If you need to send or receive money from abroad, it’s a good idea to understand a bit about how international money transfers work. A little bit of knowledge goes a long way and can help you make sure you minimise the fees involved in moving your money quickly and securely.
The processes involved in international money transfers as well as the costs included will vary, depending on where you’re sending your money. And, likely, you might be able to save money with a transfer service provider like TransferWise. But more on that later. You might see international transfers with Permanent TSB also referred to as SWIFT transfers in your account details.
A quick example before we get started.
A theoretical bank transfer sending €1000 from Ireland to a pound sterling bank account in the UK.
|Provider||Fee||Exchange Rate||Total Cost|
|Permanent TSB (Ireland)||€31.50||Exchange rate + markup||€31.50 + exchange rate markup + likely fees from both intermediary and recipient banks|
|TransferWise||€4.98||The real exchange rate - the same one you find on Google||€4.98|
On average, banks and money transfer providers often mark up an exchange rate by 4-6% to make money on converting your currency. Which means it’s a good idea to compare the exchange rate you’re offered with an online currency converter to find out how much your international transfer is really costing you.
In addition, nearly all transfers sent internationally are sent via SWIFT. Which means there are likely 1-3 intermediary banks as well as the recipient bank that may levy fees of their own. Costing you even more.
Now that you have a better idea of how much a SWIFT transfer really costs, here’s all you need to know about making an international transfer with Permanent TSB - so you can send your money safely and with no unwelcome surprises.
Permanent TSB’s normal international money transfer rates are detailed below.
Before you start, it’s a good plan to understand the fees involved when making an international transfer with Permanent TSB, as these may vary depending on your account type, and where you’re sending money to.
|Permanent TSB Bank Transaction||Regular Fee|
|Incoming international transfer||Permanent TSB does not charge for incoming international transfers, but they do warn customers that intermediary banks might levy their own fees|
|Outgoing international transfer||Payments made in euro or Swedish krona to accounts in the EU €0.50Payments made in a currency other than euro or Swedish krona, within the EU €31.50Payments made in any currency to an account held outside of the EU €31.50|
|Additional fees may apply||See additional fees section|
(Source 22 January 2018)
When you send or receive cash in a currency other than euro, it’s not only the flat fees which are important. If there’s any currency conversion used, you also need to know if the exchange rate used is fair. You can get the exchange rate for the day, by logging into the Permanent TSB currency converter within online banking.
However, you might find that it's not even Permanent TSB that sets the exchange rate for your transaction. For example, if you’re transferring money abroad using a different currency than your account is in, an intermediary bank might choose the exchange rate to apply. They don’t always use exchange rates which are in your favor, as they often mark up the exchange rate, and keep the difference. This means that the exchange rate offered may vary quite a bit from the exchange rate given on Google.
If you try to send your international money transfer to someone in the EU, in euro or Swedish krona, but don’t provide the correct IBAN and SWIFT/BIC code, you’ll be subject to a €10 fee - instead of the usual €0.50 charge. So, it’s definitely worth double checking everything to get it right the first time.
At the time you arrange your transfer, you might also be asked if you want to pick up the recipient fee which is added by the receiving bank and deducted from the amount transferred. This can be a percentage or a fixed cost, depending on the recipient bank’s policy.
|International transfers with Permanent TSB||Additional fees|
|Intermediary/recipient bank fees||When your transfer is processed using the SWIFT system, there are often several banks involved in the process, which are known as agent or intermediary banks. They can take a cut as a fee for helping to process the transaction|
|Recipient fee||You can opt to cover the costs applied by the recipient bank in some circumstances. These costs vary depending on the bank and transfer details.This can be a percentage or a fixed cost.|
|Incorrect or missing details when processing an international transfer||€10|
(Source 22 January 2018)
Between unfavourable exchange rates and additional fees from intermediaries, international money transfers can work out pretty costly. A better alternative could be to use a specialist in international money transfers like TransferWise. Instead of relying on your bank, you can move your money quickly and safely with TransferWise, using the real exchange rate and with only a small transparent cost per transaction.
A great alternative if you live or work overseas, or need to move money internationally often for any reason, is to sign up for a TransferWise borderless multi-currency account.
A borderless account lets you hold your money in different currencies, so you can convert it using the best available rates whenever you need it. And if you get paid in the EU, the UK, Australia, or the US but live elsewhere, a borderless account allows you to get paid locally using local bank details. That cuts out international transfers entirely and because there are no intermediary banks involved, there are no extra, hidden fees to worry about.
See for yourself if you can get a better deal with TransferWise.
Permanent TSB allows customers to make international money transfers online, using telephone banking or by visiting a branch. If you’re making a transfer to a SEPA (Single Euro Payment Area) compliant bank - usually one within the EU - you’ll be able to use any of these options.
However, if you’re transferring money elsewhere, you have to visit your branch and take along your ID. If you’re not sure of your options, it’s worth giving Permanent TSB a call to check if the bank you’re transferring to is SEPA compliant.
In general, it's easiest and quickest to organise your transfer online whenever possible. You can even find a demo video and step by step instructions on making an international payment online with Permanent TSB if you need a little help the first time.
(Source, 22 January 2018)
Whether you want to send or receive money through an international bank transfer, you're going to need a few key details:
- The transfer amount
- The full name of the person you’re sending the money to, as written on the account
- 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
Permanent TSB adds an additional fee if your transfer is submitted without all the details being correct, so it’s especially important to make sure you have the correct IBAN and SWIFT/BIC code for your transaction.
(Source 22 January 2018)
What do I need or what should I give to the sender in order to receive an international bank transfer?
You’ll need to give the sender the following to receive an international money transfer with Permanent TSB:
- Your full name and address
- Your IBAN
- The correct SWIFT/BIC code
- The amount being transferred - and the currency to be used. Don’t forget to take into account any charges when you agree on the amount.
- Your bank’s address
The length of time it takes to process your international money transfer with Permanent TSB depends on where your money is going, and whether or not you hit the cut off times for payments. These times vary based on the destination. Of course, there also needs to be enough money in your account to cover the transfer or it’ll be refused altogether.
If you’re sending a euro amount within the EU, and place the transaction before 1:00 pm on a working day, it’ll arrive by the end of the next business day. For Swedish krona payments to the EU, the cut off time is 11:00 am, for payments to be made by the end of the next business day.
If you’re sending any other currency, or your transfer is going to an account outside the EU, then you have to place your transaction by 11:00am and it could take up to 3 business days to reach the recipient account.
(Source 22 January 2018)
The bank doesn’t offer a way to speed up payments.
If you have specific questions about your transfer, you can talk to the advisors at Permanent TSB:
- Log in to online banking for frequently asked questions or to chat with an advisor
- Get help in person at your local branch
- Permanent TSB phone number - 1 890 500 121. Lines are open 24-7.
Wherever you’re transferring your money to, it’s smart to do your research in advance, to make sure you get the best deal for your situation. Avoid the common pitfalls and save yourself some cash at the same time.
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 TransferWise 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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