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Cost of transferring money to Germany

  • 13-12-2016 9:55am
    #1
    tinyk68
    Registered Users, Registered Users 2 Posts: 232 ✭✭


    Hi,

    My 17 year old son is a student in UCC and a bank of Ireland customer with a student account. Yesterday, in the on campus branch of BOI, he attempted to do a bank transfer to Germany for the amount of €107. He had all the details of the German bank, BIC, IBAN etc. He was told that it would cost him €50 to do this transaction and the only cheaper way to do it was to set up online banking and do it that way! Being anxious to get the transaction done he agreed to this. He was told nothing about charges for online banking or if there is a cooling off period after signing up.
    My question is, how could the transfer cost so much? Also, what will he be charged for online banking and is there a cooling off period?
    I've done international transfers in the past and have only been charged a couple of euro so I feel that there must be some mistake. I would appreciate a speedy response.

    Thank you,

    Martina


Comments

  • #2
    investO
    Registered Users, Registered Users 2 Posts: 6 ✭investO


    It's free to transfer money online.


  • #3
    tinyk68
    Registered Users, Registered Users 2 Posts: 232 ✭✭tinyk68


    investO wrote: »
    It's free to transfer money online.

    That wasn't what I was asking though. Is there a maintenance charge for online banking? Why would it cost €50 to do the transaction in branch?


  • #4
    TheChizler
    Registered Users, Registered Users 2 Posts: 9,562 ✭✭✭TheChizler


    tinyk68 wrote: »
    investO wrote: »
    It's free to transfer money online.

    That wasn't what I was asking though. Is there a maintenance charge for online banking? Why would it cost €50 to do the transaction in branch?
    https://personalbanking.bankofireland.com/current-accounts/schedule-of-fees-and-charges-for-personal-customers/

    https://personalbanking.bankofireland.com/bank/international-payments/schedule-of-international-transaction-charges/


  • #5
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    tinyk68 wrote: »
    Hi,

    My 17 year old son is a student in UCC and a bank of Ireland customer with a student account. Yesterday, in the on campus branch of BOI, he attempted to do a bank transfer to Germany for the amount of €107. He had all the details of the German bank, BIC, IBAN etc. He was told that it would cost him €50 to do this transaction and the only cheaper way to do it was to set up online banking and do it that way! Being anxious to get the transaction done he agreed to this. He was told nothing about charges for online banking or if there is a cooling off period after signing up.
    My question is, how could the transfer cost so much? Also, what will he be charged for online banking and is there a cooling off period?
    I've done international transfers in the past and have only been charged a couple of euro so I feel that there must be some mistake. I would appreciate a speedy response.

    Thank you,

    Martina
    Hi Martina, 

    Thanks for contacting us on Boards. 

    An in branch transfer will have a fee of 50 cent to make a transfer to another EU member state. This type of transfer will take up to three working days. This is set out in our International Fees and Charges brochure which you can view here in Section 2. 

    When making a transfer to a SEPA payee on 365 Online this will take one working day and there is no additional charge, just the 10 cent transaction fee. There is also no maintenance charge for the use of 365 Online. I hope this clarifies this for you. 

    Thanks, Sarah


  • #6
    tinyk68
    Registered Users, Registered Users 2 Posts: 232 ✭✭tinyk68


    Bank of Ireland: Sarah wrote: »
    Hi Martina, 

    Thanks for contacting us on Boards. 

    An in branch transfer will have a fee of 50 cent to make a transfer to another EU member state. This type of transfer will take up to three working days. This is set out in our International Fees and Charges brochure which you can view here in Section 2. 

    When making a transfer to a SEPA payee on 365 Online this will take one working day and there is no additional charge, just the 10 cent transaction fee. There is also no maintenance charge for the use of 365 Online. I hope this clarifies this for you. 

    Thanks, Sarah

    Thank you for the reply Sarah. I can only assume that he misheard the cost so. I knew it didn't make sense. Glad to hear that there is no maintenance cost.


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