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Transferring money abroad using IBAN

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  • 16-04-2006 8:22am
    #1
    demonloop
    Registered Users Posts: 682 ✭✭✭


    Hi,

    I live in the North and want to open euro bank account, that part seems straight forward but my main reason for doing so is to send money to Europe where they are all in euros too.

    Can I use internet banking to send the money to IBAN codes in other countries for free or is there a charge?

    Obviously I can send a euro cheque but I know in some countries e.g. France they all transfer money between their bank accounts and use IBAN / SWIFT to do it.

    Any one any knowledge? I have to pay £25stg to transfer money using IBAN code from my stg account in North and I'm sick of it.


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    #2
    jabaroon
    Registered Users Posts: 668 ✭✭✭jabaroon


    demonloop wrote:
    Hi,

    I live in the North and want to open euro bank account, that part seems straight forward but my main reason for doing so is to send money to Europe where they are all in euros too.

    Can I use internet banking to send the money to IBAN codes in other countries for free or is there a charge?

    Obviously I can send a euro cheque but I know in some countries e.g. France they all transfer money between their bank accounts and use IBAN / SWIFT to do it.

    Any one any knowledge? I have to pay £25stg to transfer money using IBAN code from my stg account in North and I'm sick of it.

    The whole point of an IBAN transfer is to keep the charges to a minimum. Under EU law, if you do an IBAN transfer a bank cannot charge you more to transfer from one local branch to another. Generally, the cost to transfer from one local back to another is less than EUR1 (banks publish this charge). Whatever this amount is works out as the MAX that you have to pay for an IBAN.

    I've been through this a few times when sending money to the UK and to Germany. The second I have appeared knowledgable, the clerk in the bank immediatley backs down!

    Jab


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