KBC exiting Ireland

The J Stands for Jay

Quazzie wrote: »

Wednesday 9th June. Both bought the same product. Both prime members. Both paid in Sterling allowing our respective banks make handle the currency exchange. I was always of the belief like the claims that Revolut was cheaper and definitely when compared to my own AIB card on any time I've tested it, it was. Maybe PTSB have a better rate though

I wonder is it because PTSB show their charge as a separate item on your statement?

unkel

McGaggs wrote: »

I wonder is it because PTSB show their charge as a separate item on your statement?

That's what KBC do too. And it might not show up on your statement until a week later or sometimes more. Must be the explanation here. The interbank rate is the rate at which banks buy and sell FX to each other (hence the name). This is the cheapest possible rate they could charge

It's either that or one of the two transactions has somehow gone wrong. Banks do make mistakes

Quazzie

McGaggs wrote: »

I wonder is it because PTSB show their charge as a separate item on your statement?

That actually makes perfect sense.

Sam W

This is how it will show up in PTSB account for foreign transactions. The FX fee doesn’t show up until a few days later.

Bob24

McGaggs wrote: »

I wonder is it because PTSB show their charge as a separate item on your statement?

Yes, and also PTSB (like most banks) are waiting for the transaction to be settled before they apply the fee (because both the transaction amount and the fee amount could change before the actual transaction settlement). It usually takes a few days but it could be weeks if the vendor decides to keep in on hold.

Fintechs like N26 and Revolut chose to display the transaction immediately as people like to get instant notifications and immediate reflection on their mobile App. But it means they are actually showing provisional amounts which might need to be corrected if the final settlement is for a different amount or if the transaction is never settled.

adox

Started getting push notifications for transactions yesterday.

Bob24

adox wrote: »

Started getting push notifications for transactions yesterday.

Started about 2 weeks ago for me. But it is only for SEPA transactions (not for card transactions).

pm1977x

I presume there's no pitfalls to going on to another fixed term with KBC for my mortgage, current term is nearly up - it will just be taken over by BOI or whoever when the time comes?

The J Stands for Jay

Bob24 wrote: »

Started about 2 weeks ago for me. But it is only for SEPA transactions (not for card transactions).

I hope it means they stop sending me letters everyone I transfer to/from my savings account. But it's a bit poor that it doesn't include card transactions.

rodge123

pm1977x wrote: »

I presume there's no pitfalls to going on to another fixed term with KBC for my mortgage, current term is nearly up - it will just be taken over by BOI or whoever when the time comes?

Only possible issue is will BOI honor the 0.2% discount given for having a KBC current account.

Bob24

The J Stands for Jay wrote: »

I hope it means they stop sending me letters everyone I transfer to/from my savings account. But it's a bit poor that it doesn't include card transactions.

I actually received one of those letters last week, so no luck with this :-/ … and fully agree I also don’t get why they are doing that!

I am not sure how it is supposed to work, but from what I can tell to date the notifications from the App only cover current accounts.

Evil_g

Does anyone know whether I'll be able to check my mortgage balance online, or through the app, with BOI?

Y'know, as though we were in the 21st century.

rodge123

Evil_g wrote: »

Does anyone know whether I'll be able to check my mortgage balance online, or through the app, with BOI?

Y'know, as though we were in the 21st century.

Nearly sure I could see my balance on the BOI app before I left them for KBC. They obviously purchased KBC to get me back!

pm1977x

rodge123 wrote: »

Only possible issue is will BOI honor the 0.2% discount given for having a KBC current account.

Ah yes, good point, thanks for the reply.

youcancallmeal

Evil_g wrote: »

Does anyone know whether I'll be able to check my mortgage balance online, or through the app, with BOI?

Y'know, as though we were in the 21st century.

I would hope so but have my doubts. I still have credit card accounts I closed years ago showing up on my boi365 app. I asked for them to be removed a while back but they said it wasn't possible

The J Stands for Jay

youcancallmeal wrote: »

I would hope so but have my doubts. I still have credit card accounts I closed years ago showing up on my boi365 app. I asked for them to be removed a while back but they said it wasn't possible

I've seen threads on here saying that BoI struggle to show accurate current account balances on their app....

Sheep Shagger

The J Stands for Jay wrote: »

I've seen threads on here saying that BoI struggle to show accurate current account balances on their app....

Duplicated transactions used to be common enough in the app....

Bob24

I know there is no reason for KBC and BOI to share any information before they have reached a final deal, but when do people reckon we will know more about the impact for customers and what the story is in terms mortgage and current/savings accounts (will mortgage bonus rates be retained, what happens to KBC savings account, are current accounts being migrated to BOI with standard BOI terms or is there a specific treatment for migrated accounts, etc)..

Sheep Shagger

Bob24 wrote: »

I know there is no reason for KBC and BOI to share any information before they have reached a final deal, but when do people reckon we will know more about the impact for customers and what the story is in terms mortgage and current/savings accounts (will mortgage bonus rates be retained, what happens to KBC savings account, are current accounts being migrated to BOI with standard BOI terms or is there a specific treatment for migrated accounts, etc)..

Existing rates etc have to be honoured as you have a contract with UB, no sale can remove those without your consent.

When they annoince a deal it will be subject to competition and regulatory approval which takes time.

