Electronic transfer - why 3-4 working days

K

Kelmar

Registered User
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Hi

I work for a company with a European HQ in Switzerland - we are paid by electronic transfer from Switzerland. Each month it takes 3-4 working days from when the money is taken from our Company's Swiss account to when it appears in our employee accounts. Why so long??? I queried this with our Finance people in Switzerland and they told me this is a problem peculiar to 2 countries in Europe...Ireland and Russia!! I dont know if that is true or not but it does seem a little strange in this day of instant everything...

Also recently I withdrew money from a Northern Rock account and asked that it be electronically transferred to my AIB account. Again I was told it will take 3-4 working days??
 
The short answer is that it makes more profit for the banks.

That said, NR transfers to my NIB a/c usually go through the next day. Whereas a transfer from my BoI a/c to my NIB a/c (or vice versa) invariably takes 3-4 working days... :(
 
I figured as much but isn't it absurd in this day of competition that ALL banks seem to have the same policy....and that it seems to only be the case in Ireland and Russia!!
 
Are you sure that they are using electronic transfer and not some other form of interbank transfer?
 
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