BOI - Electronic Fund Transfer Charge - €50

[thumbelina]

Hi,

I was recently transferring funds via an EFT from a BOI account to an account in another Irish Bank.

The amount was over 50k and this seems to have a fixed charge of €37 + €12.

I am not 100% sure though that I should have been charged this, I cna understand a high charge like this for transferring outside of the country but transferring within Ireland?

Has anybody any thoughts on this, to be fair to BOI on the back of the form I signed (foolishly without reading fully!) it says what the charges are. Looks like it is free up to 50k and then the hefty charges kick in, still feels wrong though for a domestic transfer.

thumbelina.

 

[seantheman]

Is it a case that you could have made two transfers of say €40k for free had you known about the charges?

 

[Lightning]

I am not 100% sure though that I should have been charged this, I cna understand a high charge like this for transferring outside of the country but transferring within Ireland?

All banks need to charge the same for EUR eurozone to eurozone transfers regardless of whether the transfer is domestic or international.

Fees for large payments normally vary from 20 EUR to 50 EUR per transaction. 50 EUR is on the higher side. There is greater risk to the bank with large payments.

 

[ClubMan]

The schedule of fees for the account in question should clarify what charges apply for various services.

 

[Brussels]

Charges for transactions over 50k will disappear with the introduction of the SEPA Regulation. The legislation will remove the 50k barrier and charges for national and cross border transactions will be the same regardless of value. The cost for sending €100,000 to Spain using BIC /IBAN will be the same as sending €100 from AIB to BoI.