Cost of transfering $ from Bank of America to AIB

SharpShoot

All my J1 earnings are in bank of america and i want to transfer them to my AIB student account

Im wondering how much do bank of america charge for international transfers as i cant find any figures on their website

And do AIB also charge for even if the account i have is a student account (I know already there is no charge on exchanging moeny if you have a student account)

lastly how long does it take to clear?

surely lots of people hav been in this situation before, thanks!

iusedtoknow

SharpShoot wrote: »

All my J1 earnings are in bank of america and i want to transfer them to my AIB student account

Im wondering how much do bank of america charge for international transfers as i cant find any figures on their website

And do AIB also charge for even if the account i have is a student account (I know already there is no charge on exchanging moeny if you have a student account)

lastly how long does it take to clear?

surely lots of people hav been in this situation before, thanks!

Use xoom ....much cheaper, I transfer money to europe pretty often and it is faster and cheaper than the banks. You can even use your ATM card if you want

.danindudlin

Bank of America are extremely expensive. Rates start at $35 for an international transfer plus a % on top of the standard exchange rate

spideog7

SharpShoot wrote: »

All my J1 earnings are in bank of america and i want to transfer them to my AIB student account

Im wondering how much do bank of america charge for international transfers as i cant find any figures on their website

And do AIB also charge for even if the account i have is a student account (I know already there is no charge on exchanging moeny if you have a student account)

lastly how long does it take to clear?

surely lots of people hav been in this situation before, thanks!

Bank to bank is just a racket, never do that. I've used Xoom in the past although CurrencyFair give far better rates as it is peer to peer. Takes 2 or 3 days with Xoom.

SantryRed

Could you set up an American Paypal and link your US account to that, and pay it across that way?

srsly78

Don't use the bank. Don't use paypal. Use a dedicated foreign exchange service like currencyfair, xe, xoom etc. Use whichever one give you the best rate.

Don't be fooled by any of the marketing tricks used, things like "no commission" etc. The only thing that matters is X dollars becomes Y euros - and you want to end up with as much euros as possible so shop around.

Overheal

Or just close that vile account and hand carry the greenbacks overseas for future conversion.

spideog7

Overheal wrote: »

Or just close that vile account and hand carry the greenbacks overseas for future conversion.

That would cost you even more than transferring it electronically. Unless you bought a stack of gold coins and carried them over instead.

Ponster

iusedtoknow wrote: »

Use xoom ....much cheaper, I transfer money to europe pretty often and it is faster and cheaper than the banks. You can even use your ATM card if you want

2nd vote for Xoom. I just transferred $2500 for a fee of $5

srsly78

The fee doesn't matter, only the exchange rate matters: 0.721. They make their money by padding the rate, not through the fee.

spideog7

Yea compare the total cost including fees and the rate they offer, a penny makes a difference if you're transferring a few grand. I've used Xoom in the past as I found them to be very competitive and easy to use. Found CurrencyFair since then but haven't had the opportunity to use them.

Example using today's published rates:

CurrencyFair:
$1 = E0.7357
Fee = $0
Transfer $2500 = E1836.30

An Post
$1 = E0.720
Fee = $0
Transfer $2500 = E1801.02

Xoom
$1 = E0.7210
Fee = $4.99
Transfer $2500 = E1798.9

I actually expected An Post rates to be the worst of that lot but they're actually competitive, of course they only do cash I believe which isn't as convenient but is also typically more expensive.