Cost of transferring money abroad

[billdavies63]

I transferred 100,000 euro to Commerzbank in Germany. It was earning just 4% here - about 80 euro a week. Though I asked the Irish bank to expedite the transfer, it took 6 days before it was lodged and earning interest in Germany. Where was it during that time and who was benefitting? Just curious!

 

[Lightning]

Firstly a Eurozone EUR to EUR wire transfer should be free of charge for the transfer itself.

6 business (?) days is unacceptable unless the instruction was unclear, lacked key wire details and hence manual intervention was required. Did you use both a BIC code and also an IBAN code? If so, I think EU/Irish law stipulates a maximum transfer period.

As to who benefits, it depends who's nostro (sitting) account the money was stuck in. It could have been on either side.

 

[ccraig]

worth mentioning that it didnt net 80 as you have to consider DIRT.
Banks will charge a fee for euro transfers over 'x' amount, you can break it down and send in smaller amounts.

That amount is typically 50k but depends on the bank as far as im aware

 

[bacchus]

worth mentioning that it didnt net 80 as you have to consider DIRT.

OP may not have to pay D.I.R.T. See here for details.