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.
When you need to send money overseas, you want to find an option that is quick, easy, and affordable. With many money transfer services available, it's important to research to find the best option.
In this article you'll learn more about Small World money transfer Ireland, including their fees, exchange rates and transfer limits.
And if you are looking for a secure and trusted alternative for international money transfers, you'll get to know about Wise.
See how you can save
money with Wise 💰
But first things first. See how much you need to send from Ireland to a pound sterling bank account in the UK for the recipient to get £1,000. Here's a simple outline for your reference:
Provider | Fee | Exchange rate | Total cost | Amount received |
---|---|---|---|---|
Small World | €23.85 | Exchange rate + markup²: 0.8387 | €1,216.24 | £1,000 |
Wise | €5.38 | The real exchange rate (the same one you find on Google): 0.8404 | €1,195.22 | £1,000 |
This comparison is based on fees and exchange rates and prices offered at 10:13 GMT on 04th April 2022 on Small World website and Wise website.
The Small World website¹ provides a calculator which you can use to check the fees. Transfer fees vary depending on location, so you must use their calculator to find the fees for a specific transaction.
Before transferring money, you should take into account things like the country you’re sending money to, the type of transfer service – will it be a bank deposit or cash pickup? – and other factors such as the amount you’re sending.
Because Small World does not have set fees, different options will give different fees on your side.
As with transfer fees, you can find Small World's exchange rates by entering a sample transaction on their website.
🔎 Keep in mind: Small World creates their own exchange rate based on commercially available interbank rates plus a margin².
If you want something different, Wise always uses the mid-market exchange rate without any additional markup. Meaning, Wise doesn’t make money on the exchange rate. And you always know exactly how much you're paying.
To compare Small World's rates with standard exchange rates, you can find online via Google or other services like Wise currency converter.
Small World is a payment service provider that specialises in international money transfers³. Depending on the country, you can choose to send money as¹:
- Bank deposit
- Cash pick up
- Mobile top-up
- Mobile wallet
- Home delivery
- Cash card reload
In Ireland, for example, it's possible to receive money via bank deposit or cash pickup⁴.
Small World offers international bank transfers to over 90 countries³, and they have a global network of over 250,000 cash pickup locations. You can transfer money to countries in Europe, North and Central America, South America, Africa, Asia, and Oceania⁵.
Small World has 13 cash pickup locations in Dublin⁶. Here's a list of the most centrally located:
Read more: Ace Money Transfer Ireland |
---|
If you're looking for an alternative Wise is a great option, and you can send money to 160+ countries.
Your money will be exchanged using the real, mid-market exchange rate and there are no hidden fees.
With Wise multi-currency account you can convert and hold more than 40 currencies, and receive payments like a local in 9+ currencies - get your own UK account number, Euro IBAN, US routing number, and more.
Wise also has the perfect debit card for travellers. You'll be able to spend in multiple currencies in more than 150 countries and territories.
Open your Wise
account today 🚀
Here we have compiled everything you need to know about Small World money transfer.
You can transfer money via Small World's website by following this step by step⁷:
You can also choose one of the options below to make international money transfers with Small World.
Download the Small World app and make your transfer from your smartphone.⁸
You can send money from a branch to a Small World cash pickup location, and your recipient can pick up the cash from there.¹²
You can reach out to their Call Centre to make your money transfer. Their operators will help you with the process.⁹
To make an international money transfer with Small World, you'll need to provide the following information from the recipient:
- Full name
- Phone number
- Bank account number (if you're sending a bank deposit)
- The amount of money you want to send
- The currency you want to send
Additionally, the sender may have to provide further information like ID (Passport, Driving Licence, or other accepted form of identification), address, full name, date of birth, nationality, occupation, and phone number.²
Small World says that the money will reach the beneficiary's account by the end of the following business day.
However, in some cases, like cross-border transfers made in a currency other than the euro or any of the currencies of a Member State of the European Union, the maximum transfer period will be 4 banking days.²
When paying with a debit card, each currency has a different transaction limit¹⁰:
- GBP - 2.000 per transaction
- EUR - 2.000 per transaction
- NOK - 20.000 per transaction
- SEK - 22.000 per transaction
- DKK - 18.000 per transaction
- BRL - 8.000 per transaction
- CHF - 2.000 per transaction
- USD - 2.000 per transaction
If you need to send more than the limit, you can make multiple transfers. Allowable transaction amounts differ from one country to the next, so it's crucial to double-check the Small World website to verify whether your transfer is permitted.
If you need help with your international money transfer, you can reach out to customer support¹¹:
You can also find answers to frequently asked questions about Small World money transfer on their website.
Read more: CurrencyFair Ireland |
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Sources used:
Sources last checked on date: 4 April 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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