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AIB

April Summers
Author 
April Summers
6 minutes
March 17th, 2023

AIB (Allied Irish Banks) is one of the Big Four corporate and private banking service providers in Ireland. It offers a range of services, including mortgages, insurance, credit cards, and pensions, in addition to regular banking services and international money transfers. This review will take you through everything you need to know about using AIB to transfer your money abroad - including the fees and exchange rate margins charged by the bank.

About AIB Bank

Incorporated in 1966 and Headquartered in Dublin, Allied Irish Bank (AIB) is now almost entirely owned by the government of Ireland. Currently, the bank has over 200 branches across Ireland and more than 20 in the UK, while also serving over 1.4 million customers through its digital platform.

AIB Exchange Rates and Fees

When making an international transfer using AIB, be prepared to pay both an exchange rate margin and international wire transfer fees. The precise level of these charges will depend on where you’re sending money to, so here is an indication of what to expect.

Exchange Rates

Based on AIB’s online exchange rate calculator, the bank charges an exchange rate margin of between 1.5%-4% above the mid-market rate for transfers between different currencies.

Fees

International transfer fees range from €12.70 to €32 depending on whether you are transferring to an EEA or non-EEA country. Also, you can choose between Standard and Urgent transfers when transacting, which allows you to pay higher fees to ensure faster transfer speeds.

Additional Costs

Customers are charged up to €6.35 to receive incoming payments. When sending money out, intermediary banks may also add another layer of costs, making your transfer more expensive. AIB doesn't control these fees, however, so be sure to check with your recipient’s bank to avoid being hit by unexpected fees.

AIB SWIFT Codes

Banks all around the world partake in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which identifies different financial institutions through a system of unique bank codes. Here we provide a list of SWIFT codes for X Bank, organised by geographical locations.

AIB Pros and Cons

AIB is a well-established and trustworthy bank. Having said that, it is always important to weigh out its pros and cons before deciding if it is a good fit for you.

  • Government-owned: The Irish government owns 99.8% of the bank which is a key indicator of stability and compliance.
  • Urgent and standard transfer options: Customers can choose between faster deliveries of up to 1 business day or standard deliveries which take up to 4 working days.
  • Zero fees on contactless payments: Using your AIB debit card for contactless payments attracts zero transaction fees.

How to Open an Account and Transfer Money With AIB

Opening an account and transferring money with AIB can be done easily online, whether on your mobile or your desktop/laptop. Here are the processes involved.

Opening an Account

  • Step 1: Download the AIB mobile app and tap on ‘Become an AIB customer’ (or go to the website and do the same)

  • Step 2: Enter your email address and AIB will send you a 6-digit activation code

  • Step 3: Enter your details including your name, your nationality, and address

  • Step 4: Verify your identity by video call to complete the process

  • Step 5: Choose your AIB branch

Take note of your online Personal Registration Number and create your Personal Access Code for internet banking

Sending Money

  • Step 1: On your AIB internet banking screen, click on 'Transfers and Payments'

  • Step 2: Then click on 'I want to transfer money internationally'

  • Step 3: Select your destination, currency, and the type of payment

  • Step 4: Select the account to be debited

  • Step 5: Enter the beneficiary details

  • Step 6: Confirm all the details entered and complete the transaction

Summary

AIB is an alliance of banks that came together in 1966 to form one of the largest banks in Ireland. The bank is almost completely owned by the Irish government and offers standard and urgent transfers both locally and internationally.

However, a couple of things you need to know about AIB is that they charge steep fees for their transfers and their exchange rate margins are comparably high (especially if compared to specialist money transfer services). If you want to save money on your international transfers, you’ll likely find a better deal than AIB if you shop around.

To help you quickly analyse and to get the best international transfer deal in seconds, you can simply enter the details of your transfer into our helpful comparison tool, to view the best deals available.

Other Banks

Answers to key questions about AIB

AIB has a good reputation for customer service, but it’s important to consider the whole picture before deciding whether to use AIB to send money abroad. Here are the answers to commonly asked questions.

Can I open an AIB account in any country?
Does AIB have an app?
Are there transfer limits?
How long do transfers take with AIB?
What customer support options are available?

Contributors

April Summers
April Summers is an experienced Senior Financial Content Editor who combines a wide range of professional skills with her academic background in English literature and journalism. Her professional background includes key positions at the Daily Star, LBB Online, and Entertainment Daily UK, which have sharpened her financial and journalistic expertise.