Does this not imply the reverse, that if I wish to pay an Irish utility company/bank etc. from a German account that I will have that choice?"SEPA and consumers:
In a SEPA environment, consumers can rely
on just one bank account and one payment
card to make and receive euro-denominated
payments to and from anywhere in the area.
For example, an Irish consumer needing to
make regular euro-denominated payments
to a utility company located in another
country participating in SEPA could, if they so wish, make these payments by direct
debit from their Irish bank account, rather
than needing to open a bank account in the
country concerned to do so."
Thanks guys. Sounds less than inspiring then.
So much for the "common market" we were promised in the early 1970's.
I had a little read of the Central Bank's migration to SEPA guide and they state:
Does this not imply the reverse, that if I wish to pay an Irish utility company/bank etc. from a German account that I will have that choice?
Yes, I've been doing payments like these monthly for years and they are fine but I'm talking about using foreign accounts to have Irish sourced Direct Debits drawn on.I did an online bank transfer from my Irish AIB personal current account to a German bank account recently. It was easy and free of any bank charge for me anyway. They acknowledged my payment the following day.
I haven't seen any requirement in SEPA that an Irish company would have to accept non-Irish IBANs
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).?
+1.
It is going to be very interesting to see if/how many pan European web based current account products spring up post 1 February 2014 and if they will offer debit cards.
Options like KeyTrade become a more viable current account alternative, for Irish residents, post 1 February 2014.
My current German bank, DKB (though not interested in non-German speakers from what I gather) has a great product.I expect many people will be disappointed with the offerings, espically with online banking and debit cards... It is not at all unusual for it to take two or three working days to load money on a card for starters!
Which bank in Ireland post July this year will offer a no strings attached current account? Answer: none (unless you have some legacy PTSB account that they haven't (yet) changed the T&Cs on.That isn't really far superior to what you get in Ireland. I get all that bar free worldwide withdrawals (mine is only free in the EuroZone). I don't get charged for using my debit card in an ATM but would if I used my credit card so same difference.
I think IngDiba might. They are Dutch and offer online accounts to Germans (in German) already. A bank like them could easily create an English language portal that would be attractive to many even non-native English speakers.There are some good current account products available in other Eurozone countries like those mentioned above. However, the reality is that very few of these products will be offered to non-residents post full SEPA introduction.
The open question is which banks, if any, will open new account applications, post SEPA, to all Eurozone citizens. If the flood gates open then serious current account product competition begins.
Which bank in Ireland post July this year will offer a no strings attached current account? Answer: none (unless you have some legacy PTSB account that they haven't (yet) changed the T&Cs on.
There is (post July this year) no bank in Ireland which I can walk into and open a no strings attached free current account.
No bank in Ireland (post July) will allow you to make ATM withdrawals or most any other type of transaction for free unless you meet their conditions (minimum balance, minimum lodgement amount etc.)
Oh I forgot to mention. My bank currently pays 0.2% on the current account and 1.05% on the visa. They encourage you to move money to the visa account (you are not liable for fraudulent use up to the value of your credit, as you would be with many standard Irish credit cards) and just maintain the minimum required to cover your direct debits and debit card usage.
I don't use it as a savings tool as I get better rates with rabodirect.de but it's nice that my current account is paying the 0.2% for sure.
My bank's online portal is also superior to any I've used in Ireland (I've used AIB and UB). I can even upload insurance policies etc. to my online banking so in the event of a fire I have a copy of such things stored safely on the bank's servers. Nice touch.
I can also export my statements in CSV or XLS format. AIB certainly don't have that (UB allow CSV export IIRC). I also get cashback on purchases with many popular online retailers if I navigate to their site through my internet banking (usually 5%-10% cashback). It's just a far better level of service and all free.
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