How to organise deposits

J

johnmck

Registered User
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96
Hello

Purchasing a house in another European country with my wife.
We have savings spread over several accounts, PTSB, Aib, credit union.

We are thinking of consolidating our deposits into one, like N26 and then transferring to our new bank account in the country we are purchasing in.

Is this this best way to do things? Never transferred this large amount of money before. It's less than 100k.
 
Why not just transfer the money from the accounts in which it's resting right now? Why do you think that you need to consolidate it into one account before transferring it? Maybe if you're want to do one big transfer and need to visit the branch in order to do this then it makes sense? Or is it because of charges and/or foreign exchange costs or something?
 
ClubMan said:
Why not just transfer the money from the accounts in which it's resting right now? Why do you think that you need to consolidate it into one account before transferring it? Maybe if you're want to do one big transfer and need to visit the branch in order to do this then it makes sense? Or is it because of charges and/or foreign exchange costs or something?
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Your right, maybe best thing, wonder do PTSB or Aib charge for large sepa transfers ?
 
Either approach will work. In my experience there are no "amount based" charges for SEPA transfers other than standard transaction charges. Given that you say SEPA transfer I'm assuming that the money remains in EUR at all times and that there are no currency/exchange charges, which is when things usually get spicy). One other point to be aware of is the daily/transaction limits for online transfers which some of the banks have in place - these are quite low in some cases (e.g. PTSB was €2,500 last time I checked) so it may take a few days to transfer a large amount.

One suggestion. For all transfers, setup the payee (destination account) well in advance and transfer a token amount such as €1 a week or so ahead of any larger amounts, and verify the safe arrival of the money.

I'd also aim to have the amount in the ultimate destination account a couple of weeks in advance of it being needed, in case there are any delays along the way.
 
Freelance said:
Either approach will work. In my experience there are no "amount based" charges for SEPA transfers other than standard transaction charges. Given that you say SEPA transfer I'm assuming that the money remains in EUR at all times and that there are no currency/exchange charges, which is when things usually get spicy). One other point to be aware of is the daily/transaction limits for online transfers which some of the banks have in place - these are quite low in some cases (e.g. PTSB was €2,500 last time I checked) so it may take a few days to transfer a large amount.

One suggestion. For all transfers, setup the payee (destination account) well in advance and transfer a token amount such as €1 a week or so ahead of any larger amounts, and verify the safe arrival of the money.

I'd also aim to have the amount in the ultimate destination account a couple of weeks in advance of it being needed, in case there are any delays along the way.
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Yes the money is remaining in euro
 
johnmck said:
Your right, maybe best thing, wonder do PTSB or Aib charge for large sepa transfers ?
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PTSB didn't charge me anything for a large (6 figure) SEPA payment recently. Last time I did a large (also 6 figure) SWIFT payment it cost a fixed 50c. I presume that all banks' schedules of charges should answer your question.
 
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ClubMan said:
PTSB didn't charge me anything for a large (6 figure) SEPA payment recently. Last time I did a large (5 figure) SWIFT payment it cost a fixed 50c. I presume that all banks' schedules of charges should answer your question.
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Good to know
 
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