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Irish banks for international standing orders

  • 28-04-2021 5:48pm
    #1
    clusk007
    Registered Users, Registered Users 2 Posts: 386 ✭✭


    Hi all,

    I'm currently with Ulster bank and was trying to set up a regular international standing order to DeGiro today, but after speaking with them on the phone they said they don't cater for this.

    In light of Ulster bank leaving Ireland, and considering other banks, is anyone aware of any Irish banks that allow for international standing orders?

    Thanks, Stephen


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    What is the scope of the orders, Europe, US ?


  • #3
    clusk007
    Registered Users, Registered Users 2 Posts: 386 ✭✭clusk007


    Jim2007 wrote: »
    What is the scope of the orders, Europe, US ?

    Europe Jim, Germany specifically.


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    Well SEPA does include a definition for a standing order service, but I don't know if banks are obliged to offer it.

    What are they telling you, that it is not possible?


  • #5
    clusk007
    Registered Users, Registered Users 2 Posts: 386 ✭✭clusk007


    Jim2007 wrote: »
    Well SEPA does include a definition for a standing order service, but I don't know if banks are obliged to offer it.

    What are they telling you, that it is not possible?
    Yes exactly. And she even said that she didn’t know if any other Irish banks did it either.

    That’s what I want to figure out. Anyone successfully set up an international standing order to a European company/service, from your Irish bank?


  • #6
    Blackwater20
    Registered Users, Registered Users 2 Posts: 6 ✭Blackwater20


    clusk007 wrote: »
    That’s what I want to figure out. Anyone successfully set up an international standing order to a European company/service, from your Irish bank?

    Was not possible with BOI account. I successfully set up standing order to European account from KBC account.


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  • #7
    clusk007
    Registered Users, Registered Users 2 Posts: 386 ✭✭clusk007


    Blackwater20 wrote: »
    Was not possible with BOI account. I successfully set up standing order to European account from KBC account.
    Yes I heard they did it, but they are leaving now as well!


  • #8
    Blackwater20
    Registered Users, Registered Users 2 Posts: 6 ✭Blackwater20


    clusk007 wrote: »
    Yes I heard they did it, but they are leaving now as well!


    From what I heard you can set this up from AIB account too.


  • #9
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    I set up a Standing order to N26 (German IBAN) from AIB online years ago.

    Can't see why it would be a problem for any bank to offer this. If you can do SEPA, then you should be able to do standing order (which is basically just a "repeat" SEPA transfer). There is no additional complexity/risk.


  • #10
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    dotsman wrote: »
    I set up a Standing order to N26 (German IBAN) from AIB online years ago.

    Can't see why it would be a problem for any bank to offer this. If you can do SEPA, then you should be able to do standing order (which is basically just a "repeat" SEPA transfer). There is no additional complexity/risk.


    Theory versus reality.... Actually I tried to set up one up here on my two Swiss accounts today and failed on both. Gave one of them a call and was told that they don't support it...


  • #11
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Jim2007 wrote: »
    Theory versus reality.... Actually I tried to set up one up here on my two Swiss accounts today and failed on both. Gave one of them a call and was told that they don't support it...

    What Irish bank was this?

    Are the swiss accounts euro-based? (SEPA only works for Euro accounts).


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  • #12
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    dotsman wrote: »
    What Irish bank was this?

    Are the swiss accounts euro-based? (SEPA only works for Euro accounts).

    Of course SEPA works for none Euro accounts! Norway, Sweden, Denmark, Iceland, Switzerland.... SEPA was established by the European Payment Council (not the EU or the Euro group) which has 36 members, 26 from the EU of which 19 use the Euro. Even the UK still uses SEPA.

    Like most Central European a high percentage of people in the Swiss border regions rent their accommodation and work on opposite sides of the border so I assumed that being able to set up a cross border standing order to at least pay your rent would be a common requirement, but it seems not so much as to encourage Swiss banks to offer the service either.

    Would be interesting to hear from Irish people living in other European countries if they are able to set one up. Maybe the service only exists on paper IDK.


  • #13
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Jim2007 wrote: »
    Of course SEPA works for none Euro accounts! Norway, Sweden, Denmark, Iceland, Switzerland.... SEPA was established by the European Payment Council (not the EU or the Euro group) which has 36 members, 26 from the EU of which 19 use the Euro. Even the UK still uses SEPA.

    Like most Central European a high percentage of people in the Swiss border regions rent their accommodation and work on opposite sides of the border so I assumed that being able to set up a cross border standing order to at least pay your rent would be a common requirement, but it seems not so much as to encourage Swiss banks to offer the service either.
    Oh, I'm very much aware that SEPA exists in non-Eurozone countries. But you are forgetting what the "E" in SEPA stands for:)

    SEPA is based on EUR transfers. For non-Eurozone countries using SEPA, things get a lot trickier!.

    When sending to the likes of the UK, the receiving bank will do the currency conversion. For the likes of Switzerland, from what I can see, some banks only use SEPA when the receiving account is in EUR (many swiss banks offer customers CHH and EUR accounts, and people who live/work in border regions typically maintain both). Likewise, Swiss banks may not use SEPA for large transactions (but I assume that doesn't apply to you).

    See here for details of what I am saying:
    GoCardless SEPA Details wrote:
    In non-eurozone countries, the SEPA schemes are only used for euro-denominated payments. Reachability is only required for euro-denominated bank accounts. For payments made in the local currency, national schemes should continue to be used.

    Or, likewise
    Credit Agricole Switzerland wrote:
    The recipient account must be in EUR...

    ...Please note, it is therefore essential to verify that the recipient account is in euros (EUR)otherwise your payment could be returned to you, for which you may incur additional charges - link



    Jim2007 wrote: »
    Would be interesting to hear from Irish people living in other European countries if they are able to set one up. Maybe the service only exists on paper IDK.
    As per my post above, I have used AIB online to set up standing order to German bank accounts (EUR) - no issue and the same as setting up/editing an Irish Standing Order.

    The main question is - what Irish bank are you referring to (and have you asked them what the problem is?)


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