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AIB Forex

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  • 04-05-2023 4:14pm
    #1
    muffman77
    Registered Users Posts: 2 ✭


    Folks, my father has recieved large amount of money in Euro and needs to change it to GBP - all legit!

    Hes old school and wants to keep it in is AIB ROI account and transfer direct to the AIB in NI - what is best way for him to get best rate - I know it's much better using one of the specialist transfer companies, but hes really not listening!!



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    #2
    G_R
    Moderators, Education Moderators Posts: 5,025 Mod ✭✭✭✭G_R


    Depends on how large is large.

    It's its a properly large amount, go to your branch and ask them to negotiate a rate.

    When I worked in BOI, if the amount was c.€100k or more, we could go the Treasury dealers and see what we could do, assume AIB will have a similar set up. Check the rate on Wise and ask them to beat it.

    If it's less than that, use the indicitive calculator on both websites and show him just how much he's loosing by using one over the other.



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    #3
    muffman77
    Registered Users Posts: 2 ✭muffman77


    Thanks- fantastic advice!!



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    #4
    walterking
    Registered Users Posts: 1,297 ✭✭✭walterking


    If using online transfer, then contact treasury https://aib.ie/fxcentre/about-us/locations and ask for a rate. They will give you a code that will be valid for a few hours. If you don't use the code you may be charged a fee or they may ask you to call them back as you are making the transfer and will give you a code that has to be used immediately.


    If doing it the old school way of calling into a branch, the person there will make the call and get the code to do the transfer.


    Depending on the amount expect 0.3%-0.5% off mid market rate. As of now that would be about 86.8p-87p per every euro


    The rate has dropped 1% since yesterday mainly due to German industrial output falls that may see the ECB halting any further increases.



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