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SEPA - transfer - how long

  • 17-04-2014 02:15PM
    #1
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,724 Mod ✭✭✭✭


    Folks
    How long should I expect for a transfer from Danske to AIB to go through?
    I thought SEPA was quicker than the 4 working days?

    Thank you.


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    SEPA uses TARGET2 Trans-European Automated Real-time Gross Settlement Express Transfer System to transfer money between banks. Real Time and Express and not something banks are known for, so if your send the money before 15:00 it should be in the other bank, sometime during the next bank working day.


  • #3
    Legislator
    Registered Users, Registered Users 2 Posts: 139 ✭✭Legislator


    yop wrote: »
    Folks
    How long should I expect for a transfer from Danske to AIB to go through?
    I thought SEPA was quicker than the 4 working days?

    Thank you.
    Regulation 260/2012 states that funds must be in the account of the beneficiary on the next working day.


  • #4
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,724 Mod ✭✭✭✭yop


    Thanks folks,
    I sent a transfer from Danske last night so it wouldn't have left the account until the next business day, so today. So will check that it arrives tomorrow.
    Many thanks


  • #5
    28064212
    Registered Users, Registered Users 2 Posts: 10,975 ✭✭✭✭28064212


    yop wrote: »
    Thanks folks,
    I sent a transfer from Danske last night so it wouldn't have left the account until the next business day, so today. So will check that it arrives tomorrow.
    Many thanks
    Tomorrow (today) is not a working day for the banks. So if you make a transfer on Wednesday, after the deadline, money probably won't be in the beneficiary's account until Tuesday next week.

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  • #6
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    Before SEPA kicked in - funds due on Monday (or Tuesday if Monday was a bank holiday) were available via the ATM after the previous working day's overnight update (i.e. Saturday morning - or in this case the morning of Good Friday)

    However SEPA appears to have changed that and the funds do not become available until the due date.


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