Irish Banking system weak

PatrickbMccabe

I live on the Border in Monaghan/Fermanagh so I require both UK and IRL Bank accounts. I Use Ulster Bank on Both Sides of the border. The UK Banks transfer between PayPal (And Revoult) useally INSTANTLY, longest wait has been 2 hours. 

IN The IRL All transfers TO my Bank accounts take at LEAST 2 days.

It's the Irish Banking system that is weak 

Boards.ie: Niamh

Hi Patrick, welcome to Boards.

Your post seems to be about the banking system in general so I have moved it to to our banking forum for you. Thanks.

nogoodnamesleft

PatrickbMccabe wrote: »

I live on the Border in Monaghan/Fermanagh so I require both UK and IRL Bank accounts. I Use Ulster Bank on Both Sides of the border. The UK Banks transfer between PayPal (And Revoult) useally INSTANTLY, longest wait has been 2 hours. 

IN The IRL All transfers TO my Bank accounts take at LEAST 2 days.

It's the Irish Banking system that is weak 

Generally speaking the Irish banking system is in the dark ages.

For example I wanted to move my "home" branch and they insisted that I open a new account (mine was near where I went to university). As the account number etc seem to be linked to the "home" branch. Comparing this to the uk and all I need to do is logon to online banking and change it from the there.

AIB take down their online foreign exchange rates at the end of the business day and have no way of historically retrieving them. They are also around 3% on average off the interbank rate + they charge you a admin fee to process the transaction (15Eur for standard transfer) Compared to the likes of transfer wise and it's a fraction of a % off the interbank rate with a 3Euro fee.

In the UK many banks compete for business and incentivise customers to go with them by giving approc 150quid to open an account on the provision that you remain with them x number of month and pay in a min amount per month.
AIB like many Irish banks charge a quarterly fee to have your money with them unless it's over a 2.5k threshold per month then the fee is deducted and refunded back to the account.


Is there anyway to open a EUR current account in another EU member state?

Dardania

nogoodnamesleft wrote: »

Generally speaking the Irish banking system is in the dark ages.

For example I wanted to move my "home" branch and they insisted that I open a new account (mine was near where I went to university). As the account number etc seem to be linked to the "home" branch. Comparing this to the uk and all I need to do is logon to online banking and change it from the there.

AIB take down their online foreign exchange rates at the end of the business day and have no way of historically retrieving them. They are also around 3% on average off the interbank rate + they charge you a admin fee to process the transaction (15Eur for standard transfer) Compared to the likes of transfer wise and it's a fraction of a % off the interbank rate with a 3Euro fee.

In the UK many banks compete for business and incentivise customers to go with them by giving approc 150quid to open an account on the provision that you remain with them x number of month and pay in a min amount per month.
AIB like many Irish banks charge a quarterly fee to have your money with them unless it's over a 2.5k threshold per month then the fee is deducted and refunded back to the account.


Is there anyway to open a EUR current account in another EU member state?

Yes - check out N26 or bunq for example.

RangeR

nogoodnamesleft wrote: »

Is there anyway to open a EUR current account in another EU member state?

N26. But, as the op said, take a business day or two to transfer funds from Irish account to N26 [SEPA]. If you start the transfer on Thursday or Friday, you MIGHT get the money Monday.

PatrickbMccabe

I'm sure we all have our own stories of how the Irish Banking System has failed us.

Is there a way to FORCE the Irish mainstreet banks to use international industry standard transfer timings?

RangeR

PatrickbMccabe wrote: »

I'm sure we all have our own stories of how the Irish Banking System has failed us.

Is there a way to FORCE the Irish mainstreet banks to use international industry standard transfer timings?

Cancel your account and let them know why.

Nermal

PatrickbMccabe wrote: »

I'm sure we all have our own stories of how the Irish Banking System has failed us.

Is there a way to FORCE the Irish mainstreet banks to use international industry standard transfer timings?

They do. They're complying with SEPA. UK banks are on Faster Payments at this stage. SEPA instant credit transfer will leapfrog the UK again.

Change takes time.