How hard is it to do a bloody money transfer

Bob_Harris

I need to pay for some items I bought online and the only payment option is a money transfer.

So I logged into my Banking 365 online account and I remembered I had to add a "Beneficiary" before I could send any money. Great, I have to wait for a security code to arrive in the post before I can transfer the money. (This is the 4th layer of security. I need to know three pieces of information to log into my account. I know money is sensitive, but I'm not a moron who is going to write my login details on a piece of paper and lose it for someone to find. Why I have to get an extra code (and days if not weeks of waiting) to add a Beneficiary is beyond me.)

I waited, and waited, and nothing came. Then I decided I'd go to a bank branch and perform the transfer there. But ohhh no. It won't be processed there, they have to send the form I fill out to my "local branch" (which is at the other side of the country).

Plus the form is a full A4 page of boxes which I have to fill in. I know the IBAN and BIC number of the destination account. What bloody more do they need?

I didn't bother fill out the form, because my lunch time was running out, and god knows how long it will take one branch to transfer the details to my local branch.

If I ever do finally manage to initiate the money transfer, it will take 3-5 days to come out the other side. What the hell takes to long for a money transfer. Where is the money in the intermediate time?

And what the hell is with the concept of "local branches". Why does everything have to go through your local branch? Can every branch not be your local branch? Banking is a pain if the ****ing hole.

drunkmonkey

Bob_Harris wrote: »

I need to pay for some items I bought online and the only payment option is a money transfer.

That screams scam/fraud straight away, i'd be very careful before I send any money to them.

Bob_Harris

drunkmonkey wrote: »

That screams scam/fraud straight away, i'd be very careful before I send any money to them.

It's legit. hardwareversand.de. Lots of people on boards have used them.

gogo

Bob_Harris wrote: »

I need to pay for some items I bought online and the only payment option is a money transfer.


I waited, and waited, and nothing came. Then I decided I'd go to a bank branch and perform the transfer there. But ohhh no. It won't be processed there, they have to send the form I fill out to my "local branch" (which is at the other side of the country).

Plus the form is a full A4 page of boxes which I have to fill in. I know the IBAN and BIC number of the destination account. What bloody more do they need?

I didn't bother fill out the form, because my lunch time was running out, and god knows how long it will take one branch to transfer the details to my local branch.

If I ever do finally manage to initiate the money transfer, it will take 3-5 days to come out the other side. What the hell takes to long for a money transfer. Where is the money in the intermediate time?

And what the hell is with the concept of "local branches". Why does everything have to go through your local branch? Can every branch not be your local branch? Banking is a pain if the ****ing hole.

Firstly unless your in business, sending money transfers is very unusual, usually foreigners use them to send money home. The form is detailed for this reason, you have the iban but one digit is wrong, oops, gone to someone else, tough, you wrote the iban down, the bic number just identify's the branch its going to, the iban contains the actual account number. Its just a means of verifying the money goes to the right person.
Also there isnt actually that much info required, your name and address, reciever name and address and their bank name and address, the iban and bic.

Bank of ireland have overnight internal mail, your branch would of had it by eight the next morning.
This is necessary to verify your original signature which would obviously be held in your own branch, again because there is so much fraud associated with money transfers. (if you read the form you would have seen the signature verification check box)

There are very few things that have to be done in your local branch, money transfers being one (again because of the security risk), canceling direct debits, can be sent to dublin either, and ordering a new card (not a re-issue). Thats a small amount of things considering.

I do agree that the whole beneficiary thing is a long process, but you'd be surprised the amount of 'morons' that do leave their pins lying around, unfortunatley the bank can't descriminate agains morans so its the same security procedures for everyone,
and as above if the money goes fraudulently its generally quiet hard to get it back, generally very messy process. Have you not heard of the whole nigerian scam that went on/still going on. They are trying to protect your money at the end of the day.

wmpdd3

It's just BOI, OH is with them, once he tried to transfer money to his bro. Gave up and used my AIB account.

It took him 5 days to get the beneficiary acc set up, it appeared a few days after his brother had already received the money from my acc.

With AIB you do all this over the phone with a code card. took 1 hr.

AIB has many faults but it's internet banking is not 1 of them.

readyletsgo

Omg what is the story with BOI????
I'm with AIB for all my banking online and it is so straight forward to do payments of bills or transfer money to another aib or none aib a/c.
Fella i am living with just moved into our house and i was telling how to pay a bill online, he said never really uses online bankin as he's with BOI which i thought would be the same as Aib Banking, but no he had to wait 5 days for codes etc. He has given up on BOI online as he is getting too frustrated with it!
So i have set up a new account on my aib accounts for all bills to be paid out of so he can just log money direct into this account, or he could just change his boi to aib instead.

So i feel BOI suck for anything to do with online transfers and payin bills.
AIB is king in this way :-)

homer911

I'm with NIB and can set up any international beneficiary I want at any time, without reference to my bank - what a pain in the butt for BOI customers to have that extra check and delay, and for AIB customers to have to deal with a bank official to do it..

readyletsgo

homer911 wrote: »

I'm with NIB and can set up any international beneficiary I want at any time, without reference to my bank - what a pain in the butt for BOI customers to have that extra check and delay, and for AIB customers to have to deal with a bank official to do it..

I've never had get in contact with a AIB bank official to do international transfers or payments via online.

I think its just BOI that seem to be overly cautious with their online banking.
Everyone who uses online banking with BOI should change to AIB or NIB and teach BOI a lesson...

smeedyova

I just went into BOI and wanted to transfer some money to an AIB bank account and was told it wasn't possible to do in the bank and that I would have to do it online!!! I'll be closing my bank account. I've never heard of such stupidity---there is no need for such rubbish. No wonder this country is on its knees.

