Rant - our banking system

wally1990

I'm sitting here today and yesterday waiting for money to lodge in my Boi account after being sent from an AIB account Friday about 10pm.

Thinking away to myself knowing this money won't lodge until Monday and it got me thinking surely in this day and age our banking system can get up with the times and make this **** happen instantly.

I know I'm going to get ah but you have not thought about X or Y and bla bla reasons/excuses why it can't happen but with the rise of technology I've to wait over 2 days for a transfer.

We have rise of revolut, crypto(block chain tech) and other financial entities etc and our brick and mortar banks are well behind.

Just an annoying things is all.

This isn't life saving money and it's grand but what abiut people who are stuck, or need to pay bills, mortgage, loans or send money to friends, family emergency etc.

We are forced because of these situations to find alternative methods outside of our standard banks.

Eg all my friends use revolut when out and back to share money, pay back money and so on because its so good (to be honest for these purposes)

Surely our own banks would want the same thing...

ANXIOUS

wally1990 wrote: »

I'm sitting here today and yesterday waiting for money to lodge in my Boi account after being sent from an AIB account Friday about 10pm.

Thinking away to myself knowing this money won't lodge until Monday and it got me thinking surely in this day and age our banking system can get up with the times and make this **** happen instantly.

I know I'm going to get ah but you have not thought about X or Y and bla bla reasons/excuses why it can't happen but with the rise of technology I've to wait over 2 days for a transfer.

We have rise of revolut, crypto(block chain tech) and other financial entities etc and our brick and mortar banks are well behind.

Just an annoying things is all.

This isn't life saving money and it's grand but what abiut people who are stuck, or need to pay bills, mortgage, loans or send money to friends, family emergency etc.

We are forced because of these situations to find alternative methods outside of our standard banks.

Eg all my friends use revolut when out and back to share money, pay back money and so on because its so good (to be honest for these purposes)

Surely our own banks would want the same thing...

I see an immediate flaw in your argument.

You say your friends share money using revolut. I could do the exact same thing using my Irish bank account if my friends were the same bank.

We have instanous transfers within the same institutions already.

Jim2007

wally1990 wrote: »

Thinking away to myself knowing this money won't lodge until Monday and it got me thinking surely in this day and age our banking system can get up with the times and make this **** happen instantly.

What do you mean get with the times... They are with the times! If I do a transfer on my Swiss bank on a Friday, it will not arrive until Monday as well. This is not just an Irish thing.

wally1990 wrote: »

I know I'm going to get ah but you have not thought about X or Y and bla bla reasons/excuses why it can't happen but with the rise of technology I've to wait over 2 days for a transfer.

It is not a technology problem, it's a cost problem. Customers don't want to pay for the service and banks will not invest in technology that will not generate a profit.

To provide the kind of service you want, would require probably a three or four fold increase in investing in Technology. And since on one is willing to pay for it, it is not going to happen.

wally1990 wrote: »

We have rise of revolut, crypto(block chain tech) and other financial entities etc and our brick and mortar banks are well behind.

And none of this has anything to do with your basic problem with the banking system. Even Revolut ends up in the same situation one it has to interact with the rest of the banking world.

wally1990 wrote: »

This isn't life saving money and it's grand but what abiut people who are stuck, or need to pay bills, mortgage, loans or send money to friends, family emergency etc.

And the end of the day, managing your finances is your problem. You know how long it takes to do a transfer etc... so plan accordingly.

Credit Checker Moose

Ha! Gotta love those protecting the monster.

Even the UK has faster payments that only take a few minutes between different banks.

People in Ireland have vested interests in keeping things the way they are.

q85dw7osi4lebg

The sooner Bitcoin is adopted the better.

cnocbui

If you want Australian standards of banking utility, move to Australia.

Credit Checker Moose

Credit Checker Moose wrote: »

Ha! Gotta love those protecting the monster.

Even the UK has faster payments that only take a few minutes between different banks.

People in Ireland have vested interests in keeping things the way they are.

