BOI charge of €43 to transfer money

S

shnaek

Registered User
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Like many people here, I have been looking at the possibility of moving some small savings abroad. I talked to a colleague in work this morning who transferred less than 10k to gibraltar and BOI charged him €43. I can hardly believe it - surely it wouldn't cost this amount to transfer money to a bank in the EU?
 
It is part of the EU, it joined the EEC along with the UK in '73.
I think it is outside the customs union though.
 
Correct. They issue their own Gibraltar UK passports which are EU passports.
But they are not in the customs union.
 
It does not cost anything to transfer money from here to other EU countries if it's in Euro. I thought it did actually but done so recently without charge at BOI.
 
Yes, euro to euro is free. Gibraltar uses pound sterling hence the charges.
 
The Gibraltar account may have been in Euros, but does that mean that Gibraltar is in the Eurozone clearing system that allows free transfers?
 
If this was an € to € payment with IBAN/BIC than the charge is not correct.

Gibraltar is part of the SEPA area, you can find the info on the webpage of the European Payments Council.

There is a pdf file that lists the countries [broken link removed].

I have done € payments to Gibraltar via Permanent tsb and never did they charge me a fee like you quote.
 
I pointed him to this thread. He's going to print it out and go into the bank manager today. The charge sounded ludicrous to me.
 
So he talked to the manager who told him that Gibraltar is outside the EU regulated area and hence the charge. My colleague queried him on it, and the manager regaled him with tales of how brilliant BOI is, and how it would survive. He said it was a zany chat.
 
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