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SEPA transfer from a UK Bank to IRL??

  • 01-03-2011 6:41pm
    #1
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,666 ✭✭✭


    Hi. I am wondering if it is possible to carry out a SEPA transfer from a UK Hight Street bank to an account in Ireland?

    The account in Ireland can take either GB£ or Euro. However, my understanding is that...
    1. The UK bank must be a participant in SEPA
    2. It only applies to the transfer of €uro's/

    Are my assumptions above correct?

    If so, could someone with a regular UK account still send Euro's via SEPA (even if their main account is in GB£ only??


Comments

  • #2
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Yes you can, but it may not be cheap.


  • #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    I think you are mixing up to things - SEPA is available in most European countries and almost all banks can handle any currency combination, it's the costs that are the issue - the EU rule says that if the transfer originates from a Euro account and goes to a Euro account, then the bank can not charge more than the price of domestic transfer fee for executing the transaction.

    In the UK this normally means that an account holder can happily transfer cash to an account in say Germany via SEPA, but they will be charged a much higher fee than a person in Spain doing the same thing.

    Jim.


  • #4
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,666 ✭✭✭makeorbrake


    Jim2007 wrote: »
    the EU rule says that if the transfer originates from a Euro account and goes to a Euro account, then the bank can not charge more than the price of domestic transfer fee for executing the transaction.

    Hi Jim. Just so that I get this straight...does this only apply to €. Even if the recipient account is setup to accept GB£ - SEPA does not apply in this instance?

    If that's the case, then UK account holders would have no option but to setup a euro account alongside their GB£ account?

    Would that be correct?


  • #5
    makeorbrake
    Registered Users, Registered Users 2 Posts: 4,666 ✭✭✭makeorbrake


    Just after finding this - which seems to suggest that SEPA applies to sterling to sterling SEPA credit transfers also??


  • #6
    Tiesto
    Closed Accounts Posts: 1,509 ✭✭✭Tiesto


    A financial institution in the uk was to transfer € to me using sepa.
    They made the payment Friday of last week. Still no sign. They said it takes 2-3 days. Can anyone confirm that timeline?

    Cheers


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  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    makeorbrake wrote: »
    Hi Jim. Just so that I get this straight...does this only apply to €. Even if the recipient account is setup to accept GB£ - SEPA does not apply in this instance?

    If that's the case, then UK account holders would have no option but to setup a euro account alongside their GB£ account?

    Would that be correct?

    No, SEPA is just the method of payment using the IBAN and that is the standard way in Europe of transferring money for any account to any other account, regardless of currency. So there is no need to open a Euro account.

    What is special about Euro to Euro transfers is that the bank can not change anything extra for processing them beyond the standard domestic charge.

    Jim


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