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Transferring Large Amount Of Money Abroad

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  • 17-09-2007 7:11pm
    #1
    MrPinK
    Closed Accounts Posts: 1,502 ✭✭✭


    I need to transfer ~€40k from an AIB account to a UK (£) bank account, and was wondering if it can be done cheaper than just a regular wire transfer from AIB. I noticed that XE.com run a service (www.xe.com/fx/) which handles the currency conversion and offers a guarantee to beat any bank rate. I was wondering if any had ever used a similar service or could recommend any other options.

    Cheers.


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    #2
    Rashers72
    Registered Users Posts: 1,207 ✭✭✭Rashers72


    Why not get a quote from both banks to undertake the transaction on the same day?
    Remember to check exactly what additional charges (both in Ireland and UK)will apply, and when the funds will be cleared abroad.
    How much were AIB charging you? I thought a 3 day transfer, using BIC and IBAN was pretty cheap. And you can also do it over the internet, with lower charges (but there is a max amount per transaction). If in doubt, ring their 24 hour online support desk.
    If AIB do it same day value, and you credit an interest bearing account in UK, at say 4.5% = 7.25 GBP per day = GBP50 per week, if the funds do not arrive for 1 week.
    The rate is great at the moment (well compared to the recent paast), so you are right to do it soon.
    IMO, AIB offer the good rates, and their access to the UK banks should be remembered when undertaking the transaction.


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