RABO Direct - Are you SEPA ready? What does this mean?

Dinarius

Registered User
Messages
506
I have received a few emails lately from RABO about SEPA. (Single Euro Payment Area)

Apparently, the deadline is September 9th.

Assuming the email is genuine, what should I be doing, if anything?

I have most of my savings in RABO, so I guess I should at least ask! :eek:

Thanks.

D.
 
Irish financial institutions have to be SEPA compliant by February 2014.

The principal impact will be the use of BIC (Bank Identification Code) and IBAN (International Bank Account Number) to replace the use of NSC and Account Number. BIC and IBAN are already in use in Irish banks, just not required for customer payments. In 2014, they will be required.

There's no changeover required. Your account stays as is, your BIC & IBAN are available from your bank. BOI have been including these details on customer statements for a few years.

There is no general 09 September 2013 cutover date.
 
Thanks for the reply.

Here's the email.

Not quite sure if I have to do anything. I presume not.

Thanks. D.



[FONT=&quot]The clock is ticking[/FONT][FONT=&quot]....[/FONT]
[FONT=&quot]By now it hopefully isn't news to you that here at RaboDirect we plan to be Single Euro Payment Area (SEPA) ready by the 9th of September 2013. But if you've missed our last few communications about SEPA, please read on. You could be impacted as a customer and if so, [/FONT][FONT=&quot]you'll need to take action[/FONT][FONT=&quot] because time is running out! [/FONT]


 
[FONT=&quot]Got a Rabo Money Mover? [/FONT]
[FONT=&quot]If you've got a Rabo Money Mover set up to deposit into your RaboDirect account regularly, and the amount is in excess of €500 per month or €100 per week, then you'll need to reduce this. Otherwise, your payment request made on or after the 9th of September 2013 [/FONT][FONT=&quot]will not be processed[/FONT][FONT=&quot] if it exceeds either €500 per month or €100 per week.[/FONT]
[FONT=&quot][[/FONT]/QUOTE]​

So, if you don't have any of what's referred to above, there's nothing you need to do.
 
Have to say only being able to transfer 500 euro per month electronically is a bit of a pain.

Is there a way around this?
 
Have to say only being able to transfer 500 euro per month electronically is a bit of a pain.

Is there a way around this?

I'm not a Rabo customer, so tell me if you can make SEPA payments directly from your savings account free of charge, why even bother with this restricted money mover 'thingy'???
 
I still dont understand if the limits above will apply. I have a Rabo savings account which I will want to send money to (various amounts above and below the 500 limit) and I will also need to move money from Rabo back to my UB accounts. Will I now be limited by their online banking webportals if those movements are over 500Euro?
 
This limit only applies if you use the Rabo Money Mover facility.

You can still transfer money electronically or by cheque without limit in the usual way.

Rabo Money Mover Changes

As of the 9th September 2013, the changes to our systems with the introduction of SEPA impacts on how the Rabo Money Mover facility works. IF you use our Rabo Money Mover facility there is now a limit on the amount you can transfer INTO your RaboDirect accounts. This limit will be set at €500 per month, or €100 per week, for both regular and one-off transfers in. PLEASE NOTE: IF YOU DON'T USE THE RABO MONEY MOVER, THERE IS NO RESTRICTION ON THE AMOUNTS YOU CAN TRANSFER INTO YOUR RABODIRECT ACCOUNT. For example, you can transfer money from your AIB or BOI account straight into your RaboDirect Savings Account without any limit. The limit only applies when you use the Rabo Money Mover facility. NB: These restrictions do not apply to customers transferring money OUT of RaboDirect accounts.


[broken link removed]
 
Brill. Is think I understand it now. So the money mover thing is like a standing order? I don't need to use this
 
The money mover thing I think is supposed to simplify the transfer process for regular or once off transfers, I have never used it.

Since Rabo introduced SEPA I have made several transfers above the limit both in and out without issue.
 
Back
Top