Oh, just received the v12.6 app update.
SEPA Instant Progress, or the lack of it...
- Thread starter Freelance
- Start date
Just to add that I did a SEPA Instant withdrawal from DeGiro to Bank of Ireland today. I sold some shares when the market opened at 8am, it took about two hours before DeGiro did a "cash sweep" which is necessary before Instant withdrawals, I then did the transfer and immediately logged into my BOI app to find the money already there.
The speed-of-access argument for keeping a large emergency fund out of the stock market seems to be totally gone now.
Card transactions don't use SEPA
Raisin are unable to offer SEPA Instant Inbound or Outbound. Over the last 10 days, I transferred money from my reference account (AIB) to my Raisin Cash account, and separately from my Raisin Cash Account to my reference account (AIB) and in both cases SEPA Standard was the only option, SEPA Instant was not available. I asked Raisin support why and the curt response was that they do not offer SEPA Instant. Go figure.
In fairness to the much maligned Irish Banks, various SEPA Instant transfers have all worked and their implementations appear to be pretty solid. VOP also appears to be working well. I've completed SEPA Instant transfers involving AIB, BOI, N26 and BUNQ, all without issue. The only ongoing annoyance is BOI's refusal to let you change the name on a Payee (to match the actual account name) and forcing the deletion and re-addition of the Payee to achieve this - not a big deal I suppose, more of an irritation.
In fairness to the much maligned Irish Banks, various SEPA Instant transfers have all worked and their implementations appear to be pretty solid. VOP also appears to be working well. I've completed SEPA Instant transfers involving AIB, BOI, N26 and BUNQ, all without issue. The only ongoing annoyance is BOI's refusal to let you change the name on a Payee (to match the actual account name) and forcing the deletion and re-addition of the Payee to achieve this - not a big deal I suppose, more of an irritation.
You'll be able to re-use that line of thinking next time you slip into a pub for 10 mins and emerge two and a half hours later.....
Nothing would surprise me where BUNQ are concerned. Why don't you contact their appalling support about it.
Because it's an AIB issue; transfers from any other bank arrive within 10 seconds or less.
I've always found their support pretty good. Better than the remaining Irish banks, but that's not a high hurdle.
email received yesterday from Raisin: Finally !
New: SEPA instant is live
With SEPA instant, your money doesn’t wait. Funds can now be transferred to your Raisin Account within seconds, so you can invest immediately and secure attractive savings rates without delays. Please note, your bank must also support SEPA instant and maximum daily transfer limits may still apply depending on your bank’s policy.
New: SEPA instant is live
With SEPA instant, your money doesn’t wait. Funds can now be transferred to your Raisin Account within seconds, so you can invest immediately and secure attractive savings rates without delays. Please note, your bank must also support SEPA instant and maximum daily transfer limits may still apply depending on your bank’s policy.
Although, confirming the destination account name on a partial match gives us most of the benefits.
Given AML requirements on opening accounts, it's going to be hard for a fraudster or a money mule to have an account name that close to the legitimate account you are expecting.
For example: I just paid a booking deposit to an Estate Agent who provided account details by email. It's not unheard of for estate agents, solicitors or large suppliers to have their email interfered with by hackers who substitute alternative destination accounts. Previously I would have rung them to double check account details received over email, and wait for confirmed receipt of a small test transfer to make sure I'd registered the details correctly. But now VOP tells me instantly that the destination is a truncated variation of the expected client account, and SEPA instant confirms when delivered.
Given AML requirements on opening accounts, it's going to be hard for a fraudster or a money mule to have an account name that close to the legitimate account you are expecting.
For example: I just paid a booking deposit to an Estate Agent who provided account details by email. It's not unheard of for estate agents, solicitors or large suppliers to have their email interfered with by hackers who substitute alternative destination accounts. Previously I would have rung them to double check account details received over email, and wait for confirmed receipt of a small test transfer to make sure I'd registered the details correctly. But now VOP tells me instantly that the destination is a truncated variation of the expected client account, and SEPA instant confirms when delivered.