What has SEPA ever done for us?

Plazaman

Since SEPA was introduced it seemingly has caused nothing but delays in transactions.

Once again today (02/05/2014) we see that all payments into bank accounts including payments, wages, pensions etc. will be delayed with payments "starting" to be made from 10.15am onwards. Seemingly as yesterday was the May Bank Holiday in most European Countries, the clearance system was shut down. This never happened before did it?

I fear it's backwards we're going.

murphaph

SEPA is the foundation stone for a pan-European banking system which will eventually allow you to give 2 fingers to robbing Irish banks. Without a single payments area, the next step (which will FORCE banks across Europe to open accounts for residents of other EU states) would not be possible. Even before this of course, SEPA provides many benefits to many people. The reason for many of the problems with respect to SEPA are the fault of the Irish banks. My German bank and my transactions are going through as they did before SEPA.

Personally I love SEPA...I own property in Ireland & Germany and have bills to pay in both countries. Much easier now to manage things from a single bank with multiple accounts rather than multiple banks. I can pay Revenue their pound of flesh from my German current account etc. It is revolutionary and will save me money on stupid Irish bank charges.

Yggr of Asgard

I'm with murphaph, I love SEPA, sure there are some kinks to be sorted out but mostly it's the Irish banks implementation.

I have not noticed any delays on my German bank account since SEPA was introduced, only on my Irish one.

In fact my German bank account got even better since SEPA because they have implemented it correctly and I know see Direct Debits advanced notices before they are due for example.

I can see today that UPC wants to debit xx € in 7 days (that is before UPC can be bothered to send me a bill). I can managed direct debits online (from blocking them once, multiple times or even for ever) and returning a wrong debit is a mouse click.

Giving that my German bank account charges 0€ fees, gives me interest on my account and allows me to withdraw cash world wide without cost (they even refund third party bank charges) I can only hope that once the common payment area is fully implemented people vote with their feet and swap to a better bank wherever that might be located.

Unfortunately there are still some companies which are not SEPA compliant so a complete move is not possible yet.

DMcL1971

I think SEPA is great. Since its introduction all of my bank transfers are going through next day, regardless of country, instead of taking 2-3 days to clear. I haven't experienced a single problem yet.

Carawaystick

DMcL1971 wrote: »

I think SEPA is great. Since its introduction all of my bank transfers are going through next day, regardless of country, instead of taking 2-3 days to clear. I haven't experienced a single problem yet.

Did you have any transactions on Wednesday or Thursday this week?
Did they go through the next day?

DMcL1971

Yes, I transferred some money on Wednesday evening. Normally it would arrive sometime on Thursday but it didn't arrive until this morning due to the holiday.

wmpdd3

Its just Irish banks then.

Yggr of Asgard

wmpdd3 wrote: »

Its just Irish banks then.

The 1th of May is public holiday in most countries of the continent so before SEPA they did not process any transfers than, that is not a change to my German bank account.

Sure it's a change for my Irish bank account but there was enough announcements by my bank about it and I can understand the reason behind it.

The fact that in Ireland the 1th of May holiday is moved to the next Monday puts us in a strange situation where an Irish bank is open when the rest of Europe is not and than closes the following Monday while the rest of Europe is working.

The same will be the case on days where in other EU countries there is a local holiday while the rest of the EU works. It's an unfortunate issue.

However before SEPA a transaction from an Irish bank made on Wednesday might have been on another Irish bank on Friday, possible Tuesday, this way you are sure it's there Friday. Remember the european payment regulation (which is part of SEPA) introduced next business day transfer, no longer 2-3 days between Irish Banks.

omicron

The fact that my employer based in a bank a few miles from my bank can't pay my wages on a Thursday because a bank in Brussels have the day off seems a bit stupid, why isn't the system fully automated?

The J Stands for Jay

dublin-texas wrote: »

I'm with murphaph, I love SEPA, sure there are some kinks to be sorted out but mostly it's the Irish banks implementation.

I have not noticed any delays on my German bank account since SEPA was introduced, only on my Irish one.

In fact my German bank account got even better since SEPA because they have implemented it correctly and I know see Direct Debits advanced notices before they are due for example.

I can see today that UPC wants to debit xx € in 7 days (that is before UPC can be bothered to send me a bill). I can managed direct debits online (from blocking them once, multiple times or even for ever) and returning a wrong debit is a mouse click.

Giving that my German bank account charges 0€ fees, gives me interest on my account and allows me to withdraw cash world wide without cost (they even refund third party bank charges) I can only hope that once the common payment area is fully implemented people vote with their feet and swap to a better bank wherever that might be located.

Unfortunately there are still some companies which are not SEPA compliant so a complete move is not possible yet.

How can I get one of these accounts?

Jim2007

murphaph wrote: »

Without a single payments area, the next step (which will FORCE banks across Europe to open accounts for residents of other EU states) would not be possible.

Banks will NOT be forced to do business with anyone, SEPA will allow them to offer services across the EU should they so wish. However there are a lot of issues such as money laundering and so on that have to be addressed before that can happen on any grand scale.

Jim2007

omicron wrote: »

The fact that my employer based in a bank a few miles from my bank can't pay my wages on a Thursday because a bank in Brussels have the day off seems a bit stupid, why isn't the system fully automated?

It is fully automated, but on mainland Europe we have a strong concept of the work-live balance and that means no work on a bank holiday!

murphaph

Jim2007 wrote: »

Banks will NOT be forced to do business with anyone, SEPA will allow them to offer services across the EU should they so wish. However there are a lot of issues such as money laundering and so on that have to be addressed before that can happen on any grand scale.

They won't be forced under SEPA but the directives are coming that will prevent banks discriminating based on residence. This is the long term objective of the commission. A single EU banking market is the ultimate goal. SEPA is a step along the way. Money laundering issues will have to be dealt with of course.