New PTSB current account [was: PTSB €1500 a month? Should I open an account?]

Mimikyu

This post has been deleted.

Nervous Wreck

Captain Morgan wrote: »

This post has been deleted.

To set up the payment to your AIB Mastercard, you need the sort code and account number for their Mastercard holding account. You then fill in your card number as the reference. Most people don't have these details handy cos they're not generally published etc so if you call Open24 tomorrow, they have the details and can set it up for you.

Mimikyu

This post has been deleted.

murphaph

Nervous Wreck wrote: »

If receiving EU bank is not SEPA compliant, you have to do it by Swift transfer. Max is €1,500 per day, minus fee (50c, providing you're sending in Euro currency).

Otherwise, no fee applies and max per day is €10,000 (€5000 online + €5000 over the phone).

SEPA transfers don't have to be free. The rules simply state that an international transaction inside the Eurozone cannot cost more than the equivalent national transaction. If your bank charges you to send money to another account in the RoI then they can (and probably do) charge the same for transferring money to another Eurozone account.

It is a common misconception that SEPA transfers have to be free.

Another example: Ulster Bank don't yet support SEPA payments, so when I transfer funds to my German account Ulster Bank uses CHAPS to handle the SWIFT payment for them and it takes a few days typically however this does not cost anything to me even though it is not a SEPA payment as Ulster Bank do not charge for similar transfers inside the RoI.

Aside: If I transfer funds to BoI from my German account it will be treated as a SEPA transfer and the money will be transferred the next day at the latest. SEPA rules demand this speed, indeed once the SEPA February deadline rolls around, even payments inside Ireland eill have to be SEPA and will have to be available in the receiving account the next day + 1 (assuming you transfer before your bank's cut off time).

Nervous Wreck

murphaph wrote: »

SEPA transfers don't have to be free. The rules simply state that an international transaction inside the Eurozone cannot cost more than the equivalent national transaction. If your bank charges you to send money to another account in the RoI then they can (and probably do) charge the same for transferring money to another Eurozone account.

It is a common misconception that SEPA transfers have to be free

We're speaking specifically about Ptsb, with whom SEPA transfers are free.

murphaph

Ah I see. Do PTSB really charge this €0.50 for non SEPA payments to other Eurozone countries and don't charge for non SEPA payments to another Irish bank? That seems like a breach of the PSD to me. They (even now, before the SEPA February deadline) cannot charge more for an equivalent payment to another Eurozone account than they would charge for the same transfer inside Ireland (most banks in Ireland are not yet SEPA compliant).

Nervous Wreck

To other Irish banks, they're done as a credit transfer. Aib does same but I'm not sure about other Irish banks. Non SEPA transfers abroad are by Swift transfer, which is different (fee and longer transfer time apply).

holidays1805

Hi,
I saw we have to lodge 1500 euros every months with ptsb to avoid the fees.
Does it work if we transfer 1500 euros from a ptsb saving account to a ptsb current account or does it have to be from another bank?
thank you

wmpdd3

No it can be from any where a long as 1500 goes into the current account per month then you get free fees

holidays1805

Thanks for the answer .
When you said "no", does it mean I can't transfer from a ptsb saving account to a ptsb current account or you mean "yes", it does work if I transfer 1500 euros from a ptsb saving account to a ptsb current account?

Delta2113

"Yes", it does work if I transfer 1500 euros from a ptsb saving account to a ptsb current account per month.

pasquale83

Does anybody know if it is possible to add a comment to a bank transfer using the Open24 website?

LFCFan

pasquale83 wrote: »

Does anybody know if it is possible to add a comment to a bank transfer using the Open24 website?

When you create the new third party account initially you can use your own reference which will get sent in the transfer. You can't use custom comments for each transfer. It's easy to set up 3rd parties though as you get a text immediatly to confirm the addition so if you don't need to send a reference like an account number, you could send a very short comment.

pasquale83

LFCFan wrote: »

When you create the new third party account initially you can use your own reference which will get sent in the transfer. You can't use custom comments for each transfer. It's easy to set up 3rd parties though as you get a text immediatly to confirm the addition so if you don't need to send a reference like an account number, you could send a very short comment.

Hi LFCFan, thank you for your reply.

I have already set up a third party account and added my own reference.

I need to add a comment to all bank transfers in order to state why I'm actually transferring that amount of money. So the comment will potentially be different for each transfer.

