They also process payments over the weekend so you can sent £50 from one UK account on Sunday and it should arrive in the other UK account within 2 hours.

Bank of Ireland might confirm if their Northern Ireland business is a member of FPS.

Bank of Ireland: Sarah

NIMAN wrote: »

Wondering what antiquated system you use?

I transferred money via electronic bank transfer, using 365 online, on Saturday morning from my NI account.

Got an email from the recipient in the UK at 6pm today to say the money still isn't in their account.

Not the 1St time either, happens often with me as I make a fee transfers to other UK accounts.

Hi NIMAN, 

Thanks for contacting us on Boards. 

When you make a transfer on 365 Online on a weekend or Bank holiday it will process the next working day. As you mention this was from your Sterling account in Northern Ireland to another bank, this will take up to three working days. We have information on our cut-off times for online transfers here. 

Please let us know if we can help with any other query.

Thanks,
Sarah

Tow

NIMAN wrote: »

I stand by my statement, in an age when data can be transferred in milliseconds, the fact that it takes 24hrs to move money is pathetic.

To answer your question, SEPA transfers will take 10 seconds or less from November this year. But both banks have to have systems capable of supporting 'SEPA Instant Payments'.

I have asked the main bank this question:

AIB: No
BOI: No reply
UB: Yes
KBC: No.

https://www.youtube.com/watch?v=nemLZNPoWYI

To answer the OP's question,

UK to UK payments (unless you pay more) go though BACS. BACS payments take 3 working days, providing you get the payment in before the cutoff time.

Darren Hawkins

Tow wrote: »

UK to UK payments (unless you pay more) go though BACS. BACS payments take 3 working days, providing you get the payment in before the cutoff time.

I transfer from Danske Newry to Barclays in London and it takes less than 20 mins to appear. I don't pay anything additional.

Bank of Ireland: Sarah

Tow wrote: »

NIMAN wrote: »

I stand by my statement, in an age when data can be transferred in milliseconds, the fact that it takes 24hrs to move money is pathetic.

To answer your question, SEPA transfers will take 10 seconds or less from November this year.  But both banks have to have systems capable of supporting 'SEPA Instant Payments'.

I have asked the main bank this question:

AIB: No
BOI: No reply
UB: Yes
KBC: No.

https://www.youtube.com/watch?v=nemLZNPoWYI

To answer the OP's question,

UK to UK payments (unless you pay more) go though BACS.  BACS payments take 3 working days, providing you get the payment in before the cutoff time.

Hi Tow, 

Just to update you on this, we've been actively involved at looking at the SEPA Instant Credit transfer scheme. We don't have a confirmed timeline for it's introduction as of yet. Once we have another update we will let you know. 

Thanks,
Sarah

NIMAN

Darren Hawkins wrote: »

I transfer from Danske Newry to Barclays in London and it takes less than 20 mins to appear. I don't pay anything additional.

So basically your experience is proving some people wrong on here, is it not?

Transfer between 2 different banks taking 20minutes.

That's the kind of service I'm asking for.

Darren Hawkins

NIMAN wrote: »

So basically your experience is proving some people wrong on here, is it not?

Transfer between 2 different banks taking 20minutes.

That's the kind of service I'm asking for.

Well I've been able to move money from my account in Danske to Barclays and it arrived within minutes.

I did it between Danske / Northern Bank and Barclays London and it wasn't anymore than a few minutes.

It was all GBP and I didn't even need the IBAN. I just used the NSC and 8 digit account number.