How to transfer money to online broker

Rataan

I have just set up an account with an online broker (ChoiceTrade), and I need to transfer cash into my account. ChoiceTrade have suggested two options, a wire transfer or sending a cheque.

My bank account is with PTSB, and they will not let me do a wire transfer over the phone, or with internet banking. I have to do it in person, in the branch. I caught the tail end of a piece last week on the finance section of The Last Word, where Charlie Weston said that international wire transfers cost about 30 euro in Irish banks, which seems a bit ridiculous for a simple money transfer imo.

If I were to send a cheque, it would presumably have to be in dollars? I'm guessing I would have to get a dollar draft from my bank or from the post office for this? Would this work out cheaper than doing a wire transfer?

Does anybody with an account with an online broker (ChoiceTrade, Interactive Brokers, etc.) have any advice on the best and most cost effective way of transferring this money into my account? You would think that the PTSB and An Post charges would be transparent and easy to find on their websites!

strmin

Most brokers would have an euro account in Europe. Transfers would cost you nothing and currency exchange would cost you couple of $. If you can't transfer your money with the internet banking, it's time to change bank.

Rataan

Thanks strmin, I’ll ask them if they have a euro account. I don’t think so though. I e-mailed them yesterday explaining that I’m based in Ireland, and asked if they will accept funding from a third party, like Transferwise or Transfermate, but they said no, it had to come directly from my own personal bank account.

I have also since phoned PTSB. They said it only costs 50 cent for a Swift international transfer, but if there is a problem with the details supplied by the beneficiary and the payment gets “stuck”, then there is an additional 31 euro charge. If it only costs me 50 cent, I won’t complain.

Prezatch

That sounds a bit too good to be true for Ireland and I think it may be. This document seems to say the fee for wrong details on a EUR payment is €10. All non EUR payments are charged €31.50 regardless of whether you have the correct IBAN details etc.

https://www.permanenttsb.ie/media/permanenttsb/pdfdocuments/termsandconditions/swift-transfer-terms-and-conditions.pdf

Rataan

Yes, I also thought that it sounded too good to be true. I went over it with him 3 times just to make sure, but he was adamant that it would only cost 50 cent, so long as the details were correct.

It still sounds too good to be true! Especially after reading that PTSB document in your link. I’ll ring them again and speak to a different advisor to see if they tell me anything different.

Rataan

Indeed. The guy I was talking to yesterday was talking through his hat. I’ve just called them again, and this time I was told it will be 31.50 euro. Even though the guy I spoke to on the phone yesterday was adamant it will only cost 50 cent, and I asked him to repeat that to me 3 times! As JoeyD said, it was too good to be true!