AIB international transfer: Fees, rates and transfer time

Wise
19.02.21
6 minute read

Allied Irish Banks (AIB) is one of the top Irish banks and they offer several ways for you to make international payments. Here’s our guide to what you need to know if you’re looking to make an international transfer with AIB, including what information you need to provide and what it will cost you. But you’ll also find out how you could likely save with Wise. But more on that later.

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A quick example before we get started.

A theoretical online bank transfer at standard speed sending €1000 from Ireland to a pound sterling bank account in the UK.

While it may look like you’re just comparing the fees at first glance, it isn’t just the stated fees you need to pay attention to.

ProviderFeeExchange RateTotal Cost
AIB (Ireland)¹€15Exchange rate + markup€15 + exchange rate markup + likely fees from both intermediary and recipient banks
Wise²€4.58The real exchange rate - the same one you find on Google€4.58

What isn’t often mentioned is that, on average, banks and money transfer providers often mark up an exchange rate by 4-6% to make money on converting your currency. Which means it’s a good idea to compare the exchange rate you’re offered with an online currency converter to find out how much your international transfer is really costing you.

In addition, nearly all transfers sent internationally are sent via SWIFT. Which means there are likely 1-3 intermediary banks in addition to the recipient bank that may levy fees of their own. Costing you even more.

What are the fees for an international transfer with AIB in Ireland?

AIB international transfer fees

The fees below only apply to transfers sent electronically via AIB.¹

AIB TransactionRegular fees for electronic transfers
Incoming international euro transfer (InPay Euro)
    Euro payments from SEPA zone countries: €0
Incoming international non-euro transfer (InPay Global)
    Less than €127: €0 More than €127: €6.35
Outgoing international euro transfer to SEPA zone countries (Paylink Euro)
    Standard speed: €0 Urgent speed: $12.70
Outgoing international non-euro transfer (Paylink)
    Standard speed: €15 Urgent speed: €22.50
Additional fees may apply
    See Additional Fees section below

Those are the fees that AIB currently charges for international payments made online - there’s a different set of fees if you go into a branch and make the transfer. There also may be additional fees charged by other banks involved in the transfer. The details of your particular case might be different, so it’s best to check directly with AIB if you want to be completely sure of what they’ll charge you. For more, take a read of the ‘Additional Fees’ section of this guide.

AIB exchange rates

What you may not realize is that the exchange rate might end up costing you, as well. When banks make international transfers, they’re able to set their own exchange rates, so they won’t be as good value for you as the mid-market rates quoted on Google or XE.

Many times in a non-euro international transfer, it’s actually one of the intermediary banks or even the recipient bank that does the converting. If that’s the case, AIB’s exchange rates won’t help much. However, if AIB is the bank that ends up converting your money, they do list their sell rates, which may be the rate that they will use. However, as AIB notes themselves,

> These rates are variable and subject to change and/or withdrawal, without notice, at any time.³

So, before you commit, make sure you’re getting a good rate by checking an online currency converter to compare the real exchange rate with the one you’re being offered.

Additional fees

There might be costs other than those set by AIB themselves: sometimes, intermediary banks also get involved in the transfer, and they normally charge a fee too.¹

With AIB, the costs are done on a shared basis if you do the transfer online:¹

  • the sender pays the fees set by AIB
  • the recipient pays all the other fees

If you do the transfer by paper in a branch, you have the option to pay all the charges yourself - but that only applies to non-EU payments. Within the EU payment area, intermediary banks can’t charge for a euro payment, although the receiving bank can, and costs have to be shared.¹

AIB international transfersAdditional fees
Receiving bank fees (EEA payments)
    If the receiving bank charges a fee, under EU law this must be paid by the receiver.
Intermediary and/or receiving bank fees (non-EEA payments)
    AIB notes, “Charges may be deducted or claimed by intermediary and/or receiver banks, for payment routing, transaction handling or where amendments/investigations/cancellations to instructions are requested.”¹ With AIB, costs are shared between sender and receiver if the payment is made online, but if you make a paper transfer you can choose to pay all costs yourself.
SWIFT transmission charge
    If your transfer is made using SWIFT, there might be a charge up to a maximum of €6.35.¹

Take a look at AIB’s schedule of international transaction charges in case any other additional payments might be applicable to you.

A cheap and transparent alternative: Wise

Wise is an alternative way to send money internationally. They use the same exchange rate you’ll find on Google or XE, which will likely work out far more in your favour than a rate set by a bank.

They also only charge one simple fee, stated upfront, based on the amount you want to transfer. You can see the exact exchange rate used before you make the transfer, and there won’t be any charges from intermediary banks.

If you often need access to multiple currencies or money in several countries, a multi-currency account can help you even more. It lets you convert and hold money in 56 currencies, and you can receive payments like a local in 10 currencies. It’s as if you have local accounts in multiple countries, so it can really simplify the process of travelling abroad or paying people in other countries.

Join for free

How do you make an international bank transfer with AIB?

There are 2 ways you can make an international payment with AIB: electronically or by PayLink international paper application form.¹ AIB recommends the online option as cheaper and easier.

If you want to make the transfer online, you’ll need to sign up with AIB’s internet banking service. Once you’re registered, make sure you have your login details - when you’re logged in, go to the ‘Transfers and Payments’ section and follow the options. You might need a code card or card reader to verify the transaction.⁴ If you go to a branch, there’s a form to fill out which a teller will talk you through.

There are 2 methods for making international payments:⁴

  • Paylink Euro, which is for euro payments to a SEPA zone country
  • Paylink, which is for other payments

What do I need in order to make an international money transfer with AIB?

The first thing you’ll need online is your login information, and have your code card or card reader at the ready too. You’ll also need the following details:⁴

  • The recipient’s name and address
  • The recipient’s IBAN or other account number
  • The recipient’s BIC or the name and address of a foreign bank
  • The bank branch’s national bank code if they don’t have an IBAN

What should I give to the sender in order to receive an international bank transfer?

To receive an international payment to your AIB account, you should check exactly what information the sender requires. To be safe, you should provide the following information:

  • Your name and address
  • Your bank’s name and address
  • Your IBAN
  • Your BIC

How long does an international bank transfer with AIB take?

AIB offers standard and urgent international payment services, so the speed of the transfer depends on which of those options you choose.

A standard SEPA payment, via their Paylink Euro service, takes 1 business day at most, while an urgent one may be done on the same day. Other payments are done by their Paylink service: standard payments take 1-4 business days, while urgent payments might be done on the same day.¹ It often takes longer if you do the request by paper, rather than online.

What time of day do I need to make the transfer by?

To ensure the fastest possible transfer, you should meet AIB’s cutoff times - the latest times in the day you can request the payment and expect the turnaround times listed above to be met. AIB has a range of different cutoff times depending on the currency, and also on whether the payment is standard or urgent - take a look at the list of cutoff times by currency on their website.

Contact / Help - More questions around your transfer?

The most important thing about making an international money transfer is to know how much money will end up in your destination account, compared to how much you send in the first place. Before you make your transfer, make sure you know the full range of costs involved, including what sort of exchange rate you’ll get.

Sources:

  1. AIB - international transaction charges
  2. Wise - fee
  3. AIB - exchange rates
  4. AIB - international payments FAQ

All sources checked on February 19, 2021


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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