# money transfer? best way?



## macnas (24 Jul 2007)

I want to send a large sum of money to someone in the UK. What is the best way to do this?


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## Caveat (24 Jul 2007)

Probably electronic credit tansfer - your local bank can arrange this for you, directly into the recipents account.

http://en.wikipedia.org/wiki/Electronic_funds_transfer


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## ClubMan (24 Jul 2007)

Check what transaction and forex charges might apply - at either or both ends. Note that "best" could mean fastest or cheapest but these may be conflicting goals.


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## macnas (24 Jul 2007)

Best way means the least amount of deductions due to currency, bank charges etc.


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## NEWTON (10 Aug 2007)

I am in the same boat I need to send 3000 euro to the uk every month.  Its a nightmare.

BOI want a new form every month which they lose about 40% of the time! (no kidding!)
you don't find out until the money doesn't arrive in your account!

I have tried Money corp they charge £15 fee but a terrible xchange rate.

anybody knows of a more reliable bank??  Or if I can set up a regular payment either on line or phone??


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## gobig (10 Aug 2007)

Most business can get through to a dealer who, once you are dealing in volume, will offer you a decent rate off spot. Banks generally only provide 'indicative' rates which are not much use to anyone. Call your bank and see what you can get and then try a currency broker and ask what the final amount will be exactly with fx fees and transfer fees taking into account, then  try calling a currency broker to see if they will offer a better deal.


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## DublinTexas (11 Aug 2007)

If you can do IBAN transaction online (to an account in Germany) XE is offering good exchange rates and has no fee (unles you want it faster, than still their fee is lower than the banks wire transfer fee).

Find more info here: http://www.xe.com/fx/


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## NEWTON (18 Aug 2007)

What ever you do AVOID TRAVELEX!!!!!!  I Lost 200 euro exchanging 1400 euro in to Sterling  + £12.70 comission!!!


I makes me want to scream!!!!!!!!!!!!!!


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## Creditlimit (18 Aug 2007)

I used transfermate.com to send money across to the UK. After calling a number of banks these guys gave a much more favourable exchange rate than the next lowest bank (Anglo.)


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## madmoe (25 Sep 2007)

Hi guys,
I need to transfer money to my bro in the USA, approximately €335 Euro which works out at about 470 USD.

Called BOI there as I have an account with them. They charge €8.85 and an additional €7.00 to do it. The €7.00 is optional but my bro could have to pay a lot more on his side if I did not pay it.

I checked on the Western union website and they were charging a jaw dropping €29.00 to do it.

Has anyone had any experience with transferring money to the USA. Is it possible to get a money order or something similar to a postal order? I also have an account with AIB, perhaps they are cheaper?

Cheers,
M


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## Quest (25 Sep 2007)

Madmoe,

You could go to your loacal bank and buy a us$ Bank Draft.. costs about four euro..


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## madmoe (25 Sep 2007)

Perfect, that makes the most sense.

Thanx


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## Mr Magoo (25 Sep 2007)

NIB's online system allows you to do cross border transfers yourself. I haven't tried it, but the form seems very comprehensive allowing you to choose how the costs are spread (payee/recipient). Also how fast the Xfer should be. You can't do it online with RABO nor BOI. 
BOI are promising a new online experience soon, well see if that includes crossborder transfers.


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## Mr Magoo (25 Sep 2007)

*** this is from NIB's website, there is a table of costs, probably won't show properly here. ***
Here you can see how the cost of  transfers abroad is calculated.

With National Irish eBanking, you can  transfer up to the available (cleared) balance of the sending account, or its  equivalent in foreign currency, abroad.

When you fill out a transfer  request, indicate what you have agreed with the payee. This determines who will  pay the fees for the transfer.

Note that, if the transfer is within the  EU and less than €50,000, you must always choose “The sender and payee share the  costs”. In this case the senders charges will be paid by you, the ordering  customer. The receiver charges including correspondent bank charges will be paid  by the Payee. This means that costs are kept as low as possible for both you and  the payee.

It is normal practice that you pay fees for getting the  transfer out of the bank and the payee pays fees for getting the transfer into  the foreign bank.
   Transfer  type Distribution of costs Fees*  Ordinary Transfer EU2560 Complient Up to €50,000 Valid Beneficiary  IBAN (International Bank Account Number) and BIC (Bank Identifier Code) Sender and payee share the costs As sender, you pay €0.00 and the payee pays all costs at the  foreign bank.  Standard transfer in non-Euro



Sender and payee share the costs As the sender, you must pay 0.15% min. €10.00 and max. €30.00.    The payee pays all costs at the foreign bank.
Sender pays  costs As the sender, you must pay 0.15%
min. €10.00
max. €30.00  and the foreign costs of €15.00  Payee pays costs As the sender, you don’t pay fees. The costs of 0.15%
min.  €10.00
max. €35.00 and the foreign costs are covered by the payee.  Express transfer in non-Euro Sender and payee share the costs As the sender, you pay 0.15% min. €15.00 and max. €35.00. The  payee pays all costs at the foreign bank.  Sender pays costs As the sender, you must pay 0.15% min. €15.00 and max. €35.00 as  well as the foreign costs of €15.00.  Payee pays costs As the sender, you don’t pay fees. The costs of 0.15% min. €15.00  and max. €35.00 and the foreign costs are covered by the  payee.
Additional  fees
If you do not enter the BIC (Swift address) when making a  transfer, the transfer requires manual processing in the Bank, for which we require an additional fee of €8.00.  


Euro payment instructions effective from 1 January 2007  onwards (which do not include a valid IBAN) to [broken link removed] will NOT be accepted for processing.  This will affect all payments that are dated from 1 January 2007. Please visit  our website for full details.

An additional fee  of €10.00 will be charged if the IBAN is not provided or is incorrect.


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