When that is through it is likely to be BAU for a while whilst they work through the logistics and operational plan of the actual migration.

Sam W

Sheep Shagger wrote: »

Existing rates etc have to be honoured as you have a contract with UB, no sale can remove those without your consent.

When they annoince a deal it will be subject to competition and regulatory approval which takes time.

When that is through it is likely to be BAU for a while whilst they work through the logistics and operational plan of the actual migration.

Base rate and discount are two different things. They may need to honour the APR rate but they don't have to provide extra 0.2% discount for being a KBC current account customer.

Bob24

Sheep Shagger wrote: »

Existing rates etc have to be honoured as you have a contract with UB, no sale can remove those without your consent.

When they annoince a deal it will be subject to competition and regulatory approval which takes time.

When that is through it is likely to be BAU for a while whilst they work through the logistics and operational plan of the actual migration.

This was discussed before, but I wouldn’t take it for granted that the 0.2% bonus rate will follow the mortgage. The T&Cs clearly specify that mortgage payments have to come from a KBC Ireland account for the bonus rate to remain active, and technically there will not be such thing as KBC Ireland accounts anymore.

And yes sure it will be another while before we know the actual practical impact on customers - that was my question though, what kind of timeline people reckon we are looking at before the details are made available?

irishgeo

gutted i have to move from KBC, i signed up with N26 already but wont be moving yet, the promo for the free year of the you account and the free card was too good to turn down.

Yyhhuuu

irishgeo wrote: »

gutted i have to move from KBC, i signed up with N26 already but wont be moving yet, the promo for the free year of the you account and the free card was too good to turn down.

Is there any benefit to having the n26you business as opposed to ordinary n26you.

I now realise how great the kbc app is.
Their phone staff were also great.

Yggr of Asgard

I guess the end is nearly here.

With the latest App Update the ability to apply for new products (Bank/Borrow/Save) has been removed.

Instead, first a notice "Important Customer Notice" with the usual information is displayed and then once you click on "I understand" you will be shown a "To complete a lending application, please call us".

Time to move on I think.

Davexirl

https://www.boards.ie/discussion/comment/117666827#Comment_117666827

Time to start thinking which Bank to move to. PTSB's account looks the best out of all the Irish Bank's.

The J Stands for Jay

https://www.boards.ie/discussion/comment/117668950#Comment_117668950

That's a pretty sad reflection on Irish banks if that's true. I remember getting a current account with them when they offered 10% interest, and ended up sticking with them, but hating every interaction I had with them. There's no way in hell I'll go back.

Davexirl

https://www.boards.ie/discussion/comment/117670615#Comment_117670615

That bad? I was just looking at the overall current account charges for them all. EBS is free but their online banking is meant to be rubbish.

Yggr of Asgard

There is not much left if you require a "full" service bank account with an irish IBAN.

AIB, Bank of Ireland, PTSB, EBS (to a limited extend) and a Credit union that hosts a currentaccount.ie service.

Beside that only N26/bunq offer most services that a current account/card service requires but that means sometimes significant drawbacks. Like bunq only allows 250€ ATM per day or N26 still suffering from the IBAN discrimination (plus the risk to bank with an organization that is under special supervision of the German Banking Regulator).

I liked KBC as it was free, had relatively good payment processing times and a nice app (especially now with the payment alerts) but in the end, its hard to penetrate the change resistant market that Ireland is in which government owned, or part owned banks control the market and most people don't like to switch their providers for anything.

Sam W

https://www.boards.ie/discussion/comment/117671058#Comment_117671058

Just to note that the free version of bunq has been discontinued.

Sam W

With my EBS current account being 'approved', I now have (or previously had) a current account with every single major provider in Ireland.

AIB:

• Pros: decent app; decent online banking; best and fastest telephone customer services; usually fast to integrate with new technologies (e.g. the second to adopt Apple Pay in Ireland, only a bit slower than KBC).
• Cons: not free (unless you also have a mortgage with them).

BOI:

• Pros: friendly customer services (if that counts).
• Cons: app & online banking used to be absolutely sh**; not free; way too many glitches in their payment systems.

PTSB:

• Pros: They used to have free banking as long as you keep a minimum balance; app used to be crap but much better now; their system is the only one that I didn't have to contact previously due to glitches/bugs/issues.
• Cons: no longer offering free banking to new customers; the new explore account is of no good unless you shop at the specified grocery shops at a regular basis.

EBS:

• Pros: completely free; telephone customer service is quick to answer.
• Cons: the online banking system still seems to be in 1980s; have to wait for a day before you can send money to a new payee; no mobile banking.

N26:

• Pros: have a free version; nice app with new technologies; free currency exchange for online shopping.
• Cons: customer service is an absolute disaster (and I used to have the most expensive Metal account with them); very very very slow to investigate account & payment issues; no physical branches; many catches with the free version that you need to look out for.

KBC:

• Pros: free banking with monthly lodgement; great app; always the first to embrace new technologies;
• Cons: In-app verification & payment process is no longer the best now (very minor issue); no way to lodge cash.

Bunq:

• Pros: used to have a free version that comes with a credit card; free currency exchange for online shopping.
• Cons: the free version has been discontinued, and the paid version is no better than N26; no physical branches.