Online bank transferring ?

tie_mi_shu

i'm gonna set up my acc so i can send ppl money to their acc from mine online etc.. i'm with permanent tsb.. i asked them;

Is it possible to send funds from my account to another persons account ? And if not why not ?

that said;

Thank you for your email. Please be advised that you can set up to pay into other individuals' accounts (including accounts external to permanent tsb) and organisations (Eircom, ESB, Bord Gas, ntl, O2, former Irish Permanent mortgages, ptsb VISA, most major credit cards) by contacting an Open 24 Customer Service Advisor on 1890 500 121 (003531 212 4299 from abroad). The Advisor will take the relevant details so that you can pay your bills by telephone and should you use the Open 24 internet service, you will have immediate access to these options online as well. Payments to other institutions and Permanent tsb Visa will take three working days to reach the recipient account.

Please advise me if you have any further queries.


Kind regards,

xxxxxxxx xxxxxxxxxx,
Open 24.

so does it take three days ?? that's a bit long..

any Open 24 customers use this service??

tie_mi_shu

what a stupid system.. :rolleyes: i just set it up, it's useless if you want to send different ppl money, for example you buy a phone here on boards and want to send that person the money "online" you first have to ring open24 with the acc details of the person who you want to send it to, why can't we just put in the acc details our selfs?????

which way does the aib work, is it the same??

tia

ButtermilkJack

I am with Ulster Bank and their system is easy. I just set-up a new 'beneficiary' yesterday evening to pay Beaumont Hospital A&E (I broke my arm a few months back ... ).

They supplied my with their A/C details, I went online and added them to my list, it updated instantly and I transferred the money there and then.

HOWEVER, it will take 3 days or so to get to them. The reason is not technology based or a 'lack of staff' issue etc. It is due to the way Irish banks make their money. What happens is that when you authorise a payment, the bank withdraws it from your account immediately and places the money into their account. They leave it there (along with all the other floating money, millions every day) accumilating interest (and therefore profit) for 3 days and then move it to wherever it's supposed to be going.

It's how they make their money. It could all be done in an instant (as it is for some business accounts), but then how would they get anyhting out of it?

tie_mi_shu

****ers angryicon

D'Peoples Voice

tie_mi_shu wrote:

what a stupid system.. :rolleyes: i just set it up, it's useless if you want to send different ppl money, for example you buy a phone here on boards and want to send that person the money "online" you first have to ring open24 with the acc details of the person who you want to send it to, why can't we just put in the acc details our selfs?????

which way does the aib work, is it the same??

tia

I'm also with PTSB, (previously with Ulster Bank until I heard rumours that they were cracking down on people who had dual accounts despite the fact they were no longer students), and once you set up someone's details under a Bill Payment account, you can send money to that person online whenever you like, you don't always have to contact Customer Services each time.
However like you, I believe the Open24 should be like Rabodirect and allow you to put in whatever sort code and account number you like, you don't have to contact Customer Services ever to set-up a Transfer Account/Bill Payment Account.
As regards the 3 days thing, it takes up to 5 days to transfer money to MBNA from any PTSB or Rabodirect account. It's doesn't make sense to take several days when there are clearing houses like EuroClear or Clearstream that can process the sale of a bond from one accout to another one day after trade date. what makes a cash transfer so difficult?