Is this true? Absolutely shocking if it is!

Out of interest does anyone have an idea how much it costs to run a bank account in the uk?

I remember being in Canada in 2008 and my bank charged me 14 dollars a month for the privilege of banking with them.

Credit Checker Moose

My UK bank costs me £5 a month and I have access to faster payments.

Amirani

Credit Checker Moose wrote: »

My UK bank costs me £5 a month and I have access to faster payments.

To other UK banks that'd be.

The UK runs on a different clearing system to the Eurozone. As a result their interbank transfers are faster. This is not necessarily the case when transferring to other banks in the Eurozone.

Fiery mutant

I can transfer money from my Irish account in the morning, and it will be in my Slovak account in the afternoon.

Everything here seems to run some slower, i’m sure there are reasons for some of it, but sometimes I do wonder why.

The money disappears from your account and is placed on hold in the bank's own account for a couple of days to earn interest. It's only after those few days that they've put it to work earning interest that it makes its way into the destination account.

Jim2007

Jim2007 wrote: »

Even Revolut ends up in the same situation one it has to interact with the rest of the banking world.

Not I my experience, Revolut is far faster to transfer money to an Irish bank than between Irish banks. Worst case with Revolut is next day and very often the money is in the other account same day compare to anything from
1 to 3 or 4 days with Irish account to Irish account.

For example when I transfer money to my kbc credit card from boi it takes a minimum of 2 full working days and I’ve seen it take 4 to appear. Revolut is always next day so it’s much quicker to top up Revolut with my boi debit card and transfer to the CC rather than directly to the CC from my boi account.

Dardania

There is a solution to you use case, but none of the Irish banks have adopted it yet:

https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer

It’s bank neutral, and when it works it’s excellent.

gogo

[Deleted User] wrote: »

The money disappears from your account and is placed on hold in the bank's own account for a couple of days to earn interest. It's only after those few days that they've put it to work earning interest that it makes its way into the destination account.

Ah stop.. too funny, you really think a bank is sitting around holding onto paddy’s €50 so they can earn a bit of interest on it for three days.. if things were that bad there’s be a run on the banks tomorrow.
Earning interest from where by the way.. European Central Bank rates are at negative .4%? Yes, that is a negative percentage rate.....

the_syco

barrier86 wrote: »

I remember being in Canada in 2008 and my bank charged me 14 dollars a month for the privilege of banking with them.

The 14 dollars were for using ATMs over a set number of times, if you have under a certain amount always in your account.

I to miss Interac, though! The ability to pay via email is so much handier!

gogo

gogo wrote: »

Ah stop.. too funny, you really think a bank is sitting around holding onto paddy’s €50 so they can earn a bit of interest on it for three days.. if things were that bad there’s be a run on the banks tomorrow.
Earning interest from where by the way.. European Central Bank rates are at negative .4%? Yes, that is a negative percentage rate.....

Ten thousand paddies = half a million earning interest.

The J Stands for Jay

[Deleted User] wrote: »

Ten thousand paddies = half a million earning interest.

If you do the sums, it. Would cost the bank €16 in interest to the central bank according to your theory.

beauf

gogo wrote: »

Ah stop.. too funny, you really think a bank is sitting around holding onto paddy’s €50 so they can earn a bit of interest on it for three days.. if things were that bad there’s be a run on the banks tomorrow.
Earning interest from where by the way.. European Central Bank rates are at negative .4%? Yes, that is a negative percentage rate.....

They've been doing this for decades. Long before we had low rates.

skippy2

people seem to forget the banks use your money to lend to other people thats where they make their money. You pay them interest for borrowing my money. Now how much is the interest on a home loan at present

Jim2007

Deleted User wrote: »

The money disappears from your account and is placed on hold in the bank's own account for a couple of days to earn interest. It's only after those few days that they've put it to work earning interest that it makes its way into the destination account.

beauf wrote: »

They've been doing this for decades. Long before we had low rates.

That was outlawed along time ago.