Standing Order from My BOI Bank Account - How long?

vicwatson

Hi,

Can you tell me how long it takes to get a standing order to another Irish bank from my BOI account?

Say If I set it up for a Friday, I assume it'll be the same day in the other banks account??

TIA

Bank of Ireland: Tara

Hi vicwatson,

Thanks for getting in touch.

A standing order from your Bank of Ireland account to another Irish bank would take up to three working days to be received in the payee's bank account. Provided the funds leave your account first thing on a Friday, the funds would be with the other bank by close of business on the following Monday. It would then be up to the receiving bank to apply the payment.

Thanks
Tara

Legislator

Bank of Ireland: Tara wrote: »

Hi vicwatson,

Thanks for getting in touch.

A standing order from your Bank of Ireland account to another Irish bank would take up to three working days to be received in the payee's bank account. Provided the funds leave your account first thing on a Friday, the funds would be with the other bank by close of business on the following Monday. It would then be up to the receiving bank to apply the payment.

Thanks
Tara

Under the Payment Services Directive 2009  the beneficiary account must be credited by D+1 and not three working days.

vicwatson

Legislator wrote: »

Under the Payment Services Directive 2009 the beneficiary account must be credited by D+1 and not three working days.

That's what I thought too, anywhere I can find more info on this?

Bank of Ireland: Tara wrote: »

Hi vicwatson,

Thanks for getting in touch.

A standing order from your Bank of Ireland account to another Irish bank would take up to three working days to be received in the payee's bank account. Provided the funds leave your account first thing on a Friday, the funds would be with the other bank by close of business on the following Monday. It would then be up to the receiving bank to apply the payment.

Thanks
Tara

Hi Tara,

Thanks for reply.

Working day 1- Friday
Working day 2- Monday
Working day 3- Tuesday

In your example they would be there in up to 2 working days ? - Friday and Monday ????

Where do the funds go when they leave BOI account?

Why can't they be applied the same day?

Thanks

Bank of Ireland: Tara

Hi vicwatson,

Friday = D
Monday = D+1

Standing order payments are not same day value and as mentioned, if the funds leave your account on a Friday morning they will be in the receiving bank's system by close of business on the Monday, in accordance with the Payment Services Directive. It is then up to the receiving bank to apply that payment into the payee's account which in most cases would be immediate however, we've no control and cannot comment on the length of time it does take another bank to do this.

When the funds leave the BOI account they are then on the way to the receiving bank, which takes one working day.

Thanks
Tara

vicwatson

Bank of Ireland: Tara wrote: »

Hi vicwatson,

Friday = D
Monday = D+1

Standing order payments are not same day value and as mentioned, if the funds leave your account on a Friday morning they will be in the receiving bank's system by close of business on the Monday, in accordance with the Payment Services Directive. It is then up to the receiving bank to apply that payment into the payee's account which in most cases would be immediate however, we've no control and cannot comment on the length of time it does take another bank to do this.

When the funds leave the BOI account they are then on the way to the receiving bank, which takes one working day.

Thanks
Tara

So realistically If I wanted money to land in another Irish account in another Irish Bank on a Friday I would want to set this up to leave on a Wednesday ?

Bank of Ireland: Billy

Hi vicwatson, 

Thanks for posting. 

If you wanted the money to land in another Irish bank on Friday, you should be fine with the standing order leaving your BOI on Thursday. As Tara mentioned, the beneficiary bank would then apply the funds to the individual account.

Thanks

Billy