High Bank Tranfer charges from UK to Ireland

G

garyh3

Guest
Hi all,

Just wanted to know if 21 Pounds to tranfer money from my First Direct account UK to my PTSB Ireland account is legal. I though there was a limit to how much a bank could charge to transferring between the EU countries? Both accounts are in my name.

any ideas ?

Garyh3
 
You may be thinking of this:

[broken link removed]

but it seems to apply to € transfers only and your transfer may be from £ to €?
 
How much are we talking about transferring? Also is it FD that is levying the charge or PTSB? I've tansferred money from my Co-op Account to PTSB and have never incurred any PTSB fees, just around 8 or 12 pounds (can't remember off the top of my head) levied by Co-op.
 
All,

Its for 26,000 pounds and the nice First Direct bank lady said thats there standard charge for all transfers .

Ive done it from PTSB to First Direct several times and PTSB was 75cent, they said they could not charge any more due to EU regulations, thats why I was suprised at the charge.

Garyh3
 
I just transferred E12k from Ireland to England, and it cost 25c.
My sister just transferred E3k from England to Ireland, and it cost 21stg.

She queried the charge, quoting the EU regulations, but the bank insisted that it was their standard charge and couldnt be reduced.
 
these bank charges for international mony transfers do not seem very transparent. i transferred money from ireland to a non-eu country via boi and they said that i could pay both the sender's and receiver's fees which i did. then i learned that in the country that i sent the money to, there was not supposed to be a charge for receiving money. the next time i did a transfer i only paid sender's fees and there was not a charge on the other side, when i asked the girl at the desk she said i could pay the receiver's charges from here in case there are charges. when i asked what happens if there are no charges on the receiving end she did not know what to say. i use nib now, for the same charges they do a same day transfer
 
My brother transferred about €10 from a semi-dormant AIB account into his UK HSBC account.

AIB didn't charge a fee at all.
HSBC charged a processing fee more than the value of the transaction!

I don't think the UK's banking fees on transactions like that are as highly regulated as their Irish counterparts.

You should check with the bank to see what the cheapest option is.

It could work out cheaper to just get a big Euro bank draft and lodge it in Ireland and not use the electronic system at all.]
or, just write yourself a cheque.
 
UK bank charges for transfers are a rip-off. It seems to be standard practice and LEGAL.

Co-op is between £12-35 depending on amount (that's for a transfer that doesn't incur any charges to the recipient). £8 transfer might attract charges at the other end.
Clydesdale Bank charges flat fee of £24.

I know the Euro rules, but the UK banks wriggle out of it (probably because they claim they are charging for currency conversion or some other lame excuse like that*).

(*actually I found a reason for it - Regulation (EC) No 2560/2001 of 19.12.2001 / Article 9 of the Regulation stipulates that, should the Member State concerned so decide, certain provisions may also apply to payments in Swedish kronor, Danish kroner or pound sterling. The Swedish authorities have decided to extend the Regulation to the Swedish krona (Communication of the Commission, OJ C 165 of 11.7.2002). - The UK government hasn't opted-in)


They need a good kick up the kyber and customers have been reclaiming unfair bank / credit card penalty charges in their droves as the banks have been taking the p**s out of their customers for so long.

All I can suggest is maybe using electronic payment systems for smaller amounts and taking it on the chin for massive amounts as it's a smaller percentage then. Unless of course someone has a better idea?

Rich
 
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I transfered money at Bank of Ireland recently to a bank account in Germany and it was totally free of charge. Some figure of 50,000 euro was mentioned as a limit but it didnt apply in my case.
The only problem is it might take a few days for the money to arrive at the other end.
 
Transferring large amounts of money like that it's much much much more important to worry about the exchange rate you get rather than the fee

sure £21 is a bit of a rip off ... but it's only ~ 0.08%

I'd be much more interested in making sure that you got a commericial rate of exchange on the transfer than worrying about whether it's £5 or £25 charge.

I've never used any of the specialist FX Brokerages (there's other threads on here about them) - but with that size of a transfer you probably would be better off going that way.

If you get stuck with a 1.5% Forex margin that could cost you £400 for example ... that's a much bigger deal than fee based charges.
 
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