Do you know if a comment can be added if I go to the branch?

LFCFan

pasquale83 wrote: »

Do you know if a comment can be added if I go to the branch?

This I'm not sure of but I know you can't do it online per transaction.

GavMan

pasquale83 wrote: »

Hi LFCFan, thank you for your reply.

I have already set up a third party account and added my own reference.

I need to add a comment to all bank transfers in order to state why I'm actually transferring that amount of money. So the comment will potentially be different for each transfer.

Do you know if a comment can be added if I go to the branch?

Remove the existing 3rd party and set up a new 3rd party every time with the new comment? Bit long winded but a work around perhaps?

murphaph

Can you really not add a reference to a transfer with their online banking? That's essential functionality. Crazy if not present.

pasquale83

GavMan wrote: »

Remove the existing 3rd party and set up a new 3rd party every time with the new comment? Bit long winded but a work around perhaps?

Hi GavMan. Thanks for the suggestion but it is long procedure and the comment you can add is very short and not appropriate for my purposes.

pasquale83

murphaph wrote: »

Can you really not add a reference to a transfer with their online banking? That's essential functionality. Crazy if not present.

I agree with you. One more thing: when sending a bank transfer the system doesn't request any further authorization (i.e. few digits of the PIN). I think this is another important issue. I hope they will introduce a fix asap.

murphaph

pasquale83 wrote: »

when sending a bank transfer the system doesn't request any further authorization (i.e. few digits of the PIN). I think this is another important issue. I hope they will introduce a fix asap.

But I presume you have to use a tan list or smstan or card reader code when adding the payee in the first place?

UB & AIB work like this. You add the payee and have to use a card reader to do so. Sending payments to that payee doesn't require further use of the card reader. My German banks always force me to authenticate each transfer (what you want) in addition to verifying at the payee creation step.

pasquale83

murphaph wrote: »

But I presume you have to use a tan list or smstan or card reader code when adding the payee in the first place?

UB & AIB work like this. You add the payee and have to use a card reader to do so. Sending payments to that payee doesn't require further use of the card reader. My German banks always force me to authenticate each transfer (what you want) in addition to verifying at the payee creation step.

Yes, a combination of password and PIN digits is required to access the account.

I am used to use an additional authentication for each transfer. BoI and my Italian bank accounts work like that.

To add a payee you will get a text with a code and the maximum amount you can transfer is 5k. With BoI is 3k. If you want more you have to register the payee in the branch.

Delta2113

I'm thinking of just calling straight into a PTSB branch with the required documents and asking to fill out an application form on the spot. Will it take long to fill out the forms? Am I mad doing this or should I get the form's sent out in the post first? It's just that I have a day off work this week and wanted to get it all sorted.

sari

Does the €1500 have to be lodged in one transaction or can it you do it through several?

murphaph

Several if you wish.

L5

Delta2113 wrote: »

I'm thinking of just calling straight into a PTSB branch with the required documents and asking to fill out an application form on the spot. Will it take long to fill out the forms? Am I mad doing this or should I get the form's sent out in the post first? It's just that I have a day off work this week and wanted to get it all sorted.

Mightn't be as easy as getting it all done in one day. I had to make an appointment to go in and open the account. They're that busy opening accounts that they have an appointments calendar to slot people into. I went in expecting to open it there and then, but had to go back 2 days later when there was a free appointment. Only takes about 20 min once you're in there though.

Delta2113

I just phoned PTSB looking for form's to be posted out - was told these form's are only for postal applications. I would need to make an apt for a branch and then on the day they just key in the information and check your id etc.

Delta2113

Just opened a new current a/c in the local PTSB and now at home and set up open24. Will I automatically get the 1% credit interest on balance up to €1,500 applied to my account or do i have to go into account maintenance and click on apply credit interest?

MarkR

You can set up direct debits online yourself, and I don't think there was any charge when I did it. Same for standing order.

Delta2113

I just opened a new PTSB current account so do i have 4 weeks from today to get the €1,500 lodged to avoid the €12 charge?

Delta2113

Delta2113 wrote: »

Just opened a new current a/c in the local PTSB and now at home and set up open24. Will I automatically get the 1% credit interest on balance up to €1,500 applied to my account or do i have to go into account maintenance and click on apply credit interest?

I clicked on apply credit interest and yes it seem's that it's automatic.