SEPA DD - Euro

Jonathan Bate

Hi,  can I complete a Euro SEPA DD with a company in the Republic of Ireland and the payment be taken from my Sterling account?  I've been asked if BOI are SEPA Debit Reachable?

Thanks

Sizzler

SEPA is for euro currency only....so the answer would be no.

Bank of Ireland: Billy

Hi Jonathan, 

Thanks for your post and apologies for the delay in coming back to you. 

As Sizzler mentions, SEPA is for Euro currency although I have asked a colleague to look into the query in more detail to see if there is any way we can help. At this stage, It's probably going to be Monday before we hear back. As soon as we have an update, we will let you know. 

Thanks

Billy

Bank of Ireland: Billy

Hi Jonathan, 

Sorry about the delay in coming back to you on this.

As the payment is not been taken from a Euro account, it is not possible to set up a SEPA DD. SEPA DD's can only be set up on Euro to Euro accounts. I was checking to see if there was another way of managing the payment however unfortunately this is not possible. 

Thanks

Billy

Legislator

Bank of Ireland: Billy wrote: »

Hi Jonathan, 

Sorry about the delay in coming back to you on this.

As the payment is not been taken from a Euro account, it is not possible to set up a SEPA DD. SEPA DD's can only be set up on Euro to Euro accounts. I was checking to see if there was another way of managing the payment however unfortunately this is not possible. 

Thanks

Billy

A SEPA DD can be set-up on any account within SEPA regardless of the currency of the account. The account holding bank will convert the Euro amount to Sterling on presentation.  

Tow

Any currency once the account is 'SEPA reachable': http://epc.cbnet.info/content/adherence_database

It is not clear from the OP post as to which bank the Sterling account it in.

Billy, Are you just referring to BOI's Sterling accounts and are they not SEPA reachable?

Bank of Ireland: Billy

Hi folks, 
 
We have received the following from our SEPA Team:
 
As BOI's systems cannot determine the currency of another banks account, BOI will not stop a collection. Once the other bank is SEPA Reachable as in their BIC is reachable, BOI will send a debit however we cannot confirm or advise if the other bank will allow the debit on their customers account due to the cross currency (Eur V STG). 
 
Also this may cause a problem for the customer in that they will not know the value of the debit coming into their account, as the creditor will send the value in EUR and if the debit is allowed, it will debit the account in STG.
 
Thanks
 
Billy

Legislator

Bank of Ireland: Billy wrote: »

Hi folks, 
 
We have received the following from our SEPA Team:
 
As BOI's systems cannot determine the currency of another banks account, BOI will not stop a collection. Once the other bank is SEPA Reachable as in their BIC is reachable, BOI will send a debit however we cannot confirm or advise if the other bank will allow the debit on their customers account due to the cross currency (Eur V STG). 
 
Also this may cause a problem for the customer in that they will not know the value of the debit coming into their account, as the creditor will send the value in EUR and if the debit is allowed, it will debit the account in STG.
 
Thanks
 
Billy

Billy, if the bank is reachable for SEPA then it doesn't have a choice whether to allow the debit or not.

Bank of Ireland: Billy

Hi Legislator, 

That's a valid point. 

We knew this would be a topic of interest to you. Thanks for taking part.

Just to be clear, what we're saying is BOI will not stop a collection once the other bank is SEPA reachable. 

Thanks

Billy