AIB International Transfer: Fee, Calculator, Rates

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Allied Irish Banks (AIB), Ireland’s largest bank, has approximately 1.4 million customers on its digital platform alone. AIB is a large and popular financial services group that offers a range of personal and business banking services to clients across Ireland and the United Kingdom, including international money transfers from the Euro to foreign currencies around the world.

However, while AIB international transfer is quick and covers a wide range of countries, the service is somewhat expensive, particularly for payments to countries outside the EU/EEA. In the end, AIB international transfers of all sizes become prohibitively expensive for individuals seeking low-cost payments to foreign currencies.

In this blog, we will discuss everything you need to know about the AIB international transfer. Without further ado, let’s get started. 

Must Read: GUIDE TO OPEN INTERNATIONAL STUDENT BANK ACCOUNT IN IRELAND

AIB International Transfer Fees

AIB overseas payments are often conducted via international wire transfers. As a client, this means you’ll need to instruct a transfer via your AIB Internet Banking account or the AIB Mobile Banking App, both of which can be done in the same manner you would a domestic SEPA payment.

AIB will start wiring your amounts to a foreign country and currency using SWIFT. AIB international transfer fees are based on the sending destination and are broken down as follows:

  • Using the ‘Paylink Euro’ service: €0.00 for Euro payments to SEPA-member countries.
  • When using the ‘Paylink’ service, the fee is €15.00 for Euro payments to non-Euro nations.

Must Read: BENEFITS OF OPENING AN ACCOUNT IN BANK OF IRELAND, DUBLIN AS AN INTERNATIONAL STUDENT

Additional Fees

If you want to ensure that your payment arrives as soon as possible (typically within one business day), you can choose the ‘Urgent’ service, which costs €22.50 for payments to non-Eurozone countries and €12.70 for payments to Eurozone countries.

Furthermore, if you want to instruct your transfer personally (for example, over the phone or in person), the service will be more expensive.

Finally, if your wire transfer cannot be conducted directly to your beneficiary’s bank and requires the assistance of correspondent banks, you may be charged a correspondent bank fee (usually ranging between €5.00 and €75.00 per transfer).

AIB Exchange Rates

What you may not realise is that the exchange rate may also cost you money. Banks can set their own currency rates when making overseas transfers, so they won’t be as excellent as the mid-market rates quoted on Google or XE.

Often, one of the intermediary banks or even the beneficiary bank handles the conversion in a non-euro overseas transfer. If this is the case, AIB international transfer will be ineffective. If AIB is the bank that converts your money, they do show their sale rates, which may be the rate they will utilise. However, as AIB points out,

This pricing is changeable and subject to change and/or withdrawal at any time without notice.

So, before you commit, check an online currency converter to compare the true conversion rate with the one you’re being offered.

Also Read: How to Pay a Student Loan with a Credit Card?

How to Make International Money Transfer with AIB?

AIB accepts overseas payments in two ways: electronically or via the PayLink international paper application form. AIB suggests the online option because it is less expensive and easier.

  • To make the transfer online, you must first sign up for AIB’s Internet banking service.
  • Once registered, ensure you have your login information – once logged in, navigate to the ‘Transfers and Payments’ section and follow the options.
  • To verify the transaction, you may require a code card or card reader.
  • When you visit a branch, you will be given a form to fill out, which a teller will walk you through.

Also Read: Wire Transfers vs. Forex Cards

How Long Does Bank Transfer with AIB Takes?

AIB international transfer provides both ordinary and urgent foreign payment services, therefore the speed of the transfer is determined by whatever option you select.

A typical SEPA payment using their Paylink Euro service takes at most one business day, but an urgent one can be completed the same day.

Other payments are processed using their Paylink service: normal payments take 1-4 business days, but urgent payments may be processed the same day. It usually takes longer if you submit the request on paper rather than online.

FAQs

Q1. How long does a bank transfer from AIB take?

Ans. Transfers are usually received within two hours as per the working hours.

Q2. Does AIB charge foreign transaction fees?

Ans. Yes, AIB does charge foreign transaction fees. 

Q3. Why is my AIB transfer processing?

Ans. When AIB receives your payment, it will take some time to process it. 

This is everything you need to know about the AIB international transfer. We hope you found this blog informative and engaging. For more information, make sure you visit Fly Finance

About Biprojit Chakraborty

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