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Transfering money abroad options?

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  • 03-10-2012 10:29am
    #1
    ankaragucu
    Registered Users Posts: 490 ✭✭


    Hi, I need to lodge money into a Turkish bank account.What is the best way to go about this and any idea of the charges?
    Many thanks.


Comments

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    #2
    Peanut
    Registered Users Posts: 1,462 ✭✭✭Peanut


    If you're going to do an IBAN transfer I think you'd need to look up the foreign transfer charge details for both the sending and receiving bank. e.g. I think AIB charge €20 or €15 (online) for non-euro transfers.

    I'm guessing that the Turkish account is not your own?
    There are some easier/cheaper workarounds like Paypal etc. if it is.


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    #3
    ankaragucu
    Registered Users Posts: 490 ✭✭ankaragucu


    Thanks Peanut.You are correct, its not my own Turkish account.It is an IBAN transfer but I can do it in Euro.
    Was quoted €22 by AIB yesterday so its a question of how much any charges at the Turkish bank may be.
    Thanks again.


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    #4
    whomitconcerns
    Registered Users Posts: 4,358 ✭✭✭whomitconcerns


    if the turkish account is in euro and you have an iban and swift it should be a lot less to make the transfer i would have thought?


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    #5
    Peanut
    Registered Users Posts: 1,462 ✭✭✭Peanut


    whomitconcerns wrote: »
    if the turkish account is in euro and you have an iban and swift it should be a lot less to make the transfer i would have thought?

    I think the only benefit you might get here if the foreign account has a euro balance is avoiding certain currency conversions, but since it's a transfer outside the Eurozone you can't get the cheap/free Euro transfers.
    ankaragucu wrote:
    Was quoted €22 by AIB yesterday so its a question of how much any charges at the Turkish bank may be.
    Do you know which Turkish bank it is?

    Probably not much use to you right now, but if it was HSBC for example and you happened to have a HSBC account (not sure, but you may be able to just go up to NI and open an account with a RoI address), you could transfer for free. If you then also opened a HSBC account next time you're in Turkey, you could then do a domestic transfer to whatever Turkish bank for much less cost.

    Too much trouble for a once off but if you need to transfer money frequently it may be worth it.


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    #6
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    Peanut wrote: »
    I think the only benefit you might get here if the foreign account has a euro balance is avoiding certain currency conversions, but since it's a transfer outside the Eurozone you can't get the cheap/free Euro transfers.


    Do you know which Turkish bank it is?

    Probably not much use to you right now, but if it was HSBC for example and you happened to have a HSBC account (not sure, but you may be able to just go up to NI and open an account with a RoI address), you could transfer for free. If you then also opened a HSBC account next time you're in Turkey, you could then do a domestic transfer to whatever Turkish bank for much less cost.

    Too much trouble for a once off but if you need to transfer money frequently it may be worth it.

    No HSBC branches in the North; global transfers fee free within HSBC ony fr a limited number of countries and Premier customers. For others, it's at a cost.


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