Transfering Money to Oz Bank A/C

blondie82 · 17-07-2011 09:26PM #1

Have my Australian bank a/c set up & want to transfer my money into it before I head off. Is the simplest way to do this just by transferring using my AIB online banking or is there a better/cheaper option? The cahrges aren't v clear on the AIB website. Am wondering if there is a way of doing it that will give me a better rate?

Thanks

pjd435 · 17-07-2011 10:25PM

blondie82 wrote: »

Have my Australian bank a/c set up & want to transfer my money into it before I head off. Is the simplest way to do this just by transferring using my AIB online banking or is there a better/cheaper option? The cahrges aren't v clear on the AIB website. Am wondering if there is a way of doing it that will give me a better rate?

Thanks

If I was you, get a credit card and put all you money on it and take it out over there. There are no chrages for taking money out on a credit once you are in credit.

Stinicker · 17-07-2011 10:50PM

pjd435 wrote: »

If I was you, get a credit card and put all you money on it and take it out over there. There are no chrages for taking money out on a credit once you are in credit.

Yes there are charges for withdrawing money in Australia, even when you are in credit, however loading money into your Credit Card like this is the cheapest way to access funds abroad compared to the ridiculously high fees charged on the Laser debit card.

This is the standard way of getting your money abroad whilst on holiday, however if the OP is emigrating over there for a longer period of time transferring funds over would probably work out cheaper, when you consider all the charges you'd have using an Irish Credit card regularly.

You can set up international transfer on most online banking and I can do it with my BOI 365 online. Alternativley they will also be able to do it in your local AIB bank branch, you will need your IBAN, (International Bank Account Number) and depending on the charge it should work out alot cheaper than multiple credit card transaction fees, unless of course your new ozzie bank is very expensive, I don't have a clue about Ozzie banks so can't comment on this.

One thing to watch out for if transferring a large sum is the exchange rate, don't transfer more than you think you need if you think you will be returning home in the short term, however if going long term better up sticks completly and your money will be safer in an ozzie bank than our debt-ridden toxic default banks.

hussey · 17-07-2011 11:12PM

OP do a search on boards for FOREX many companies have a miuch cheaper option of money transfer.

CRenegade · 18-07-2011 08:14AM

AIB charge €15 per transfer and my bank here (Westpac) charges 10 dollars for the same transfer.

Mellor · 18-07-2011 10:48AM

Stinicker wrote: »

Alternativley they will also be able to do it in your local AIB bank branch, you will need your IBAN, (International Bank Account Number) and depending on the charge it should work out alot cheaper than multiple credit card transaction fees,

IBAN is a european thing so aussie banks don't have one

I withdrew my money as a draft and brought it over with me, might be an option for you.
The 15 euro fee for transfer isn't much when you consider the amount being transfered

Paige Turner · 18-07-2011 02:31PM

I had an AIB account in Ireland, and transfered all my money into a NAB account when I moved to OZ. I did it all on-line. With AIB, you need a code card to transfer money. There was also a limit as to how much you could transfer at a time - I think it was a max of €5000. I made 4 transfers at the max rate, and it cost me approx €30 each time.
Hope that helps.

blondie82 · 18-07-2011 06:18PM

Great, thanks for all the help everyone

hussey · 18-07-2011 11:58PM

banks have a very wide exchange rate, you can get much better rates if you shop around

Comm bank charges $22 to send (online) and $40 via the branch

09-08-2011 05:46PM

Hi, just wondering, do you need an Irish bank account to transfer funds into the Oz account? If not what other ways are there?

hussey · 10-08-2011 12:19AM

BigBoss - How do you want to transfer? if not bank -> Bank?
You can use paypal, forex etc to transfer - and great western etc if you want to pay cash (but with big fee)

blondie82 · 10-08-2011 11:26AM

Just to update:
I set up a currencyfair account (www.currencyfair.com) and transferred my money online from my AIB a/c. Then exchanged it with them & was able to transfer it into my Aussie bank a/c straight away. I transferred €7,900 and was on charged $4. The only thing I'm annoyed about is I exchanged at $1.31 to the euro and it's now at $1.38 but sure can't do anything about that now!
BigBoss if there's any way you can use a bank a/c and do it this way I would recommend it, will save you the bigger charges from the likes of Western Union etc

jackbhoy · 10-08-2011 02:12PM

blondie82 wrote: »

Just to update:
I set up a currencyfair account (www.currencyfair.com) and transferred my money online from my AIB a/c. Then exchanged it with them & was able to transfer it into my Aussie bank a/c straight away. I transferred €7,900 and was on charged $4. The only thing I'm annoyed about is I exchanged at $1.31 to the euro and it's now at $1.38 but sure can't do anything about that now!
BigBoss if there's any way you can use a bank a/c and do it this way I would recommend it, will save you the bigger charges from the likes of Western Union etc

I would recommend Currency Fair as well. If you are not happy with rates offered you can choose the rate you'd like (similar to odds on Betfair) and wait to see if someone matches it e.g. If rate is $1.38 today you can put in $1.40 and wait for someone to match it, has worked with me a few times now. Some people obviously want to trade quickly so will give you a better deal.

Transfering Money to Oz Bank A/C

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