Funding Bankinter deposit account from BOI current account

[NotMyRealName]

Anybody move a lump sum large balance , say 100k from a Boi current account to another provider. What steps involved? Is it an in-branch affair?
Specifically, I've moved funds back to Boi from Moco and Trade Rep. with the intention of opening 1yr fixed lump sum account with Bankinter. It was easy funding up the Moco and Trade Rep accounts as they weren't term accounts, but the Bankinter has to be done in one go. Anyone do something like this recently? We're looking at opening 2 of these. I'm just trying to cut through the procedural info to get a handle on what is, or may be, required. In-branch seems likely though.

 

[Monbretia]

I have just opened a Bankinter 1 yr deposit (well have done my best anyway, don't think it liked my DL pic!) and my understanding is they will debit your nominated account within 2 days of opening so you're not transferring the money anywhere. Mine is an EBS account and I double checked with them yesterday that it was possible that it could be just debited like that as I haven't come across direct debit used that way for opening an account before but they said yes it would work fine! Can only wait and see now.

 

[Villaines]

I haven't come across direct debit used that way for opening an account before

When I opened a deposit account online with BOI they also did it by directly charging my AIB account. Subsequently closed that account due to bad rates.

Only comparative benefit of the BOI account was that it was a joint deposit account whereas BankInter et al do not accommodate Joint accounts for some strange reason.

And after I opened the BOI account it became clear that I couldn't manage it online and I had to go into the branch to arrange for the funds to be sent back to AIB when the fixed term ended, total palaver.

 

[ashambles]

Has anyone used Bunq or N26 for funding BankInter? I was going to route savings I've there via BOI, but if it's a one off debit maybe Bunq/N26 are less likely to decide to lock the accounts (temporarily) due to running foul of their seemingly hair trigger AML checks.

(Probably more likely to trigger AML with one big tranaction but just curious to know if anyone's done it)

 

[NotMyRealName]

I have just opened a Bankinter 1 yr deposit (well have done my best anyway, don't think it liked my DL pic!) and my understanding is they will debit your nominated account within 2 days of opening so you're not transferring the money anywhere. Mine is an EBS account and I double checked with them yesterday that it was possible that it could be just debited like that as I haven't come across direct debit used that way for opening an account before but they said yes it would work fine! Can only wait and see now.

Ok, that's interesting. That'd be great if it works like that. Anything about that in Bankinter T and C's I wonder? Or do you have to find yourself in the middle of the process for it to become apparent?

 

[Monbretia]

Ok, that's interesting. That'd be great if it works like that. Anything about that in Bankinter T and C's I wonder? Or do you have to find yourself in the middle of the process for it to become apparent?

It definitely said it somewhere as I saw it and asked EBS before I even started the opening process. I'll have a look.

That didn't take long! Says it on first page

 

[NotMyRealName]

Ah. OK. Thanks @Monbretia
I read this as a DD that I'd have to initiate from my Boi side.

 

[Monbretia]

DDs come from someone else, Standing Orders go from you spent years explaining that to customers

 

[Freelance]

The process is exactly as @Montbretia outlined. And it's a single debit, no top-ups or anything like that.

Just a word of warning, the process is very inflexible. I opened my account and the debit was automatically set-up as part of that process to come from BOI two days later - I hadn't expected that. Unfortunately the funds were due to transfer from State Savings to BOI and State Savings delayed these so I had to ask Bankinter to pause the debit instruction. Sorting out ensuing the mess took two weeks, mainly because Bankinter support hadn’t a clue how to "unpause/restart" the Single Direct Debit instruction.

The use of the Single Direct Debit is intended to get over the very low limits that the Irish banks have for online payments/transfers, but it’s rather inflexible.

 

[NotMyRealName]

Ok, that's great to know. I'll have the funds parked there and ready to go