International transfer cheapest method

S

shavo25

Guest
Hi,
I am planning on transferring a lump sum from my Irish aib account to my ANZ australian account. I usually do an international transfer online which gives me a pretty bad exchange rate and charges me on both sides.

I seen some people mentioned you can transfer for free if you setup two different paypal accounts. Is this worth the hassle or is there any other ways?

Thanks,
Shane.
 
No replies! :-( Should i use a company like transfermate.com? anyone have dealings with this site?
 
I use currencyfair for stg transfers to the UK, I find them much cheaper than the bank and they are pretty quick.

No connection to the company
 
shavo25 said:
Hi,
I am planning on transferring a lump sum from my Irish aib account to my ANZ australian account. I usually do an international transfer online which gives me a pretty bad exchange rate and charges me on both sides.

I seen some people mentioned you can transfer for free if you setup two different paypal accounts. Is this worth the hassle or is there any other ways?

Thanks,
Shane.
Click to expand...



Shane,
Any luck with the best/cheapest solution ?
 
millieforbes said:
I use currencyfair for stg transfers to the UK, I find them much cheaper than the bank and they are pretty quick.

No connection to the company
Click to expand...

Thanks for the reply. Did the whole process take long to complete? Did the banks charge you at all for this transfer?
 
Paypal would work and it is quite secure, but they would also charge an exchange rate I think (when you transfer money from Paypal to your AUZ account)
 
THANKS

Will check it out with Pay Pal.

I think if the amount was large enough, it might pay you to take a return flight to AUS and bring it back in cash ??????????
(enjoy some sunshine in Sydney for a few days too)
 
I use Paypal to transfer money from my US account to my Dublin AIB account

The fee is low - $5 per $1,000 but I feel like I am getting hosed a little on the exchange rate.

Example today
$1,000 got me €729.28 into my AIB

Google tells me the number should be more like €748 so I'm losing €20 but
  1. I don't know if I'd ever get the Google rate anywhere in reality - short of showing up in Dublin with cash dollars
  2. or if there's anywhere that has fees as low as Paypal.

In honesty, I'm happy enough with it, but I'd still like to know that there's no better system out there.
 
Paypal has huge spreads on the exchange rates. I haven't used it in quite a while, but I remember being ****ed off on how much I lost when I bought and returned something that was in USD (you lose on the purchase and lose more on the refund).

I'm fairly certain it's better to pay a bank's exchange rate than Paypal. If you do decide to go the bank route, just write a cheque to yourself and deposit it in the Australian account. If you can't afford to wait for a cheque to clear, use a bank draft instead. Still much cheaper than an international wire transfer.
 
transfermate don't charge transfer fees if the transfer is big enough, rates are better than the banks but call the banks anyway to make sure
 
I receive a few international transfers a year too. I specify the amount to be received and tell my clients to tell their sending bank that I must receive the full amount in euro, meaning they pay all fees up front.
Even still there is often a shortfall!
When we try to trace the reason for it the banks blame each other, saying the sending (or else the receiving) bank took the extra charges! Or else an intermediary bank.
When you ask for a specific trace of the charges you just get stonewalled.
It seems to me to be a Licence to rip off the customers. Even some Joe Soap in the system creaming off a few bucks on every transfer would get away with it under this obscure system.

Does anyone know if there is an international regulator of these services to complain to?
 
Could you use a Revolut card to do this?

Use your AIB VISA debit to purchase AUS dollars and load them onto your Revolut card. Use your Revolut card in Australia.

It seems to be a supported currency - [broken link removed]

€1000 is currently $1554.6 AUS
 
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