Wiring money to euro account in Germanay on-line

T

TirOileain

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Has anyone used on-line banking to wire money to a euro account outside of Ireland? Was wondering if an Irish bank offered this service, I'm with BOI and unfortunately they don't...
 
What do you mean BoI don'T? All banks do, it's the law and they can't charge you more than an equivalent transfer within Ireland for a transfer up to 12,500 euro. Check out: [broken link removed] All you need is the BIC/IBAN no of the account in Germany.
 
Hi PMU,

From the link you provided looks like you can do this with their "Business On Line" service, but not with their "365 Online" personal service. Just wondering if another bank allows on-line wiring on personal accounts..

From BOI:

We regret that there is no facility to make cross currency payments using Bank of Ireland 365 Online.

Hmmm.. just realised that their reply said "cross currency", which is not what I asked them..
 
I can tell you that AIB 24Hour Online does not allow it either, so that's them off your list of potentials. They'll only do it over the phone. Swine the lot of 'em!
 
And you can cross PTSB out of the list too because they don't allow it online either, they also don't do it over the phone, you have to go to the branch where your account is, if you are lucky they allow it by telefax.
 
Re: Wiring money to euro account in Germanay on-line [sic]

Previous rants on the abysmal state of Irish e-banking are .
 
Re: Wiring money to euro account in Germanay on-line [sic]

TirOileain: Sorry, but I missed the word ‘on-line’ in your original post. Yes, you have to visit your bank to do it.
 
Or Ring

AIB will take transfer instructions on the phone if you have 24 hour banking.

You need the IBAN details for the recipient, a sort of europe wide Sort Code

cost c. €5 last time I did it, limit €12k
 
AIB loophole

I did a transfer for €100 to Italy this morning through AIB telephone banking. 70 cent fee, provided I didn't want to quote a reference number to the recipient, in which case it would be a €20 fee! This was despite correct SWIFT, IBAN etc.

I needed to sign the transfer so the recipient would know it was from me - so I changed the amount to €100.83 and went for the 70 cent option. I've told the recipient to look out for this magic number. If everyone does this, surely they'll have to drop this nonsense of extra charges to quote a sender name?

They couldn't guarantee how long either transfer would take - that would cost me extra too. I'm hoping a few days.

But it still bugs me - I can quote a reference on domestic transactions without any extra fees. Have AIB found a loophole in the EU regulations? How about the other banks? The transfer procedure isn't any different when you put a reference in, it's just an extra field in the message. The extra fee seems to be pure profiteering.
 
Re: AIB loophole

Mugsgame:
Under Article 3 of Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro:

‘Charges for cross-border electronic payment transactions and credit transfers

1. With effect from 1 July 2002, charges levied by an institution in respect of cross-border electronic payment transactions in euro up to EUR 12500 shall be the same as the charges levied by the same institution in respect of corresponding payments in euro transacted within the Member State in which the establishment of that institution executing the cross-border electronic payment transaction is located’.

The important point here is that there should be no different treatment by the bank of a cross-border payment in euro compared to the treatment of the corresponding payment transaction within the Member State.

You mention a 20 euro fee for the inclusion of a reference. Unless the bank charges this fee for the inclusion of a reference in an equivalent Irish transaction it would appear to be going against the regulation. You should complain to IFSRA.

You can get all the info on this from the EC at: [broken link removed]
 
Thanks for the link PMU. I am going to pursue this with IFSRA, and the EU Consumer Centre.

Interestingly, on a cursory reading, the directive appears to apply to transfers between all member states, provided it is a Euro transaction. Member states includes non Eurozone countries - Euro transactions to Britain should be covered.
Sweden have opted in so that Kroner transactions are also included. Britain and Denmark may opt in in future.
 
So if I have free banking than there should be no charge

So if charges "levied by an institution....shall be the same...within the Member State" than my PTSB free account should allow me free Euro Payments as long as have IBAN/BIC and both account (sending/receiving) are in Euro and within the EU.

I am looking forward to that discussion with my branch manager :evil

Well I spoke too soon, I just called Open24 and with a nice smile (I could hear her smile) she pointed out that:

Credit transfers – outgoing/bill payments Euro 0.50

Deep down in the t&c there is the expection to "free", so I will pay Euro 0.50 for it according to her.

Thanks goodness there is billpay.ie for my irish bills.
 
free banking

There are no charges for bill payments with NIB.

I moved to NIB last year after having examined the various free banking offers around and concluding that the only truly free banking was NIB's FreeBank A/C. Others such as UB and PTSB had all sorts of hidden charges when you read the small print

As an extra bonus NIB turned out to have one of the best online systems.
 
transfers

I too have experienced the issue of not being able to quote a reference when sending money abroad for the domestic fee. Amazingly, the cheap way without the reference takes a few days to get to it's destination whereas the Eur20 method miraculously gets there the same day - even though both methods are sent using the SWIFT electonic transfer system. One would almost imagine that when they get a cheap request they stick them in an out tray for a few days! Surely the EU directive didn't plan on the banks effectively blackmailing you into paying the high fee if you wanted the recipient to know who sent them the money.
 
Re: transfers

podgeandrodge,

Was your experience with AIB or another bank?
I suspect IFSRA take complaints more seriously when more than a single institution is involved.
 
wiring money

Hi

It was AIB. But I believe that all the Banks have implemented this " no reference" idea for the cheap transfer - the EU Directive says something like "must not be any worse off than a domestic transfer " so they implement the same delay as occurs when clearing a cheque domestically even though the payment could easily be instantaneous....
 
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