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AIB Ripoff ?

  • 03-12-2003 10:04am
    #1
    dsab
    Closed Accounts Posts: 274 ✭✭


    Hi,

    I regularly transfer money to Europe, and I pay 75 cant for the moneytransfer via Paylink (AIB), which is fine.

    Today I tried to transfer money to a Travel Agent in the Netherlands. They didn`t allow me to use the Paylink System, and forced me to use the more expensive system. I had to pay more then 20 Euro. As reason they told me, that Moneytransfer for 75 cent via Paylink is only available if the receipent of the money is an individual, and not a company. That`s part of the EU Legislation.

    Does anyone know if that`s true, or bullocks ?

    THX,
    Daniel


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    Originally posted by dsab
    As reason they told me, that Moneytransfer for 75 cent via Paylink is only available if the receipent of the money is an individual, and not a company. That`s part of the EU Legislation.

    Does anyone know if that`s true, or bullocks ?


    Kind of....

    There is an EU regulation that for "personal" transfers under EUR 1250 they must change the same fee to any part of EUROland and they do for internal transfers.

    This regulation does not apply to "Business" transfers, so they can chose to charge what they want.

    The regulation will eventually be extended to business. eventually...


  • #3
    Rabies
    Registered Users, Registered Users 2 Posts: 15,258 ✭✭✭✭Rabies


    i was transfering money to company in england last year and i was told the same story by aib. €20 fee


  • #4
    parsi
    Site Banned Posts: 5,904 ✭✭✭parsi


    I first heard about the new cheap rates for transferring money from a small trader who used do a lot of cross-border transactions and they were happy that they could pay foreign companies for a fraction of what they had to pay before.. I think you need to check this out a bit further because it definitely applies to payments to countries..

    this link has an idea of the prices

    http://www.bankofireland.ie/html/gws/business/online_banking/border/


  • #5
    ishmael whale
    Closed Accounts Posts: 1,028 ✭✭✭ishmael whale


    It's bo**ocks.

    The EU Regulation makes no distinction between companies and individuals. The only limit is monetary - up to €12,500 at present but due to increase to €50,000 - and the only requirement is you must supply of the recipient's IBAN and BIC numbers. The recipient can give you this number - their bank must supply it to them.

    However, the Regulation talks about 'equivalent' services. So if AIB are, for example, selling you a service that transfers money on the same day to the beneficiary, and they charge twenty bucks for the same service domestically, they can charge it to you cross border. If, on the other hand, you are satisfied with a bog standard cross border service then you should only be charged the lesser amount.

    I would advise you to take a look at the press release below, and pursue the matter with the Consumer Director of IFSRA (www.ifsra.ie).

    http://www.finance.gov.ie/viewdoc.asp?DocID=166&CatID=1&StartDate=1+January+2003&m=


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