IBAN, BIC and transfer to UK

M

MunsterM

Guest
My mother ,kind soul, wants to give me some money. The money is in her BoI account in Ireland and she wants to transfer it to my UK bank account.
I've read about IBAN and BIC and came to the conclusion that if I gave her those 2 numbers she could go to her branch and say' transfer €x to this account, please' and only have to pay 75c in charges.
I've read some other postings on here and people seem to say that the 75c applies only to transfers within the Eurozone, but my understanding is that banks in the EU should not charge any more for international transfers within the EU than for domestic transfers.

I tried to find out from BoI. They don't seem to have an email address for enquiries so I emailed the Customer Care address. Waste of time, I was told that my mother should go to her branch and ask them what the charges will be and that she would have to give my bank a/c no., sort code, bank name and address. My understanding is that that will definitely result in her paying a lot more than 75c.
I'm trying to make this easy for her and also trying to ensure that she doesn't get hit with huge charges. I just know she'll do whatever the bank suggests and , maybe I'm cynical, but I don't think that be in her best interests.

Can anyone advise on the use of IBAN and BIC and charges, please ?

Many thanks,

M
 
she will have to fill out an international transfer form. it is very easy to be honest. i do it myself from time to time. all info that is needed will be on the form. your mother can then ask you for the details to put on the form. i did one today to the uk and will be charged only 51c according to a member of staff. i don't bank with boi though.

Alex.
 
Is of any use to you? It seems to suggest that the regulation of charges applies only to € transactions within the EU so you may need to check if a GBP£ to € conversion can and/or needs to be done at the sending end or something like that.
 
Thanks Alex and Clubman for the speedy replies.

That OASIS link is useful. It does talk only about Euros (not surprisng as it's aimed at people in Ireland) but does also seem to imply that the regulation of charges applies to all transfers in the EU , not just Eurozone.

I'll ask my mother to get the international transfer form from the bank and see what she needs to know.

Thanks again,

M
 
Euro transfers to a bank within the EU are charged at a low rate. This would include an transfer to the UK.

AIB have increased the amount since 1 Jan that you can send from 12.5k to 50k for a €0.75 charge
 
Yep, that's my understanding too.

Additionally, EU members outside the Eurozone can opt-in to have their currencies covered by the Directive. To date only Sweden have done this, so the Swedish Kroner is also covered.


Questions on money transfers come up quite frequently. Perhaps there should be a Transferring Money section in the Banking key-posts, with two entries: Domestic and International.
 
Off the top of my head not exactly sure of charges involved (if any), however........

Could I be so bold as to ask (you don't need to answer me) if your mother is over 60? If so, she would qualify (if a charge exists in the first place) for a freetransfer, as a Golden Years customer. She will need you BIC (also known as a SWIFT code) and IBAN. Hope that helps...........
 
permanent tsb charge me 50cent to transfer EURO to UK accounts; the receipient pays for conversion to sterling.
 
Hi MunsterM

You might find that the exchange rate the bank gives you is far more important. If it's a large amount of money, it may well be worth opening an account with Anglo Irish Bank who I found to be far cheaper than AIB or Bank of Ireland.

If it's a small amount of money, bank charges might matter.

Brendan
 
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