Permanent TSB international transfer: Fees, rates, transfer time and limits

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 transfers could save you money in international transfers.

Send money to +160 countries
with Wise 🌍

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.

Prices and fees provided on Wise website and Permanent TSB schedule of fees² on December 27th, 2024.

Permanent TSB international transfer fee

International transfers with Permanent TSB use the SWIFT payment system.² 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 money to.

💡 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 money from a foreign bank.

Permanent TSB exchange rate

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.

They also have an FX Margin Calculator³ 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 in Ireland has a different approach.

With Wise, your money is converted using the mid-market exchange rate - the one you normally see on Google. There’s no hidden margins and you can easily check the exchange rate and fees anytime using the Wise pricing calculator.

Send money with Wise always using the mid-market rate

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 to +160 counties online via the website or Wise app. You’ll always get the mid-market exchange rate and you’ll know any fees upfront, before you make the transfer.

If you want to take advantage of other benefits that Wise in Ireland can offer, you should open the Wise multi-currency account, and you'll be able to:

• Manage +40 currencies in one account
• Convert between those currencies whenever you need at the mid-market exchange rate
• Order the Wise debit card and create digital cards
• Receive money via local account details in 9 currencies

Create a Wise account
for free 🚀

How do I make an international transfer with Permanent TSB?

There are four main ways to transfer money abroad with Permanent TSB.

1. Online banking
2. In a branch
3. Phone banking
4. Using the mobile app

Online banking

Here’s what you’ll need to do to carry out an international transfer using Permanent TSB’s Open24 Online Banking system.

1. Select the ‘Send money’ tab on the left hand side navigation bar.
2. Click the ‘PAY’ button to the right of the payee you would like to send money to.
3. On the next page fill out the form.
4. Click ‘PAY’ in the bottom right of the form.
5. Click ‘Confirm’ on the next screen to complete the transaction.⁵

In a branch

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.

• Your account details
• The transfer information
• The receiving account details
• Your identification

Over the phone

With Permanent TSB you can also do international transfers over the phone by following these steps.

1. Make sure you’ve registered for Open24 Telephone Banking
2. Call 0818 50 24 24 or +353 1 212 4101.
3. Follow the prompts to complete the transfer.⁶

Permanent TSB transfer money to another account: how long does it take?

How long the transfer from Permanent TSB takes depends on where you are sending the money and who the receiving bank is.

The bank says that it will take steps for the money to be transferred from your account, before 6:00pm on a business day to another bank, and will be with the receiving bank no later than the next business day. In general, Permanent TSB international payments cut-off time is 4:00 pm.

However, there are exceptions for payments processed via SWIFT, that have different cut-off times, available on their website.⁷

PTSB transfer limits

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.⁸

If you need higher limits, with Wise you can send up to 1.2 million EUR per transfer.

Send larger amounts with Wise 💰

What bank details do I need in order to make and receive an international money transfer with Permanent TSB?

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](https://wise.com/us/routing-number/) if you’re transferring to the USA

Sources used: