SEPA Enquiry

Mars Bar

Hi, 

I've just made a transfer of money to my sister in the U.K online. It's always been a painless process. However, this time I had to choose sterling as currency whereas previously, we could choose between sterling and euro. When we checked the statement afterwards, there was the €1,800 out and a €500 SEPA DD taken out. Why was there €500 taken out also? 

What is the SEPA all about? I tried reading up on it but banking language is not my strong point. 

Mars Bar

murphaph

Assuming you only wanted to send the 1800 then the 500 sounds like an error IMO and you should contact your bank asap about it.

frogstar

Sounds like 2 separate transactions to me

SEPA stands for single European payments area and has been set uo to harmonise payments in Europe. It also provides a max charge for payments within Europe

Basically all payments and dd's *direct debit s will require bic and iban rather than sort code and account number. It effeccts direct debit s and credit transfers (payments you make to other beneficiaries

any chance you have a direct debit set up for 500? Possibly mortgage?

Either way, ring your bank
also gbp is not in scope for sepa yet

Mars Bar

frogstar wrote: »

Sounds like 2 separate transactions to me

SEPA stands for single  European payments area and has been set uo to harmonise payments in Europe. It also provides a max charge for payments within Europe

Basically all payments and dd's *direct debit s will require bic and iban rather than sort code and account number. It effeccts direct debit s and credit transfers (payments you make to other beneficiaries

any chance you have a direct debit set up for 500? Possibly mortgage?

Either way,  ring your bank
also gbp is not in scope for sepa yet

I've asked my mother again if she has any DD for 500. She thinks the mortgage so that may be a good call frogstar. It's a pity she didn't stop to think before going into outrage mode! 

frogstar

Mars Bar wrote: »

I've asked my mother again if she has any DD for 500. She thinks the mortgage so that may be a good call frogstar. It's a pity she didn't stop to think before going into outrage mode! 

Ah I understand. If its the first time the sepa dd is presented, the narrative probably confused her as a lot of people still dont understand SEPA.

I work in banking so have no excuse!

Bank of Ireland: Billy

Hi Mars Bar,
 
Thanks for posting.
 
As frogstar kindly mentioned, the aim of SEPA is to create a single, integrated, standardised payments market across SEPA member states. Individuals and businesses will be able to move money as easily, quickly, securely and efficiently cross-border as they can domestically today, under the same basic conditions, rights and obligations.
 
You can find a quick one page overview of SEPA here
 
To transfer in sterling to your sister’s account, you will need to register the payee as an international (Non SEPA) payee. Banking 365 will take you through this process by selecting the Add a Payee option.
 
We do not have access to account details at this department. The direct debit you mentioned is now a SEPA direct debit so from now on, the narrative “SEPA DD” will appear on the day that the debit leaves the account however the following day, you will see more details of the transaction. If your mother has a look at her account today, the narrative should provide more information.
 
I hope this helps and if your mother needs to check this or any transaction on her account, please ask her to call Banking 365 on 0818 365 365 / 00 353 1 4044000.
 
Thanks
 

Billy

Mars Bar

It isn't a mortgage payment but she knows what it is.

It seems my sister has been automatically put under non-SEPA so that's handy enough. Although I'd rather work in euro on my side rather than sterling. 

Thanks for yer help

Mars Bar

Bank of Ireland: Billy

Hi Mars Bar, 
 
Just to clarify, 
 
Payees that are in countries in the Eurozone have automatically been converted to SEPA payees. Payees in countries such as United Kingdom which are dual-currency, remain as international payees on 365 Online. If you wish to transfer funds in Euro you need to add the account as a SEPA payee
 
Thanks
 
Billy

Tow

Hi Billy,

Do you still charge for setting up Payee?

Bank of Ireland: Paula C

Hi Tow,

Thanks for your query,

There is no charge to set up a payee however, there is a transaction charge applied for each transfer to the payee. For more information on our current fee structure, please see here.

I hope this clarifies this for you, if we can help with anything else please let us know.

Thanks,
Paula C