KBC exiting Ireland

Indestructable

Does this make Revolut a good alternative now to KBC? Details have been scant about fees etc.

Your money will now be protected by the deposit guarantee scheme, which was an issue for many.

Bummer1234

Revolut are still not using a Irish IBAN and companies here be discriminating against foreign IBANs its hard to work with revolut and direct debits that I had with KBC.

atahuapla

https://www.boards.ie/discussion/comment/118056873#Comment_118056873

Anyone else have an added discount on their mortgage for using their extra current account?

I’m getting an extra 0.25% for lodging my salary into the current account so moving that prematurely means I’ll be penalised on my mortgage rate.

Looks like I’ll be with them until the very end before I can switch to AIB or BOI. (Can’t choose an online bank as they don’t do joint accounts).

Seve OB

https://www.boards.ie/discussion/comment/118829021#Comment_118829021

How are the discriminating?

Jim2007

https://www.boards.ie/discussion/comment/118841518#Comment_118841518

I would not advise hanging on until the end. There will be a scramble at the end, some people will miss out and some may well discover that the banks are not interested in their business and may only be offered limited services as required by the EU directive. And remember if you have any issues you will not be able to go back to UB to sort it out because they will not be there.

Cartman78

Took the plunge just now with BOI....not exactly jumping up and down with excitement but might as well get the ball rolling rather than panicking at some stage later in the year.

The application process is fairly streamlined....pretty much the same as Revolut from what I remember

Bummer1234

https://www.boards.ie/discussion/comment/118841800#Comment_118841800

Irish companies not allowing Revolut IBAN number for example when its the EU wide setup. I am trying to move all my accounts to N26/Revolut and some need a Irish IBAN.

Seve OB

https://www.boards.ie/discussion/comment/118850052#Comment_118850052

What companies for what purposes?

Bummer1234

https://www.boards.ie/discussion/comment/118850121#Comment_118850121

Irish Life for example, Trying to set up a monthly direct debit and they need a Irish Iban.

zell12

Formal account closure notices will issue to customers from June 1 on a phased basis, a process that will continue until all customers have been contacted. Upon receipt of the closure notices, customers will have 90 days to close their account.

https://www.independent.ie/business/personal-finance/banking/kbc-to-start-closing-current-accounts-from-june-41546509.html

Cartman78

That seems earlier than initially expected (?)

Or was that just wishful thinking on my behalf?

Have my BOI account set up and ready to go.....just need to go thru the pain now of moving a ton of DDs etc

fjon

I wonder what will happen to the 0.2% mortgage discount KBC customers currently have if they have a Current account and Mortgage with the bank. Will that disappear once we are forced to close our current accounts?

youcancallmeal

https://www.boards.ie/discussion/comment/118917418#Comment_118917418

Good question, hopefully we'll find out soon when the mortgage transfer details are announced

raxy

I read somewhere that the BOI will be keeping the reduced rate but there will be no need to have a BOI account for it.

Indestructable

Was in with my local CU at the weekend, ready to switch to them. 4 euro a month and always decent service. I am loath to go with a traditional Irish bank, I just don't think they provide good value to customers.

Wanted to go with Revolut but they're just not quite there yet for a full current account, through no fault of theirs, with the IBAN fiasco.

irishgeo

https://www.boards.ie/discussion/comment/118850185#Comment_118850185

Report them as they are breaking EU law. Nothing will get done about it otherwise.

https://www.centralbank.ie/consumer-hub/explainers/what-is-iban-discrimination-and-what-can-i-do-about-it

Dempo1

https://www.boards.ie/discussion/comment/118917088#Comment_118917088

Bit of a shock this, I thought (hoped ) they'd give 6 months , I got an email last week mentioned letters coming out in June, nothing about 90 days and also mentioning subject to approval of the BOI deal 😳

I'm all set up and have opened accounts elsewhere though, just a small few things to complete before closure of KBC.

Daith

Watching this thread with interest.

I'm a KBC customer, current account and mortgage with discount from current account.

I left my PTSB account open so I can just use this. My fixed rate is up in May though. Would I be ok with just extending for another few years with KBC and hoping the BOI deal is fine? It would suit me to stick with KBC for another year at least though.

Rock Steady Edy

Seems a bit premature to me to be giving 6 weeks notice that they're giving a 3 month window for customers to close their current accounts.

As far as I can see, the CCPC haven't even given their final ruling yet, which theoretically at least, could stop any transfer of business to BofI on competition grounds and certainly slow KBC's departure from Ireland.

Sierra Oscar

https://www.boards.ie/discussion/comment/118917184#Comment_118917184

Don't they carry over your DD's when you setup a new bank account and are closing an old one? Thought it was a requirement in the banking industry now.

Daith

https://www.boards.ie/discussion/comment/118921152#Comment_118921152

Aren't BOI just taking over the mortgages though? KBC don't need any say so to stop standard banking?

Jim2007

https://www.boards.ie/discussion/comment/118921177#Comment_118921177

Apparently not in cases were the bank is actually closing down and in any case I would not rely on it. If anything goes wrong, you won't be able to go back to UB to get it fixed.

Cartman78

https://www.boards.ie/discussion/comment/118921177#Comment_118921177

In theory yes but in my recent experience it's not 100% reliable (when changing from UB to KBC a couple of years ago 😡)

foxsake

https://www.boards.ie/discussion/comment/118919574#Comment_118919574

was just gonna post this.

I'd problem getting paid due to this - hit them with the same link and they coughed up quickly

Daisy03

Who are people moving their current accounts to? Based on fees I am between PTSB and BOI. They have same fees roughly (6 euro per month) but PTSB offer a reduction in fees up to 5 euro when you use your card.

Any experiences on what app is better?

I rang a mortgage broker today as I wasnt sure whether to begin moving it now or after mortgage is moved to BOI. I think I am going to start the ball rolling on that now as its a good time to do a review on who is the best mortgage provider. KBC had the most competitive interest rate when I bought the house but its been over 4 years at this point.

Dempo1

https://www.boards.ie/discussion/comment/118922378#Comment_118922378

I opened a an post smart account , €5 per month, quite a good app and facility to lodge cash and cheques at post offices. Customer service is utterly dreadful , 6 days to respond to an email , but in fairness, shouldn't need customer service much. Credit Union is another option, €4 per month and facility to lodge cheques, cash at credit union office.

For online, I have N26, basic account, virtual card and completely free.

I pay my mortgage by standing order so set that up easily enough.

Daisy03

Is your mortgage with KBC? Are you leaving it go to BOI?

Dempo1

https://www.boards.ie/discussion/comment/118922429#Comment_118922429

If its me your asking, my mortgage is not with KBC , just had a current account 😏

Red Silurian

https://www.boards.ie/discussion/comment/118922378#Comment_118922378

I'm thinking about EBS, free account as long as you limit yourself to 5 monthly ATM transactions, cashback is free as well, just need to find a decent credit card provider now, one that has Google pay would be handy

fritzelly

For anyone working in the public service do you know if they have any issues paying wages into N26? My previous job were a big no no to non Irish IBAN's

Really not interested in moving to any banks in Ireland, at least with KBC it was cheap maintenance charges, even the cheap EBS don't offer Google Pay as far as I know which while I don't use often is still handy if I forget my card