Receiving an international transfer with AIB: What are the costs and how to do it?
If you need to receive an international transfer with AIB Ireland, read this article to discover all about it.
For over 200 years Permanent TSB has been providing financial services in Ireland, making it one of the nation's longest serving banks¹. A lot has changed in that time and for many customers the ability to quickly and easily transfer money abroad has become increasingly important.
In this article we’ll explore what you need to know about Permanent TSB international transfers, taking a look at their processes, fees and exchange rates. We’ll also let you know how Wise could save you money in international transfers.
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Before we get started on Permanent TSB, here's a quick example. This is how much an international money transfer could cost with them compared to Wise if you sent €1000 to a GBP account in the UK.
Provider | Fee | Exchange rate | Total cost |
---|---|---|---|
Permanent TSB | €31.50² | Exchange rate + markup | €31.50 + exchange rate markup + likely fees from both intermediary and recipient banks |
Wise | €6.02 | Mid-market exchange rate | €6.02 |
Prices and fees provided on Wise website and Permanent TSB schedule of fees² on May 10th, 2023.
International transfers with Permanent TSB use the SWIFT payment system². Which means there are likely intermediary banks as well as the recipient bank that may levy fees of their own.
The fees for the transfer depend on the destination you're sending funds to.
Destination | Permanent TSB Fee² |
---|---|
Within the EU (Euro/Swedish Krona) | €0.50 |
Other Payments | €31.50 |
💡 Keep in mind: On top of the Permanent TSB fees, the person you’re sending money to may be charged additional fees by their bank for receiving funds from a foreign bank.
Aside from the fees for a Permanent TSB international transfer, you’ll also have to absorb any losses on the exchange rate.
⚠️ Currently, the exchange rates that apply to international transfers with Permanent TSB aren’t viewable on their website, but they do state that it includes a foreign exchange bank margin that’s added to the exchange rate.
This margin is the difference between the Permanent TSB exchange rate and the rate at which they buy and sell currency in the wholesale exchange market.²
The bank also publishes their foreign currency spreads which are approved by the Central Bank. This is the difference to the mid-market rate that the bank is allowed to charge.
Countries/Currencies | Spread² |
---|---|
Canada, Swiss, US and EU Currencies other than Norway and Sweden | Up to 6% |
Australia, Greece, Japan, Norway and Sweden | Up to 8% |
Other currencies | Up to 10% |
They also have an FX Margin Calculator⁸ that you can use to check on the margin and exchange rates that apply to credit cards, debit cards and ATM withdrawals abroad with Permanent TSB.
Meanwhile, Wise has a different approach. With Wise, your money is converted using the mid-market exchange rate just like you see on Google. There’s no hidden margins and you can easily check the exchange rate and fees anytime using the Wise pricing calculator.
While Permanent TSB does support international transfers, the fees and exchange margins can certainly add up over time. If you're looking for a cheaper way to send money abroad, Wise might be the answer.
With Wise you can easily complete secure international money transfers in minutes. You’ll always get the mid-market exchange rate and you’ll know any fees upfront, before you make the transfer. It’s possible to send money to 70 countries around the world using their free and easy to set up account.
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There’s a surprising amount of things to think about when you make an international transfer. Here are some more common questions and answers for you.
How long the transfer from Permanent TSB takes depends on where you are sending the money and who the receiving bank is.
In general, Permanent TSB will attempt to ensure that the receiving bank has the funds one business day after the cut off time. The cut off times vary for different currencies and are listed on their website⁹.
There are four main ways to transfer money abroad with Permanent TSB.
Here’s what you’ll need to do to carry out an international transfer using Permanent TSB’s Open24 Online Banking system.³
If you prefer to do things in person you can head into a Permanent TSB branch.⁴ Here’s some of the information you should take with you just in case it’s needed by the teller.
With Permanent TSB you can also do international transfers over the phone by following these steps.⁵
Finally, here’s what you’ll need to do to transfer money abroad using the Open24 mobile app.⁶
🔎 Read more: Permanent TSB Student Account: Your full guide |
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With your Open24 Online Banking and the mobile banking app, you have a combined daily limit of €10,000 which you can transfer to another account.⁶
If you need higher limits, Wise allows sending up to 6 million EUR per transfer.
Send larger amounts with Wise 💰
PTSB doesn't specifically mention all the information on their website, but here’s a general idea of what’s usually required to send or receive money through an international bank transfer:
- The full name and address of the payee
- The recipient’s IBAN or international bank account details if transferring outside of the EU
- The SWIFT/BIC code or routing number if you’re transferring to the USA
Here’s the ways you can contact Permanent TSB yourself.
Check all the options available on their Get in Touch page⁷.
Sources used:
Sources last checked on date: 10 May 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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