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Is there a delay on Standing Orders?

  • 02-12-2014 12:29pm
    #1
    joeKel73
    Closed Accounts Posts: 3,689 ✭✭✭


    I know if I manually transfer money online to an account with another bank there is a delay of a couple of days for the money to reach their account.

    I'm currently setting up a standing order for rent payment. Rent is due on the 28th of the month, if I set up a standing order on 28th will it transfer directly on the day or would the standing order date need to be set for a few days earlier?


Comments

  • #2
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    J o e wrote: »
    I know if I manually transfer money online to an account with another bank there is a delay of a couple of days for the money to reach their account.

    I'm currently setting up a standing order for rent payment. Rent is due on the 28th of the month, if I set up a standing order on 28th will it transfer directly on the day or would the standing order date need to be set for a few days earlier?

    If you bank with the same bank as the landlord most likely it will be there the same day but if you are banking with different banks it takes one to two days to go to their account this is for manual transfers and standing orders so if rent is to be paid on the 28th I would transfer it the 26th or 27th just to be sure its there on time.


  • #3
    joeKel73
    Closed Accounts Posts: 3,689 ✭✭✭joeKel73


    TrishSimon wrote: »
    ... if you are banking with different banks it takes one to two days to go to their account this is for manual transfers and standing orders ...

    This is what I was wondering - thanks. I was hoping a standing order might transfer straight through as it had been prearranged.


  • #4
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    J o e wrote: »
    This is what I was wondering - thanks. I was hoping a standing order might transfer straight through as it had been prearranged.

    There is no difference in a transfer online and a standing order.
    Standing order just means it will leave your account automatically on a specific date.


  • #5
    DMcL1971
    Registered Users, Registered Users 2 Posts: 1,444 ✭✭✭DMcL1971


    J o e wrote: »
    This is what I was wondering - thanks. I was hoping a standing order might transfer straight through as it had been prearranged.

    A standing order is performed by your bank. They cannot guarantee how much time that the receiving bank will take to process the transaction. Therefore all they will guarantee is that they will remove the money from your account on the day that you request and send it to the other bank. Who knows what happens to it after that.


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