waiting for a funds transfer from BOI

D

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Hi there

Someone transferred money to me (PTSB) today from BOI (it would have been this afternoon). Will it be in my account tomorrow? or will it take another day (Does the transfer have to be made before 12pm). I know I have someone who transfers money to me every month from Ulster Bank to PTSB and it goes in the very next day.
Thanks
SBW
 
Ulster Bank do clearing for PTSB IIRC which might explain the speed - BUT did you know that there is a difference between a lodgment showing on your account and the actual money being available to withdraw / spend? The banks declare a 3 to 5 (some staff say 7) working-day clearing delay which is the difference between the date a transaction is presented or lodged at a branch and cleared funds being available.

In my opinion if the lodgement shows up tomorrow (unlikely) you'll probably still have to wait for it to clear before you can use it.
 
Oh no.. thats a real shame. I thought it was all approx 1-2 days now by mainstream banks. Crazy really considering the TARGET payment system has been in place by the ECB for over 10 years, thus allowing immediate transfer of funds, or so thats what my understanding was of it.
 
mathepac said:
Ulster Bank do clearing for PTSB IIRC which might explain the speed - BUT did you know that there is a difference between a lodgment showing on your account and the actual money being available to withdraw / spend? The banks declare a 3 to 5 (some staff say 7) working-day clearing delay which is the difference between the date a transaction is presented or lodged at a branch and cleared funds being available.

In my opinion if the lodgement shows up tomorrow (unlikely) you'll probably still have to wait for it to clear before you can use it.
Click to expand...

If money is transferred electronically into your account there is NO delay in the money being available. The delay only relates to where you lodge a cheque to your account.

If the transfer was made before 3 pm yesterday it should be in the account this morning and the funds will be cleared and available.
 
Thanks Brussels thats what I thought originally. No sign of it this morning.... hopefully it will arrive tomorrow.
 
To the best of my knowledge it would take 3 working days if done in a branch but 2 working days if done online.
Electronically transferred funds are cleared immediately so as soon as it hits your a/c you'll have access.
 
It's in !! Happy days. So I reckon it is next day if done before 12pm or 3pm like Brussels said.
 
That's great news - our national fiver is now in your account. Hurry up and spend it, I need milk.
 
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