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SEPA deadline February 2014. Changes coming.

  • 27-04-2013 3:08pm
    #1
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭


    So, just a reminder that the SEPA deadline is approaching and from February banks will have to operate on a more European level. The Central Bank's Guide is an interesting little read for those of us sick of Irish bank charges.

    We might see online only current account products aimed at Irish customers from the likes of Rabo in the Netherlands.

    The theory is that as and from the 1st February 2014, banks across the Eurozone will be obliged to process all transactions, both national and international (inside SEPA) in the same way, so you can theoretically open a fee free current account in Germany/Holland and give the IBAN/BIC to Bord Gais and they will have to draw the Direct Debit as if it were a local Irish bank.

    Your debit card from the Dutch bank would/will also work anywhere they work in Ireland currently.


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    murphaph wrote: »
    We might see online only current account products aimed at Irish customers from the likes of Rabo in the Netherlands.

    Maybe. Hopefully. Probably not.

    Rabo are a conservative bank. Difficult to tell which banks will offer current accounts to all Eurozone residents, after SEPA migration. However, I think it will be limited and unlikely to be offered from the Rabo's of this world.


  • #3
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Well other banks perhaps. I know my bank here in Germany has opened accounts for non residents who can speak German. It's all online and free.


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