So, as the deadline for full implementation of the SEPA protocols fast approaches, what will we be able to do differently in a year's time?
My day to day banking is done where I live, in Germany, all online and all free. Haven't been to a branch in years.
I rent some property in Ireland and have a single outstanding mortgage there, so up until now I've needed an account to lodge rent into and with which to service the mortgage.
In theory this should all change by February at the latest, if I understand SEPA correctly. The idea is that national sort codes and account numbers will become defunct and all payments to accounts will be made via IBAN/BIC.
Given this, I hope to be able to close my one remaining Irish account and instruct tenants to use an IBAN/BIC for a German account and ALSO to instruct my mortgage lender to use same. In theory the lender must accept the new IBAN/BIC as far as I understand the rules and to the tenant paying into an "Irish" IBAN or a "German" IBAN numbered account is exactly the same.
Some state institutions here in Germany have already switched and you can no longer pay them via anything other than their IBAN/BIC.
Will Irish financial institutions honour this? Will they have any choice? Interesting times ahead (for residents in Ireland too the idea would unshackle them from often incompetent and lackadaisical Irish banks and allow them to open current accounts elsewhere).
Will anyone else here look to open non-Irish accounts for their day to day business?
My day to day banking is done where I live, in Germany, all online and all free. Haven't been to a branch in years.
I rent some property in Ireland and have a single outstanding mortgage there, so up until now I've needed an account to lodge rent into and with which to service the mortgage.
In theory this should all change by February at the latest, if I understand SEPA correctly. The idea is that national sort codes and account numbers will become defunct and all payments to accounts will be made via IBAN/BIC.
Given this, I hope to be able to close my one remaining Irish account and instruct tenants to use an IBAN/BIC for a German account and ALSO to instruct my mortgage lender to use same. In theory the lender must accept the new IBAN/BIC as far as I understand the rules and to the tenant paying into an "Irish" IBAN or a "German" IBAN numbered account is exactly the same.
Some state institutions here in Germany have already switched and you can no longer pay them via anything other than their IBAN/BIC.
Will Irish financial institutions honour this? Will they have any choice? Interesting times ahead (for residents in Ireland too the idea would unshackle them from often incompetent and lackadaisical Irish banks and allow them to open current accounts elsewhere).
Will anyone else here look to open non-Irish accounts for their day to day business?