bank charge for euro transfer

V

Vanilla

Guest
Have heard that all banks were supposed to have agreed with the central bank to charge only a minimal fee ( ie a standard fee, not percentage based, of a very small amount) for euro bankdrafts and electronic transfer of funds to accounts in other european countries- is this true, anyone know?
And if it is true, when did this come into effect?
 
Quickest reply I ever got!!! Thanks.

So AIB charged me about 50 euro to transfer a sum of money over 12500 to France, which actually they were allowed to do. Of course they didnt explain that I could presumably have transferred multiples of 12499 for a minimal charge. Why am I not surprised? :no
 
transfer of stg

Can anybody advise of the most efficient way (both in terms of value and stress) to transfer a substantial amount of money from a UK bank to an Irish bank account?
 
money transfer

The only logical way I can think of is to ask the Bank to SWIFT it - usually same day value at a cost similar to what was mentioned above
 
Re: money transfer

Vanilla, knowledge is power..

lfcjfc, it will be transferred in SWIFT format. Just have the BIC of the bank you're transferring to(if you don't know it, www.swift.com should be able to provide it) & the IBAN of the beneficiary a/c(they'll have to provide this). This will make sure the money arrives more efficiently & ensure costs are kept to a minimum. Then just get over the counter quotes from the different UK Banks, though I think they are very competitive & similar in their charges there.
 
depends on your sum

if you have a substanial suum like 50K-100K + , the likes of bank of scotland should offer deposit a/cs with no cost wire transfers and trader fx rates.
 
The original post concerned £ -> €. The UK, being non-euroland is not dictated to by the ECB, is not required to use IBANs. Little use in rooting out the codes under this scenario.
 
Is there a charge? When I enquired of my own bank (Lloyds TSB) in the UK what the cheapest, fastest way to transfer about K100 Euros from Ireland to here, they gave a designated phone-number within the bank, suggested I ask for the money to be "wired" (?) and they would arrange "the best exchange possible within a 12-hour window". No charges mentioned. I've got a Lloyds Classic Current Account (bog-standard, private individual).
 
Re: wired

Hi

Wired normally means a SWIFT transfer - but check to be sure. If you instruct the bank early in the morning (lets say, before 10.30am) you should get your funds transferred for same day value.

Watch out for Foreign Exchange (FX) costs. While Bank "A" might appear to be offering you a more competitive SWIFT charge, for transferring the funds ... they may shaft you on the FX rate.

AFAIK, Nasdaq is quite right. Last time I checked, SWIFT charges at Bank of Scotland were approx $25-30 regardless of the amount (althought there are minimum limits of a few thousand for same day transfers), for account holders seeking to transfer funds out of the Bank, with no charges for taking funds into a Bank of Scotland Ireland account (unlike many of the UK banks !))

Regards

G>
www.Rpoints.com/newbie
 
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