-=al=-

BOI online system is pretty dated and old looking its pretty bad tbh too

adding the benificiary, waiting for the code and the time it takes to transfer some funds

with paypal online getting bigger and bigger and more and more people buying online, BOI should make it easy to transfer funds to paypal accounts, its all i really use to send money, just from my bank account to paypal... yeah its all set up now, but it takes unecessarily long!

KillerShamrock

This will all change soon they are introducing a system so you can get you code instantly via mobile, staff testing it out now. Its due out soon maybe end of next month!

stepbar

Richie6904 wrote: »

This will all change soon they are introducing a system so you can get you code instantly via mobile, staff testing it out now. Its due out soon maybe end of next month!

You shouldn't be really telling folk about this.

GerardKeating

homer911 wrote: »

I'm with NIB and can set up any international beneficiary I want at any time, without reference to my bank - what a pain in the butt for BOI customers to have that extra check and delay, and for AIB customers to have to deal with a bank official to do it..

Not true, AIB customers can setup a beneficiary, domestic or international without any reference to bank staff and have been able to do so for quite a few years now.

jor el

smeedyova wrote: »

I'll be closing my bank account.

And shooting yourself in the foot at the same time. All the banks have the exact same procedures, for years now. None of them allow you to do a credit transfer to a different bank from within the bank, you have to do it over the phone or online.

gogo

jor el wrote: »

And shooting yourself in the foot at the same time. All the banks have the exact same procedures, for years now. None of them allow you to do a credit transfer to a different bank from within the bank, you have to do it over the phone or online.

+1
You can actually do it in branch if you have a pre-printed lodgement docket.

Smeedyova:
I agree 100% . It's terrible that the country is on its kness because you can't transfer money between different banks in branch, fortunatley NAMA has been set up for just this reason, they are working away this minute on interbank transfers. Hopefully they'll come up with a solution soon for all out sakes.:rolleyes:

pjmn

gogo wrote: »

+1
You can actually do it in branch if you have a pre-printed lodgement docket.

Smeedyova:
I agree 100% . It's terrible that the country is on its kness because you can't transfer money between different banks in branch, fortunatley NAMA has been set up for just this reason, they are working away this minute on interbank transfers. Hopefully they'll come up with a solution soon for all out sakes.:rolleyes:

a) True - once you have a standard pre-printed lodgment docket one can lodge through any of the clearing banks...

b) I had no idea that NAMA have been set up to address the inter-bank transfer issue - I would have thought they had bigger fish to fry...

c) While I agree that the BOI approch to setting up beneficiaries is frustrating (indeed they used to have the facility to set up and use immediately) - the change was introduced on the back of the phishing scam a few years ago - once fraudsters obtained the log in codes to peoples on-line banking they immediatley set up multiple beneficiaries (themselves) and moved all monies from the innocent party's account to theirs - hence why BOI introduced the 'delayed' registration process.

What I would suggest BOI do is to set up a seperate process for 'emergencies' - i.e. say child abroad and parents need to get money to them quickly (perhaps additional security checks etc could be implemented over the phone) - for non-urgent set-ups the current process probably suffices...


pjmn

gogo

pjmn wrote:

) I had no idea that NAMA have been set up to address the inter-bank transfer issue - I would have thought they had bigger fish to fry...

I was being sarsactic.

pjmn

gogo wrote: »

I was being sarsactic.

Me too....

cazzak79

there isnt an agreement at the moment in banks where by going into an Aib branch you can transfer or lodge money in an Boi account really can only be done through phone and internet banking.
we dont have the same systems

enda1

gogo wrote: »

Firstly unless your in business, sending money transfers is very unusual, usually foreigners use them to send money home. The form is detailed for this reason, you have the iban but one digit is wrong, oops, gone to someone else, tough, you wrote the iban down, the bic number just identify's the branch its going to, the iban contains the actual account number. Its just a means of verifying the money goes to the right person.
Also there isnt actually that much info required, your name and address, reciever name and address and their bank name and address, the iban and bic.

Bank of ireland have overnight internal mail, your branch would of had it by eight the next morning.
This is necessary to verify your original signature which would obviously be held in your own branch, again because there is so much fraud associated with money transfers. (if you read the form you would have seen the signature verification check box)

There are very few things that have to be done in your local branch, money transfers being one (again because of the security risk), canceling direct debits, can be sent to dublin either, and ordering a new card (not a re-issue). Thats a small amount of things considering.

I do agree that the whole beneficiary thing is a long process, but you'd be surprised the amount of 'morons' that do leave their pins lying around, unfortunatley the bank can't descriminate agains morans so its the same security procedures for everyone,
and as above if the money goes fraudulently its generally quiet hard to get it back, generally very messy process. Have you not heard of the whole nigerian scam that went on/still going on. They are trying to protect your money at the end of the day.

I use bank transfers the whole time! (I'm assuming bank transfer is the same as money transfer..?)

I pay rent by it, pay into a common account once per month. Odd payments to girlfriend/friends in different countries for booking accommodation/flights/tickets etc.

I don't see how this is limited to business at all.
The hassle with which banks deal with on-line accounts is really a pain in the ass and is I think the main reason why they haven't moved away from the very costly "cheque" system (though I guess this is a large money spinner fo the banks...)

I don't either see how a cheque is any more secure.
Surely the chances of a mistake are way higher! And you don't need to "add the beneficiary" before writing a cheque to them...

Just backwards over reaction and inability to adapt and change to the modern environment once again from Irish banks.

Above all else though. Even if they want to have this over the top security measure, why not allow the client to disable it if they wish?