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Cheapest way to transfer money

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  • 28-11-2013 2:29pm
    #1
    bulldozer1
    Registered Users Posts: 48 ✭


    Hi,

    Just wondering whats the best way to transfer money from an irish bank account to and english bank account? do the banks charge alot for this?
    if i was to transfer it from my rabo account to the uk accout would it be cheaper?
    thanks


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    #2
    Chocchip1989
    Registered Users Posts: 22 ✭Chocchip1989


    I want to transfer money from my AIB account to an aib ACCOUNT IN UK. AIB are charging 15e for the standard transfer fee. Is there anything more reasonable?????


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    #3
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Chocchip1989 wrote: »
    I want to transfer money from my AIB account to an aib ACCOUNT IN UK. AIB are charging 15e for the standard transfer fee. Is there anything more reasonable?????

    Transfer wise


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    #4
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    There are lots of Companies now providing this kind of service but transferwise.com seems to be one of the best. I have used them several times


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    #5
    Chocchip1989
    Registered Users Posts: 22 ✭Chocchip1989


    Thanks/ Will give them a try. Getting fed up with the bank charges. I just want to transfer from my online aib bank with aib to my aib online account in the uk. 15e I think is steep so will try transferwise.


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    #6
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Chocchip1989 wrote: »
    Thanks/ Will give them a try. Getting fed up with the bank charges. I just want to transfer from my online aib bank with aib to my aib online account in the uk. 15e I think is steep so will try transferwise.

    I spoke to an AIB staff member about this before. They said if you want to transfer £500 as an international transfer, it will cost the €15 fee. But if you transfer it as the equivalent of £500 in euros that day, it will only cost the usual transfer fee of say 25 cent. Just transfer the money in Euro to your uk account and as the transfer is processed, it will be converted to GBP


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    #7
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    hfallada wrote: »
    I spoke to an AIB staff member about this before. They said if you want to transfer £500 as an international transfer, it will cost the €15 fee. But if you transfer it as the equivalent of £500 in euros that day, it will only cost the usual transfer fee of say 25 cent. Just transfer the money in Euro to your uk account and as the transfer is processed, it will be converted to GBP

    That will work assuming that the recipient bank is set up to receive EUR. Which in the vast majority of cases they will be.

    However, the recipient bank will, most likely, charge a large FX margin on this and possibly an FX conversion fee. Hence, unless the sum of money is small, you are best off using an online currency broker.


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    #8
    Chocchip1989
    Registered Users Posts: 22 ✭Chocchip1989


    Thanks guys. Im transferring from online AIB account Dublin to my own AIB account in Uk. I presume they would be able to accept euro. Is there any way of finding out what their FX margin/conversion would be.


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    #9
    KevinK
    Registered Users Posts: 659 ✭✭✭KevinK


    Have used currencyfair in the past and was impressed, definitely saves a good bit.


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    #10
    tomfoolery60
    Registered Users Posts: 293 ✭✭tomfoolery60


    Chocchip1989 wrote: »
    Thanks guys. Im transferring from online AIB account Dublin to my own AIB account in Uk. I presume they would be able to accept euro. Is there any way of finding out what their FX margin/conversion would be.

    Just ask them - it will be poor however.


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    #11
    Chocchip1989
    Registered Users Posts: 22 ✭Chocchip1989


    Thanks for replies. Im going ahead with the bank charge with AIB - its a once off payment.


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    #12
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Chocchip1989 wrote: »
    Thanks for replies. Im going ahead with the bank charge with AIB - its a once off payment.

    AIB won't apply the FX margin and FX fees. The receiving bank will apply the FX margin and FX fees.


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    #13
    Chocchip1989
    Registered Users Posts: 22 ✭Chocchip1989


    JTMan wrote: »
    AIB won't apply the FX margin and FX fees. The receiving bank will apply the FX margin and FX fees.

    Right. I didn't realise that. Have sorted it out this time but will keep that in mind on next occasion.


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    #14
    skippy2
    Registered Users Posts: 393 ✭✭skippy2


    Currency fair the best options out there especially for regular transfers


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    #15
    NIMAN
    Registered Users Posts: 33,604 ✭✭✭✭NIMAN


    KevinK wrote: »
    Have used currencyfair in the past and was impressed, definitely saves a good bit.

    Also a new user of this service.

    Costs €3 to transfer an amount , and they offer great exchange rates (as I often change from £ to €)


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    #16
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    NIMAN wrote: »
    Also a new user of this service.

    Costs €3 to transfer an amount , and they offer great exchange rates (as I often change from £ to €)

    I think transferwise is €1, but hey, there is lots of choice out there, some are listed here on moneysupermarket, take your pick: http://www.moneysupermarket.com/current-accounts/international-money-transfer/


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