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Having multiple bank accounts isn't usually a thing to avoid negative interests in Germany. It's that payments between banks took three days to settle (I think
by luckylion 5y ago
Having multiple bank accounts isn't usually a thing to avoid negative interests in Germany. It's that payments between banks took three days to settle (I think they're down to 1 day now), while payments between accounts at the same bank usually settled immediately.
It's much easier to have multiple accounts with the largest banks so most of your customers can use bank-internal transfers.
Also, it's usually a good idea to have a backup just in case something goes wrong with your primary bank account. Dealing with bureaucracy is bad enough, dealing with it while you're also unable to send or receive payments is way worse.
- traceroute66 5y ago> It's that payments between banks took three days to settle (I think they're down to 1 day now) Isn't Germany subject to SEPA time constraints like everyone else ?
- ascar 5y agoSEPA is more relaxed than you might think. N26 has a nice explanation [1]: > ...[A]ll standard SEPA transfers should arrive within a maximum of 2 working days. Keep in mind that if a transfer is made just before a weekend or holiday, the time frame will be extended to a maximum of 3 working days. > You’ve probably heard that all SEPA transfers have to be completed within one “banking day,” so let’s clarify what that means—one banking day is equivalent to two working days due to the opening hours of the banks involved. Any weekday that is not a holiday is considered a working day. [1] https://support.n26.com/en-eu/payments-transfers-and-withdrawals/transfers/how-long-do-transfers-take https://support.n26.com/en-eu/payments-transfers-and-withdra...
- sneak 5y agoIf I'm reading this right, this is a theoretical maximum of five calendar days, if you send eg on a late night before a holiday weekend?
- deleted 5y ago[deleted]
- tluyben2 5y agoJikes, I am kind of used to swift transfers taking 1 day these days, let alone sepa, that should be max minutes. And I have not seen them take more for quite a while. Did not know it was that different in DE.
- xioxox 5y agoIt's not great in DE for bank transfers. Either the account does not support sending SEPA instant or it's quite a large charge. Often savings accounts don't seem to be acceptable as destination accounts for SEPA instant.
- maverwa 5y agoAFAIK they have a limit of "at most one working day" since a few years ago. Which, in case of weekends, may still be several days. Because computers dont work on weekends!