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Woefully slow NI to UK bank transfer

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  • 05-12-2021 5:22pm
    #1
    NIMAN
    Registered Users Posts: 33,586 ✭✭✭✭


    I added a new payee via my 365online on Friday evening, and sent them small sum of money at approx 7pm.

    Now it's Sunday at 4:20pm and still they have received nothing.

    In this day and age, that's pathetic.

    Why such a delay? Issues like this, added to the inability I had trying to authorise payments using the new app, are making we seriously consider leaving BOI after 30yrs.



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    #2
    CJhaughey
    Registered Users Posts: 14,907 ✭✭✭✭CJhaughey


    It’s outside the SEPA payment area so not covered by SEPA rules like intra EU would be, that’s why banks take their sweet time.



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    #3
    NIMAN
    Registered Users Posts: 33,586 ✭✭✭✭NIMAN


    Don't know much about Sepa, but is this not simply a UK to UK transfer?

    Or does NI accounts be treated as if they are in Roi by the bank?



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    #4
    Tow
    Registered Users Posts: 7,369 ✭✭✭Tow


    This is a UK BACS payment. It will take 3 bank working days, as standard.

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



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    #5
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    The UK remains in the SEPA area.

    It isn't restricted to EU members.

    But as noted above it is an internal payment.



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    #6
    NIMAN
    Registered Users Posts: 33,586 ✭✭✭✭NIMAN


    https://www.boards.ie/discussion/comment/118272708#Comment_118272708

    Shocking.

    And banks wonder why people are moving to the likes of Revolut and N26.

    Do their systems shut down over the weekend?



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    #7
    CJhaughey
    Registered Users Posts: 14,907 ✭✭✭✭CJhaughey


    SEPA is restricted to Euro denominated payments in non eurozone countries so although the UK is still in the SEPA scheme sterling payments are handled differently than Euro payments.



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    #8
    NIMAN
    Registered Users Posts: 33,586 ✭✭✭✭NIMAN


    What I'm trying to discover here, if you'd happen to know, is if it's BOI who are the reason why it's slow, or is it inherent in the UK banking system?

    For example, if I had my account with Halifax or Santander in NI, would it also take 3 working days?



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    #9
    Tow
    Registered Users Posts: 7,369 ✭✭✭Tow


    The UK has become a Non EEA member of SEPA. Their banks no longer have to accept SEPA transfers, BICs are required, has additional AML requirement (payees address must be sent with the transaction) and SEPA transfers can only be in Euro.

    The OP made a BACS transfer on Friday at 7pm, so missed the cut off time. Their payment's 3 day cycle will start on Monday, giving a payment day of Wednesday.

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



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    #10
    Bank of Ireland: Jennifer
    Closed Accounts Posts: 490 ✭✭Bank of Ireland: Jennifer


    https://www.boards.ie/discussion/2058221314/woefully-slow-ni-to-uk-bank-transfer

    Hi There,


    Thanks for getting in touch with us here on Boards. Please be advised that any payments made after the cut off time on Friday will not be processed untill the next working day. This payment can also take up to 3 working days to credit the receiving account. Please be assure that we do appreciate all customer feedback and we will be sure to pass this on.


    Thanks Jen



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    #11
    NIMAN
    Registered Users Posts: 33,586 ✭✭✭✭NIMAN


    What's the cut off time?



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    #12
    Bank of Ireland Reps
    Closed Accounts Posts: 1,293 ✭✭✭Bank of Ireland Reps


    Hi there

    Please see the attached here for the full information on transfers, timeframes and cut off points

    Thanks

    Declan



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    #13
    banie01
    Registered Users Posts: 16,739 ✭✭✭✭banie01


    https://www.boards.ie/discussion/comment/118272783#Comment_118272783

    BACS is 3 days and it's generally not a matter of the bank, it's just how the UK banks have their systems and deadlines set up. It is a pain in the hole when dealing with UK customers tbh. SEPA euro settlements I can pay and be paid within an hour. UK BACS and it's always 3 days.



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    #14
    NIMAN
    Registered Users Posts: 33,586 ✭✭✭✭NIMAN


    More reason to use Revolut, PayPal etc.



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    #15
    banie01
    Registered Users Posts: 16,739 ✭✭✭✭banie01


    https://www.boards.ie/discussion/comment/118279143#Comment_118279143

    Even with Revolut, if you aren't transferring directly to another Revolut customer and the transfer needs to be routed via BACS. It will still be a 3 day turnaround.

    Revolut and N26 are fantastic but any payments outside of their, or SEPA eco system are at the whims of the rules of the receiving system.



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    #16
    km991148
    Registered Users Posts: 4,275 ✭✭✭km991148


    That is weird. Never has a problem between transferwise to HSBOS accounts and other UK banks.

    Not seen multiple day transfers for over a decade. Maybe its the "up to" and that's to allow for some additional checks now and again (Fraud/ security etc)?



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    #17
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    https://www.boards.ie/discussion/comment/118283079#Comment_118283079

    I regularly transfer money from my Irish revolut account to my daughter's UK bank account (Nationwide BS) and the money is there almost instantly.



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    #18
    banie01
    Registered Users Posts: 16,739 ✭✭✭✭banie01


    https://www.boards.ie/discussion/comment/118283110#Comment_118283110

    All experiences I have had with such transfers, albeit more commercial than personal have been an AVG of 2 days. I've never been lucky enough to have an instant UK transfer.

    N26 UK transfers did IME speed up after they partnered up with TransferWise but I'd be using a sample of 2 there versus about 50 via Revolut.



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