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BoI - UK transfer charges

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  • 05-03-2012 7:38pm
    #1
    kathola
    Closed Accounts Posts: 21 ✭


    I'm studying in Scotland and need to transfer some money from my Bank of Ireland account to my RBS account.

    I've been told by RBS that BoI will be the ones to charge for this transaction but I can't find out what the charges will be on the BoI website.

    Does anyone know how the charges are calculated?

    Cheers


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    #2
    the scrote
    Closed Accounts Posts: 105 ✭✭the scrote


    I used to transfer money the other way around,bank of scotland to bank of ireland,as its an international money transfer & i used to do it over the phone,for this there was a charge of almost £20 per transfer,it was only after many years of doing this i found out i could do it online for £9.for this you will need the IBAN number & BIC number of the account your transferring into,this can be found on your bank statement,once you do it once it will be a saved transfer on your account so its only a click of a mouse for future transfers,the transfer itself takes between 2 & 3 day's.Hope this help's.


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    #3
    kathola
    Closed Accounts Posts: 21 ✭kathola


    Yeah, that's what they told me today but said they wouldn't have any way to know how much BoI would charge for the same service.
    I have the accounts all set up and ready to transfer I just want to know that I won't be losing loads of money by transferring this way!


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    #4
    sarahlulu
    Registered Users Posts: 295 ✭✭sarahlulu


    Are you sending in Euro or sterling? If sending funds in Euro, there is no charge, but the rate is set when received in the UK so you will not know how much sterling you will get. On the other hand if you send sterling there is a charge of E17.75, but the rate will be set here and you will know exactly how much to expect.


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    #5
    Northern Monkey
    Registered Users Posts: 1,593 ✭✭✭Northern Monkey


    Haven't tried it yet, but plan to soon as the bank exchange rate is poor in comparison. Currencyfair.com seems to be well recommend.


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    #6
    pjmn
    Registered Users Posts: 1,064 ✭✭✭pjmn


    I send transfer to my daughter every month in Scotland from my (BOI) account to her Lloyds account, using 365 OnLine. I send transfer in sterling.

    No BOI charge applies, however Lloyds take £7 from the amount of the sterling amount I send her.:mad:


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    #7
    almalahide
    Registered Users Posts: 69 ✭✭almalahide


    pjmn wrote: »
    I send transfer to my daughter every month in Scotland from my (BOI) account to her Lloyds account, using 365 OnLine. I send transfer in sterling.

    No BOI charge applies, however Lloyds take £7 from the amount of the sterling amount I send her.:mad:

    Unless you have to give her an exact amount, transfer in Euro (no charge with boi/ub not sure with aib) and then Lloyds should not take anything?


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    #8
    Marcusm
    Registered Users Posts: 10,244 ✭✭✭✭Marcusm


    almalahide wrote: »
    Unless you have to give her an exact amount, transfer in Euro (no charge with boi/ub not sure with aib) and then Lloyds should not take anything?

    I am quite surprised myself that a recipient bank should make a charge for an electronic transfer but it's covered in Lloyds fees schedule.

    Electronic bank transfer from another financial institution Up to £100 £2 £100 and above £7, or £10 for telephone advice


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    #9
    gerbear1
    Registered Users Posts: 152 ✭✭gerbear1


    I know Ulster Bank told me before that if I use a RBSG or Halifax ATM in the UK then I don't have to pay any charges as they're owned by the same group. I wonder does the same apply with transferring money online? If it did, then you could open an Ulster Bank account and transfer your money back and forth without charges.

    I'm only speculating on this though.


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    #10
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Not quite - Halifax is not part of RBS.

    Ulster customers can use RBS and Natwest machines for free. Note Royal Bank of Scotland is different than Bank of Scotland, which like Halifax is owned by the Lloyds Banking Group. Use an Ulster Bank card in another other machine than RBS and Natwest, and you will get charged.

    And no, AFAIK, the same does not apply online.


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    #11
    skippy2
    Registered Users Posts: 393 ✭✭skippy2


    Why not try Currencyfair


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    #12
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    Bank of Scotland - set up in 1695.

    Royal Bank of Scotland - set up in 1727. In retrospect they should have chosen a different name.

    I constantly see or hear people getting confused between the two.


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    #13
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Many posters in this thread are throwing their money away.

    When the bank says it's "fee free" to send sterling, what they mean is they won't charge you a fixed fee, but they will give you a lousy exchange rate. Thus effectively the fee is as much as 5%. Do not use your bank for FX, there are many better dedicated fx services out there. As mentioned above, currencyfair is one.


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    #14
    Doc Daneeka
    Registered Users Posts: 236 ✭✭Doc Daneeka


    srsly78 wrote: »
    Many posters in this thread are throwing their money away.

    When the bank says it's "fee free" to send sterling, what they mean is they won't charge you a fixed fee, but they will give you a lousy exchange rate. Thus effectively the fee is as much as 5%. Do not use your bank for FX, there are many better dedicated fx services out there. As mentioned above, currencyfair is one.

    Thanks for this. Logged in to search this exact point. Was about to transfer from RBS to an Irish account and accepting the £10 charge they were going to apply. They also showed what the rate would be and the total euro amount. Thought I'd check rate on XE.com and found it was about 4% worse! On any sum over a few hundred quid this starts to be a very big charge to simply transfer some cash. Will check out currencyfair.

    Doc


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