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In our modern world, it’s not uncommon for people to make international transfers. Unfortunately for customers with KBC Ireland this is easier said than done, and now due to an agreement made with the Bank of Ireland, KBC will be withdrawing from the Irish market.¹
In this article we’ll explore what you need to know about international bank transfers with KBC, focusing on what their accounts allow you to do and the fees associated.
We’ll also let you know how Wise might be a smart alternative for your international transfers, given KBC’s limitations and impending exit from Ireland.
|⚠️ UPDATE: KBC is exiting the Irish market. From the 1st of June 2022, KBC will begin issuing customers with a notice that gives them 90 days to close their KBC account. Here's how to close your KBC account in Ireland.|
With KBC you can send and receive international payments in Euros to countries that are within the Single Euro Payments Area (SEPA).² Currently, there are over 30 members of SEPA.
Sending money to accounts held in these European countries is done using Bank Identifier Code (BIC) and International Bank Account Number (IBAN) codes, the same way you’d transfer money to another Irish account.
Sending or receiving money from an account outside SEPA is harder as all transfers to a KBC account must be in Euros.³ This means you can’t send or receive foreign currency. If you want to send Euros to a bank account outside of SEPA you’ll need to ask KBC directly if they’ll facilitate the transfer.
Given the limitations of KBC Ireland international transfers, you may need to use an alternative service like Wise to send money abroad.
With Wise, you can send money to 80 countries around the globe and hold and convert more than 50 different currencies. There’s no account maintenance fees to worry about, and you can register your account in minutes.
Here’s some of the fees associated with KBC SEPA transfers and spending money abroad using a KBC bank card.⁴
|KBC int. transfer fees|
|ATM Euro cash withdrawals within the SEPA Zone||€0.30 or free for Standard Current Account if the daily account balance is €2,000+|
|ATM non-Euro cash withdrawals||3.50% of transaction value (min €3.17, max €11.43)|
|Non-Euro debit card purchases||1.75% of transaction value (min €0.46, max €11.43)|
|Same day credit transfers within the SEPA Zone||€25.40|
If you use your KBC debit card to make a purchase in a foreign currency your money will be exchanged based on the MasterCard Foreign Exchange rates.⁴
With Wise, your money is exchanged using the real mid-market exchange rate, just like you’d see on Google. To see what the current rates are, you can take a look at the Wise online currency converter.
As we’ve mentioned, Wise is a viable option for making international transfers. When you send money abroad with Wise, you’ll know the exchange rate and any fees upfront before you commit to the transaction.
If you think you’ll be making quite a few international transfers, you may benefit from a Wise multi-currency account.
This account allows you to convert and hold more than 50 different currencies with no account maintenance fees. You can get local account details for 10 of the world's major currencies. Also get access to the Wise debit card and use it arond the world.
Sending money abroad with Wise is pretty easy. Here’s a step by step of how it works:
- Register for your free Wise account on the website or through the app - don’t worry, setup is quick and easy.
- Choose the currency and amount you want to send, and Wise will tell you the fees and an estimated transfer time.
- Fill in the receipts bank account details (if they don’t have a Wise account).
- At this point you may need to verify your identity using some photo ID.
- Pay for your transfer using a bank transfer, credit card, debit card or a balance from your Wise multi-currency account.
Once you’ve paid, it's time to sit back and relax while Wise securely transfers your money, with live updates available along the way.
In Ireland, KBC is a Euro only account so you can only send and receive Euros.³ As such, when it comes to international transfers you’re generally limited to the SEPA Zone.²
Inbound KBC SEPA transfers are processed a few times a day. Depending on when the money was sent you can generally expect it to arrive at one of the following times⁵:
- Morning - 8.00am, 10.00am, 11.00am
- Afternoon - 1.40pm, 4.15pm, 5.15pm
The timing for outbound KBC SEPA transfers also depends on the time the money was sent⁵:
- Payment requests sent before 12pm may be credited to the recipient's bank that day
- Payment requests sent after 12pm will be credited within 1 business day
KBC does have transfer limits which vary depending on where you are sending your money.⁶
|KBC transfer limit|
|Transfer to another bank||€5,000 per transaction €15,000 maximum per day|
|Transfers to another KBC account||€15,000 per transaction €15,000 maximum per day|
|Transfer to your KBC account||No limits|
If you need to transfer more than €15,000 in a day, you’ll need to split the transfer up across multiple working days.
KBC Irelands has a variety of ways you can get in touch with them⁷:
- Customer Service: call on 1800 93 92 44 / +353 1 664 6100
- Live chat on the KBC Ireland website
- Send an email via the Get in Touch page
- Reach out on Twitter
|🔎 Read more about KBC in Ireland|
- KBC - Important Customer Notice
- KBC - What is SEPA?
- KBC - Can I transfer foreign currency into my KBC Current Account?
- KBC - KBC Current Account: Fees and Charges Booklet, page 3-5
- KBC - When are SEPA payments processed?
- KBC - What are the maximum limits for transferring money?
- KBC - Contact us
Sources last checked on date: 23 March 2022
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 Wise Payments 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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