BACS payment

Hunter333

Hi just wondering if anyone knows anything about BACS payment. Can I go into the bank and they do it for me or can it only be done with online banking?

Thanks

GreenFolder2

Assuming you're talking about a payment to a UK account?

You'll need IBAN and BIC and process it online banking as an SEPA payment but, in £.

Fees apply (at both sides) as it's outside the Eurozone.

Most Irish banks can process this in internet banking, but the exact setup procedure varies depending on who you're banking with.

Hunter333

Ya paying into U.K. Account. Iv all details of bank account aswell. So would I have to do it myself with my online banking or can I go into the bank itself and somebody do it in bank for me?

Thanks

GreenFolder2

If you've online banking, you can likely to it yourself.

The exact method depends on your bank. For example with AIB you'll need a card reader to add new payees.

You can also do it via their kiosks using your ATM card and online banking password.

Bank of Ireland is a bit lower tech and will text or post you confirmation numbers to add payees.

I'm not sure what ptsb, ulster bank or KBC do.

BACS is a British term though. You simply need to do an international transfer or SEPA payment. You'll need the IBAN and BIC not just the local UK account and sort code.

tanit

Following GreenFolder2 answer. Ulster Bank if you are doing it online you will have to use the website. They don't do international payments on the app. You create a payee online follow all the prompts and you will have to use the card reader to get confirmation pins to finish the process. Once you have the payee you go to section for international payments and again follow the prompts. It's very straight forward.

I have done several international payments and the only issue I have encountered is with the creation of the payee. They have never clarified why I was having the issue creating them (the website didn't allow me) but because they were private individuals my guess was that it was a security issue and the first time I had to create the the payee in their offices. It's one of the few times I go to their offices everything else I do with them is online

bbari

Hunter333 wrote:

Ya paying into U.K. Account. Iv all details of bank account aswell. So would I have to do it myself with my online banking or can I go into the bank itself and somebody do it in bank for me?

AIB.....
You can't do it online if it's over 5K. You can do the trf in the bank, they will give you a form to fill out. Better to go in your own branch to save a day and don't forget to take your ID.

GreenFolder2

bbari wrote: »

AIB.....
You can't do it online if it's over 5K. You can do the trf in the bank, they will give you a form to fill out. Better to go in your own branch to save a day and don't forget to take your ID.

If you hold any kind of business account is 30,000 online.

AIB has too many limits in my opinion. What's the point of the card reader and extra security with those limits?

Also, their debit cards are limited to just 10 transactions per day. I was traveling and had used mine mostly contactlessly in Paris and Brussels to pay for small things, mostly transit tickets and coffee etc. Got to Brussels and I was blocked from even withdrawing cash and they couldn't lift the block.

You really wouldn't want to rely on them!

Same with BOI. Wanted to buy a car and was all prepared to do it electronically (it's 2016, right?) but ended up having to do it with cheques like nothing has changed since the 1950s.

They all go on and on about e-banking then complain about Irish "culture" when uptake is low yet charge many accounts per transaction fees and impose limits that ensure most of us just go to the branch when a transaction is large or complicated. So, quite obviously low uptake is 100% the fault of the institutions themselves.

bbari

GreenFolder2 wrote:

If you hold any kind of business account is 30,000 online.

Sorry, i should have mentioned that I was talking about personal account.

GreenFolder2

bbari wrote: »

Sorry, i should have mentioned that I was talking about personal account.

Depends on your bank.

AIB has tighter limits. BOI limits depend on whether the payee was authorised by SMS or by post.

homer911

Why not do it online with any of the multitude of currency brokers out there, usually with much better rates than the banks?

Tow

GreenFolder2 wrote: »

You'll need IBAN and BIC and process it online banking as an SEPA payment but, in £.

BTW: SEPA is for euro amount payments only. If the payment is to a GBP account the receiving bank will convert the EUR value to GBP, after taking their cut. If you need to make a GBP payment sending it via BACS is best. But it will take 3 working days, while SEPA payments should be same of next working day.

I hate it when I see/hear Irish companies use the term BACS for euro/domestic electronic payments. It is like an Irish athlete winning a prize and God Saves the Queen is played.

Quackster

homer911 wrote: »

Why not do it online with any of the multitude of currency brokers out there, usually with much better rates than the banks?

Absolutely the best option. Can't recommend TransferWise enough.