Questions & Answers

General Questions and Answers

Why are you writing to me?
- We are writing to you to let you know about changes to your terms and conditions as a result of the Single Euro Payments Area (SEPA) Instant Credit Transfer Regulations 2024 and the Consumers Rights Act 2022.
Where can I see my terms and conditions?
- You can read the existing and new terms and conditions on our website.
- If you have a question for us, you can call us on AIB: 0818 664 015 (Monday-Friday 09:00-17:00, excluding bank holidays) or visit your local AIB branch.
What happens if I am not happy with the changes made to the terms and conditions?
- We appreciate your business, but if you do not want to accept the changes, you have the option, free of charge, to close your account, clearing anything you owe on it first, or let us know that you are ending your agreement with us.
If I want to close my account, how do I do it?
- Please call us on 0818 664 015 (Monday-Friday 09:00-17:00, excluding bank holidays) or visit your local AIB branch and we can discuss options to help you close your account.
If I open an account before 9 January will my account be covered by the old or the new terms and conditions?
- The current terms and conditions will apply to all relevant accounts up to 8 January 2025. The new Terms and Conditions come into effect on 9 January 2025.
- We will be writing to you to make you aware of the changes in advance of 9 January.

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Questions and Answers for SEPA Instant

What is SEPA?
- The Single Euro Payment Area (‘SEPA’) is an initiative to simplify euro payments. It is changing to introduce payments that get processed within seconds every day.
- The change to payments coming into payment accounts will happen from 9 January 2025; and to payments coming out of payment accounts on 9 October 2025.
What is a SEPA credit transfer?
- A SEPA Credit Transfer (SCT) is an electronic transfer of money, from one account to another, in the SEPA Zone.
What is a SEPA Instant Credit Transfer?
- A SEPA Instant Credit Transfer allows the transfer of money between two payment accounts in the SEPA zone within seconds, every day.
Is SEPA Instant the same as an AIB to AIB account transfer?
- No. While electronic transfers to other AIB payment accounts often happen immediately, they are not currently SEPA Instant Payments. You will be able to send SEPA Instant Payments later in 2025.
What will happen on the 9th of January?
- You will be able to receive SEPA Instant Payments into your payment account from another payment providers payment account immediately.
Is there a maximum amount for a SEPA Instant Credit Transfer into an account?
- A maximum amount applies to SEPA Instant Credit Transfers. Please contact us on 0818 664 015 Monday to Friday 9:00 - 17:00 excluding Bank Holidays for more information.
Can I receive a SEPA Instant Credit Transfer on a non-business day?
- SEPA instant credit transfer to your payment account can happen at any time on any day, including weekends and bank holidays.
Will I have access to my money immediately?
- Yes, you will have access to money immediately at any time on any day.
Will Incoming SEPA Instant Credit Transfer be available at all times?
- Yes. There may however be short periods of planned maintenance where they are not but we will notify you of these in advance. Any such periods will be minimised as much as possible.
What payment accounts are covered by SEPA Instant Credit Transfers?
All our Republic of Ireland payment accounts will have this feature.

From 9 January 2025, the following AIB ROI payment accounts will be able to receive SEPA Instant Credit Transfers.
- Personal Demand Deposit Account
- Demand Deposit Account
- Online Saver Account
- Youth Savings Account
- Basic Bank Account
- Advantage Account
- Student Account
- Student Plus Account
- Graduate Account
- Business Start Up Account
- Business Current Account (incl. Young Farmer Account)
- Personal Bank Account
- Masterplan Account
- Junior / Student Saver
- AIB Corporate, Business and Purchasing Cards
- AIB All Personal / Student Credit Cards
- AIB (NI) Euro Current Accounts
Can a Mortgage account or Loan account receive a SEPA Instant Credit Transfer?
- No, only payment accounts can receive a SEPA Instant Credit Transfer.
What countries are impacted by this change?
The SEPA scheme consists of 27 EU countries
- Austria
- Belgium
- Bulgaria
- Croatia
- Republic of Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Ireland
- Italy
- Latvia
- Lithuania
- Luxembourg
- Malta
- Netherlands
- Poland
- Portugal
- Romania
- Slovakia
- Slovenia
- Spain
- Sweden
The European Economic Area (EEA) includes EU countries and Iceland, Liechtenstein and Norway are allowed be part of the EU's single market.
What currencies are covered by SEPA?
- Euro
Do I need to sign up or do anything additional to receive Incoming SEPA Instant Credit Transfers?
- No, you don’t need to sign up or do anything additional.
What are the changes to the terms and conditions?
- The changes to the terms and conditions cover payments under SEPA Instant Credit Transfers into personal and business payment accounts held in the Republic of Ireland and take effect from 9 January 2025.
Can I make an outgoing SEPA Instant Credit Transfer with AIB?
- Yes, but it will be later in 2025 and we'll let you know closer to the time.
Are there additional fees for receiving SEPA Instant Credit Transfers?
- No there are no additional fees for receiving a SEPA instant payment.
Will I receive credit value and interest on a non-Business Day?
- From the 9 January 2025 money received by SEPA instant payment on a non-business day will have credit value and credit interest applied on the previous business day or next business day as appropriate. For Credit Cards however, you will receive the credit value on the same day.
- You will be able to refer to your account statement from the 9 January 2025.

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Questions and Answers for Consumer Rights Act 2022

What is the Consumer Rights Act (CRA)?
- CRA consolidated and updated consumer protection laws and introduced new protections for consumers. CRA sets out the requirements for consumer contract terms and conditions to be fair.
How does this affect my bank account?
- The changes we are making because of CRA do not change how your account operates. You can continue to use your account as normal.
How has CRA affected my terms and conditions?
CRA consolidated and updated consumer protection laws and introduced new protections for consumers. As a result, we're updating our terms and conditions to clarify some things and to make them easier for you to understand.

You can read the new terms and conditions in full on our website.

These changes come into effect on 9 January 2025.

The Terms and Conditions for the following accounts and services are changing:

AIB

All Current, Demand Deposit and Masterplan Accounts including:
- Student, Student Plus and Graduate Accounts
- Advantage Account
- Personal Bank Account
- Basic Bank Account
- Junior/Student Saver
- Youth Savings Account
- Personal Demand Deposit Account
- Demand Deposit Account
- Online Saver Account
- Business Current Accounts (including Business Start Up Account and Young Farmer Account)
- Masterplan Account
All personal Credit Cards
All personal Debit Cards
Digital Wallet
Phone and Internet Banking
Kiosk Banking
Currency Current Accounts
Currency Call Deposit Accounts
Currency Fixed term Deposit Accounts
Treasury Deposit Accounts (ROI and UK)
Personal Fixed Term Deposit Account
Lodgement Cards
Private Banking Account
Direct Deposit Account
Sterling Current Account

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Questions & Answers

General Questions and Answers

Questions and Answers for SEPA Instant

Questions and Answers for Consumer Rights Act 2022