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Bank Charges for transferring money internationally.

  • 11-08-2009 7:23pm
    #1
    ninjasurfer1
    Registered Users, Registered Users 2 Posts: 485 ✭✭


    Hi,

    I want to transfer money from a Bank of Ireland account but cannot find how much they charge per transaction.

    Does anyone know whether it is:

    A flat fee regardless of the amount transferred (If so, how much?).
    A % fee based on how much is being transferred? (If so, what %?).

    Thanks for any info.


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    If you are sending it within the Euro Zone (you'll need the IBAN and SWIFT/BIC), the transfer is free of charge for amounts up to €50,000. It takes 3-5 working days, although there is a same day option, for which a charge of €25.35 applies.

    If you are sending Euro outside the EU, the percentage charged is 0.75% of the Euro amount. If you are sending foreign currency, the charge is 0.25% of the Euro equivelant, so this is the cheaper option if you're sending it outside the EU. The minimum charge is €8.85, and the max is €36.80. This transfer takes 3-5 working days also, but there's a same day option for Euro to some EU countries, GBP to the UK, and USD to US. The cost of this is €12.70.

    The foreign bank may charge a fee for receiving the funds outside the EU, if you wish, you can cover this charge for €7. You can also elect to just pay the BOI charge, or alternatively you can elect for the beneficiary to cover any charges for the transfer.

    If you decide to take all the charges, the max you will pay is €43.80 if you want to send funds outside the EU, in the standard time. If you want to send it express, the max total charge is €56.50.


  • #3
    spurious
    Moderators, Category Moderators, Education Moderators Posts: 27,315 CMod ✭✭✭✭spurious


    It depends how much money, how quickly you want the transfer done and where it is going to (and also how you do it - I think it's cheaper using online banking).

    If a currency change is involved, it costs more.

    Here's a guide to general prices - online and in branch:
    http://www.bankofireland.ie/html/gws/business/General_Content_1000027.html


  • #4
    ninjasurfer1
    Registered Users, Registered Users 2 Posts: 485 ✭✭ninjasurfer1


    Thanks for the helpful info, folks,

    I forgot to mention that I would be transferring funds to the states.

    If i read the mails above correctly, it would work out cheaper to send dollars (.25%) rather than Euro (.75%) to the states. However, is there a currency conversion charge here that would negate the savings to be made?

    Also, what happens if the receiving bank's charges (Bank of America) exceed the €7 fee that I can pay in BOI? Does this get deducted at the US side or the Irish side?

    Thanks,


  • #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    ninjasurfer1 wrote: »
    Thanks for the helpful info, folks,

    I forgot to mention that I would be transferring funds to the states.

    If i read the mails above correctly, it would work out cheaper to send dollars (.25%) rather than Euro (.75%) to the states. However, is there a currency conversion charge here that would negate the savings to be made?

    Also, what happens if the receiving bank's charges (Bank of America) exceed the €7 fee that I can pay in BOI? Does this get deducted at the US side or the Irish side?

    Thanks,

    If you're sending money to the states, it's cheaper to send Dollars. The €7 BOI charge covers up to €20 on the receiving side, unless you're sending a fair whack of money, that should cover it. If the receiving charge is more than that, they'll debit the difference from your account in BOI and BOI will send you a breakdown of the charge.


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