EBS transferring more than €5000

EchoEmber

We went sale agreed on a house few weeks back, and all our savings is in a savings account with EBS. When it comes to paying the 10%, how would the best to transfer the funds to the solicitor ? EBS has a limit of €5K when transferring money per day, this includes transferring it from your savings to current a/c! If I go into their branch will I be able to transfer the entire amount ? (it will be around 34K)

coylemj

I'd ring them and ask. It's unlikely that they take the instruction over the phone but it's worth a try. If not, they should be able to tell you if it can be done inbranch.

As you've probably already figured out, to do this manually under the current rule (5,000 daily limit) would take all of 14 days because each day, you would be limited to transferring 2,500 from your savings account to your Money Manager account and you would then transfer 2,500 from the MM account to the external account before hitting the daily 5,000 limit.

It's a ridiculous rule. In one transaction, Bank of Ireland will allow me to transfer up to 20,000 from any account (savings or current) to an external payee.

EchoEmber

https://www.boards.ie/discussion/comment/120862813#Comment_120862813

thanks - I did call them this morning and was told to head into the branch and they can do it.

user060916

Can you let us know how you get on?

I tried this before in branch and was told it wasn't possible. They could only do a bank draft

TheChizler

I ran into this problem a few years ago and the only solution was a bank draft.

EchoEmber

https://www.boards.ie/discussion/comment/120869778#Comment_120869778

Sorry for the delay, but had no issues sending it in branch .

user060916

Strange, I must have been given incorrect information then, ended up sending 5k a day for 20 days to empty account.

sugarman20

I really don't understand why EBS have this rule, it's really frustrating.

Dodge

PTSB have a similar rule fwiw (and allow in branch transfers for more too)

EchoEmber

https://www.boards.ie/discussion/comment/120934793#Comment_120934793

Sorry I was talking through my ***** there, we ended up transferring the booking deposit from my missus AIB account/branch as we were told the same about EBS! We have yet to make a plan about the 10% deposit.

drogon.

I believe their bank draft is free though.

gipi

https://www.boards.ie/discussion/comment/120939793#Comment_120939793

EBS drafts aren't free. I needed to move money from my EBS account to ptsb earlier this year, and I could only do it by draft. It cost me 1.27 plus 50c stamp duty. These charges were only printed in my account book the next time I visited EBS, several weeks later.

drogon.

https://www.boards.ie/discussion/comment/120939929#Comment_120939929

I suppose it is a small fee, but at the end of the day that's all a free account will give you.

drogon.

https://www.boards.ie/discussion/comment/120939929#Comment_120939929

Just an FYI - I was in the branch today and did confirm this.

coylemj

Considering the manual work required in preparing a draft, not to mention clearing it at the other end, I'm amazed that they are only charging 1.27.