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Wire Transfer/SWIFT vs Sepa Transfer

  • 11-08-2016 8:51pm
    #1
    Jay262
    Registered Users, Registered Users 2 Posts: 14 ✭


    Which option has the lowest fee? Im with PTSB.


Comments

  • #2
    DMcL1971
    Registered Users, Registered Users 2 Posts: 1,444 ✭✭✭DMcL1971


    If you are transferring Euros to any bank in the SEPA zone there are no fees at all.


  • #3
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Jay262 wrote: »
    Which option has the lowest fee? Im with PTSB.

    - Is it a EUR payment?
    - Is it to a SEPA zone country?
    - What is the amount roughly?
    - Who suggest SWIFT as an option to you?

    There is no online SWIFT option with PTSB, just SEPA. In branch, PTSB normally send large payments via SWIFT.


  • #4
    28064212
    Registered Users, Registered Users 2 Posts: 10,907 ✭✭✭✭28064212


    DMcL1971 wrote: »
    If you are transferring Euros to any bank in the SEPA zone there are no fees at all.
    Incorrect. Within the SEPA zone, the rules are that the bank can't charge more for a 'local' transaction than they charge for a European transaction.

    For example, if Bank of Ireland have a 30c charge for a transaction to AIB, they cannot charge more than that for a transaction to Deutsche Postbank.

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  • #5
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,375 CMod ✭✭✭✭Nody


    Always SEPA if possible; if not SWIFT + IBAN.


  • #6
    DMcL1971
    Registered Users, Registered Users 2 Posts: 1,444 ✭✭✭DMcL1971


    28064212 wrote: »
    Incorrect. Within the SEPA zone, the rules are that the bank can't charge more for a 'local' transaction than they charge for a European transaction.

    For example, if Bank of Ireland have a 30c charge for a transaction to AIB, they cannot charge more than that for a transaction to Deutsche Postbank.

    The original poster stated that they are with PTSB. Therefore it will be free for them.


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