Woefully slow NI to UK bank transfer

NIMAN · 05-12-2021 4:22pm #1

I added a new payee via my 365online on Friday evening, and sent them small sum of money at approx 7pm.

Now it's Sunday at 4:20pm and still they have received nothing.

In this day and age, that's pathetic.

Why such a delay? Issues like this, added to the inability I had trying to authorise payments using the new app, are making we seriously consider leaving BOI after 30yrs.

CJhaughey · 05-12-2021 4:28pm

It’s outside the SEPA payment area so not covered by SEPA rules like intra EU would be, that’s why banks take their sweet time.

NIMAN · 05-12-2021 4:30pm

Don't know much about Sepa, but is this not simply a UK to UK transfer?

Or does NI accounts be treated as if they are in Roi by the bank?

Tow · 05-12-2021 4:32pm

This is a UK BACS payment. It will take 3 bank working days, as standard.

05-12-2021 4:35pm

The UK remains in the SEPA area.

It isn't restricted to EU members.

But as noted above it is an internal payment.

NIMAN · 05-12-2021 4:38pm

https://www.boards.ie/discussion/comment/118272708#Comment_118272708

Shocking.

And banks wonder why people are moving to the likes of Revolut and N26.

Do their systems shut down over the weekend?

CJhaughey · 05-12-2021 4:43pm

SEPA is restricted to Euro denominated payments in non eurozone countries so although the UK is still in the SEPA scheme sterling payments are handled differently than Euro payments.

NIMAN · 05-12-2021 4:52pm

What I'm trying to discover here, if you'd happen to know, is if it's BOI who are the reason why it's slow, or is it inherent in the UK banking system?

For example, if I had my account with Halifax or Santander in NI, would it also take 3 working days?

Tow · 05-12-2021 4:53pm

The UK has become a Non EEA member of SEPA. Their banks no longer have to accept SEPA transfers, BICs are required, has additional AML requirement (payees address must be sent with the transaction) and SEPA transfers can only be in Euro.

The OP made a BACS transfer on Friday at 7pm, so missed the cut off time. Their payment's 3 day cycle will start on Monday, giving a payment day of Wednesday.

Bank of Ireland: Jennifer · 06-12-2021 10:27am

https://www.boards.ie/discussion/2058221314/woefully-slow-ni-to-uk-bank-transfer

Hi There,

Thanks for getting in touch with us here on Boards. Please be advised that any payments made after the cut off time on Friday will not be processed untill the next working day. This payment can also take up to 3 working days to credit the receiving account. Please be assure that we do appreciate all customer feedback and we will be sure to pass this on.

Thanks Jen

NIMAN · 06-12-2021 11:41am

What's the cut off time?

Bank of Ireland Reps · 06-12-2021 2:33pm

Hi there

Please see the attached here for the full information on transfers, timeframes and cut off points

Thanks

Declan

banie01 · 06-12-2021 2:40pm

https://www.boards.ie/discussion/comment/118272783#Comment_118272783

BACS is 3 days and it's generally not a matter of the bank, it's just how the UK banks have their systems and deadlines set up. It is a pain in the hole when dealing with UK customers tbh. SEPA euro settlements I can pay and be paid within an hour. UK BACS and it's always 3 days.

NIMAN · 06-12-2021 5:45pm

More reason to use Revolut, PayPal etc.

banie01 · 07-12-2021 11:01am

https://www.boards.ie/discussion/comment/118279143#Comment_118279143

Even with Revolut, if you aren't transferring directly to another Revolut customer and the transfer needs to be routed via BACS. It will still be a 3 day turnaround.

Revolut and N26 are fantastic but any payments outside of their, or SEPA eco system are at the whims of the rules of the receiving system.

km991148 · 07-12-2021 11:06am

That is weird. Never has a problem between transferwise to HSBOS accounts and other UK banks.

Not seen multiple day transfers for over a decade. Maybe its the "up to" and that's to allow for some additional checks now and again (Fraud/ security etc)?

07-12-2021 11:06am

https://www.boards.ie/discussion/comment/118283079#Comment_118283079

I regularly transfer money from my Irish revolut account to my daughter's UK bank account (Nationwide BS) and the money is there almost instantly.

banie01 · 07-12-2021 11:10am

https://www.boards.ie/discussion/comment/118283110#Comment_118283110

All experiences I have had with such transfers, albeit more commercial than personal have been an AVG of 2 days. I've never been lucky enough to have an instant UK transfer.

N26 UK transfers did IME speed up after they partnered up with TransferWise but I'd be using a sample of 2 there versus about 50 via Revolut.

Woefully slow NI to UK bank transfer

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