where to bank?

12-11-2021 11:22am #1

currently with BOI and I have a Revolut.

Looking to probably shut the doors on Revolut for the most part because they've decided that they need to do TWO security reviews in a row one that just finished last Monday that went on for two weeks & the day after they started another that is still not finished, but should be some stage next week. both times my account was/is fully limited so I can't use it or spend the money there, very, very annoying.

BOI is grand I guess, but it's BOI so, you know.

I can't open an N26 at the minute because there's a waiting list apparently, very annoying also!

so just wondering who or what's the best way to go? if it's worth waiting for N26 I'm happy to do so, I don't really need to hold an Irish bank but would probably keep the BOI open just to have it there and use something else for day to day banking.

Jim2007 · 12-11-2021 11:52am

Random MLA checks are part of the process in every bank and yes it could happen several times in a row… you can also assume that triggered checks that you experienced at one bank are just as likely to happen at another. So it is not much of a criteria to base a decision on.

12-11-2021 1:21pm

https://www.boards.ie/discussion/comment/118155148#Comment_118155148

maybe so, but I've banked with all Irish banks (KBC, AIB, BOI, PTSB & Ulster) NEVER had them lock my account twice in a row for weeks on end.

I don't mind if they want to run some checks on the account occasionally or even semi regular, I've nothing to hide that's not the problem. but when your funds are locked away for multiple weeks at a time you would start to question your custom with a bank, especially when there's no reason ever given.

but anyway, as I said, Revolut are for that reason and others unsuitable as a main account (not being a bank or having deposit guarantee etc being another).

I've had a look online and from what I can gather Revolut are not unknown to do this kinda thing and I'm just not for it.

12-11-2021 1:25pm

I'm not looking for a direct replacement to Revolut either I just mentioned the trouble so I wasn't recommended them basically.

any bank that has instant SEPA is good enough to be considered as that's the main thing I'm looking for. if one of my friends who had a Revolut for example wanted to pay me or vice versa we can just use an IBAN transfer and its the same basic idea, just cba with Ireland's banks and taking half a day or more to transfer money.

coylemj · 12-11-2021 2:37pm

You can do instant transfers with the main banks but there is a hefty charge for it and AFAIK you can't do it with their online apps. I'd stick with Revolut if you want to instantly transfer money to settle debts like when one person pays the bill in a restaurant. But if you want an alternative to BoI and their charges, consider an EBS Money Manager account. You get an ATM/debit card, you can use it for direct debits (utilities etc.) and there are no fees. Main downside is that there is no mobile app.

12-11-2021 2:45pm

ah cheers ill have a look. pity about N26's wait list and I see they've been having some other trouble lately as well so I'm not holding out hope they'll email to open the account soon!

AngryLips · 12-11-2021 2:47pm

If you want a bank that is fast at processing payments then you would need to choose a clearing bank, that would be either AIB or BOI.

12-11-2021 3:20pm

https://www.boards.ie/discussion/comment/118155634#Comment_118155634

N26 supports SEPA Instant. However, if you're on their free tier (N26 standard), sending a SEPA Instant transfer costs €0.99. Receiving is free on all tiers.

coylemj · 13-11-2021 2:29pm

OP said: any bank that has instant SEPA is good enough to be considered as that's the main thing I'm looking for.

I can see this facility listed in the BoI personal current account charges ('same-day funds transfer') but does anyone know if there is any way to do it without walking into a branch? Hefty fees involved BTW.... Inter-branch €19.05, Inter-bank €25.35

jahalpin · 13-11-2021 2:35pm

https://www.boards.ie/discussion/comment/118155634#Comment_118155634

No retail Irish bank supports SEPA Instant payment and besides that both the sending and receiving banks have to support it for it to work as the beneficiary bank has to confirm receipt within 10 seconds. It is unlikely that any of the retail banks in Ireland will be in a position to support it any time soon

colly10 · 13-11-2021 4:45pm

How do N26 customers manage without a credit card? I like the idea of moving to them but not having a CC for car rental can be alot of hassle.

Really hoping they offer a credit card and loans soon. They have everything i’d want other than that

unkel · 13-11-2021 4:50pm

https://www.boards.ie/discussion/comment/118161061#Comment_118161061

Not having a credit card for car rental has not been an issue for a good 10 years now. Debit card is fine, but usually the full own risk excess is charged to your debit card when you get the car (and refunded when you bring it back)

Q&A · 13-11-2021 5:23pm

https://www.boards.ie/discussion/comment/118161061#Comment_118161061

They don't have to manage without. You can open a credit card account with a different provider. In general there is no requirement to have a current account with your credit card provider.

For example, you could have an n26 current account and an Avant credit card.

The J Stands for Jay · 15-11-2021 2:31pm

https://www.boards.ie/discussion/comment/118156056#Comment_118156056

Both of those banks would be on the slower end of things. Neither have implemented SEPA Instant.

AngryLips · 15-11-2021 3:10pm

https://www.boards.ie/discussion/comment/118169399#Comment_118169399

They're the fastest Irish banks

Jim2007 · 15-11-2021 3:55pm

https://www.boards.ie/discussion/comment/118169399#Comment_118169399

Less than 60% of institutions in the SEPA organization have so it does not make much difference, especially so give they are the major Irish players.

47akak · 19-11-2021 9:09pm

https://www.boards.ie/discussion/2058217595/where-to-bank

We had a similar issue to your Revolut issue with N26, just FYI. It was resolved but only after several weeks and much persistence. Personally, I'm sticking with Irish banks from now on.

where to bank?

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